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OMB Control No: 1557-0238	ICR Reference No: 200809-1557-004
Status: Historical Active	Previous ICR Reference No: 200712-1557-001
Agency/Subagency: TREAS/OCC	Agency Tracking No:
Title: Procedures to Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies under Section 312 of the Fair and Accurate Credit Transactions Act (FACT Act)
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 10/08/2009
	Date Received in OIRA: 07/01/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2012	36 Months From Approved
Responses	4,678,534	0	0
Time Burden (Hours)	1,147,447	0	0
Cost Burden (Dollars)	0	0	0

Abstract: Sec. 312 of the FACT Act requires the OCC to: issue guidelines for furnishers regarding the accuracy and integrity of the information about consumers furnished to consumer reporting agencies; prescribe regulations requiring furnishers to establish reasonable policies and procedures to implement the guidelines; and issue regulations identifying the circumstances where a furnisher must reinvestigate a dispute about the accuracy of information in a consumer report based on a direct request from a consumer.

Authorizing Statute(s): PL: Pub.L. 108 - 159 312 Name of Law: Fair and Accurate Credit Transactions Act of 2003

Citations for New Statutory Requirements: PL: Pub.L. 108 - 159 312 Name of Law: Fair and Accurate Credit Transactions Act of 2003

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1557-AC89	Final or interim final rulemaking	74 FR 31484	07/01/2009

Federal Register Notices & Comments
Did the Agency receive public comments on this ICR? Yes

ICR Summary of Burden

	Total Approved	Change Due to New Statute
Annual Number of Responses	4,678,534	4,678,534
Annual Time Burden (Hours)	1,147,447	1,147,447
Annual Cost Burden (Dollars)	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: The increase in burden occurred because this is a new statutory requirement imposed by the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). The FACT Act amended the Fair Credit Reporting Act to, among other things, improve the accuracy of consumer reports. Section 312 of the FACT Act required agencies to (i)issue guidelines for use by furnishers regarding the accuracy and integrity of the information about consumers that they furnish to consumer reporting agencies, (ii) prescribe regulations requiring furnishers to establish reasonable policies and procedures for implementing the guidelines, and (iii) issue regulations identifying the circumstances under which a furnisher must reinvestigate disputes about the accuracy of the information contained in a consumer report based on a direct request from a consumer. In order to implement the FACT Act, the collections of information outlined below were issued. Section 41.42(a) of the rule requires a furnisher to implement reasonable written policies and procedures regarding the accuracy and integrity of information relating to consumers that it provides to a Consumer Reporting Agency. FACT Act Sec. 312(a). 15 U.S.C. 1681s-2. Section 41.43(a) of the rule allows consumers to initiate disputes directly with furnishers instead of using the existing Consumer Reporting Agency process. This will require furnishers to amend their procedures to ensure that direct disputes are processed in a similar manner to the complaints received from Consumer Reporting Agencies. FACT Act Sec. 312(c). 15 U.S.C. 1681s-2(a). Section 41.43(f)(2) provides that a furnisher must notify a consumer by mail or other means after making the determination that a dispute is frivolous or irrelevant. Section 41.43(f)(3) sets forth the content requirements for the notice. FACT Act Sec. 312(c). 15 U.S.C. 1681s-2(a).

Annual Cost to Federal Government:

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)? No

Is this ICR related to the Pandemic Response? Uncollected

Agency Contact: Carl Kaminski 202 874-5090 carl.kaminski@occ.treas.gov

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