View Information Collection Request (ICR) Package
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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
7100-0308
ICR Reference No:
200801-7100-004
Status:
Historical Active
Previous ICR Reference No:
200711-7100-014
Agency/Subagency:
FRS
Agency Tracking No:
Reg V (Red Flags R-1255)
Title:
Disclosure Requirements Associated with Regulation V
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Delegated
OIRA Conclusion Action:
Approved without change
Conclusion Date:
02/06/2008
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/06/2008
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
11/30/2010
11/30/2010
11/30/2010
Responses
672,171
0
670,999
Time Burden (Hours)
155,892
0
107,840
Cost Burden (Dollars)
0
0
0
Abstract:
On July 18, 2006, the Federal Reserve Board, Office of the Comptroller of the Currency, Treasury; Federal Deposit Insurance Corporation; Office of Thrift Supervision, Treasury; and National Credit Union Administration, (the Agencies) published a joint notice of proposed rulemaking (71 FR 40786) to implement the provisions in sections 114 and 315 of the Fair and Accurate Credit Transactions Act (FACT Act) of 2003, which amends the FCRA. The proposed regulation requires each financial institution or creditor to develop and implement a written Identity Theft Prevention Program to detect, prevent, and mitigate identity theft in connection with the opening of certain accounts or certain existing accounts. In addition, the Agencies would issue guidelines to assist financial institutions and creditors in the formulation and maintenance of a Program that satisfies the requirements of the rules. The rules implementing section 114 also require credit and debit card issuers to assess the validity of notifications of changes of address under certain circumstances. Additionally, the Agencies would issue joint rules under section 315 that provide guidance regarding reasonable policies and procedures that a user of consumer reports must employ when a consumer reporting agency sends the user a notice of address discrepancy. The comment period for this notice expired on September 18, 2006. The Agencies received over 100 comment letters from industry groups and consumers. On November 9, 2007, a joint notice of final rulemaking was published in the Federal Register adopting the amendments, with mandatory compliance by November 1, 2008 (72 FR 63718).
Authorizing Statute(s):
US Code:
15 USC 1681
Name of Law: Fair Credit Reporting Act
PL:
Pub.L. 108 - 159 Secs 3 and 214
Name of Law: Fair Credit Reporting Act
Citations for New Statutory Requirements:
US Code: 15 USC 1681 Name of Law: Fair Credit Reporting Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
7100-AD14
Final or interim final rulemaking
72 FR 63718
11/09/2007
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
71 FR 40786
07/16/2006
30-day Notice:
Federal Register Citation:
Citation Date:
72 FR 63718
11/09/2007
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
4
IC Title
Form No.
Form Name
Reg V - Affiliate Marketing Consumer Response (Section 214)
Reg V - Affiliate Marketing Financial Institution opt-out notice (Section 214)
Reg V - CRA notice (Section 217)
Reg V - Identity Theft Red Flags and Address Discrepancies (Sections 114 and 315)
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
672,171
670,999
1,172
0
0
0
Annual Time Burden (Hours)
155,892
107,840
48,052
0
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
Uncollected
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Uncollected
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
Uncollected
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
John Schmidt 202-728-5859 john.schmidt@frb.gov
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
02/06/2008
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