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OMB Control No: 7100-0308	ICR Reference No: 200909-7100-011
Status: Historical Active	Previous ICR Reference No: 200809-7100-002
Agency/Subagency: FRS	Agency Tracking No: Reg V FACTA 311 Risk-based Pricing (R-1316)
Title: Disclosure Requirements and Recordkeeping 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: 01/21/2010
Retrieve Notice of Action (NOA)	Date Received in OIRA: 01/21/2010
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2010	11/30/2010	11/30/2010
Responses	1,521,558	0	1,285,309
Time Burden (Hours)	2,162,864	0	345,564
Cost Burden (Dollars)	0	0	0

Abstract: On May 19, 2008, the Federal Reserve published a joint notice of proposed rulemaking (73 FR 28966) to implement the provisions in section 311 of the Fair and Accurate Credit Transactions Act (FACT Act) of 2003, which amends the FCRA. As required by section 311, the agencies are proposing rules that generally require a creditor to provide a risk-based pricing notice to a consumer when the creditor uses a consumer report to grant or extend credit to the consumer on material terms that are materially less favorable than the most favorable terms available to a substantial proportion of consumers from or through that creditor. The proposed rules also provide for two alternative means by which creditors can determine when they are offering credit on material terms that are materially less favorable. The proposed rules also include certain exceptions to the general rule, including exceptions for creditors that provide a consumer with a disclosure of the consumers credit score in conjunction with additional information that provides context for the credit score disclosure. The comment period for this notice expired on August 8, 2008. The agencies received 2 comments from industry groups that specifically addressed paperwork burden. On October ##, 2009, a joint notice of final rulemaking was published in the Federal Register adopting the amendments largely as proposed, with mandatory compliance by July 1, 2010 (74 FR #####).

Authorizing Statute(s): PL: Pub.L. 108 - 159 Secs 3 and 214 Name of Law: Fair Credit Reporting Act
US Code: 15 USC 1681 Name of Law: Fair Credit Reporting Act

Citations for New Statutory Requirements: PL: Pub.L. 108 - 159 Stat. 1952 Name of Law: Fair Credit Reporting Act
US Code: 15 USC 1681 Name of Law: Fair Credit Reporting Act
US Code: 15 USC 1681b, 1681c, 1681m and 1681s; Name of Law: Fair Credit Reporting Act

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AD18	Final or interim final rulemaking	75 FR 2724	01/15/2010

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

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute
Annual Number of Responses	1,521,558	1,285,309	236,249
Annual Time Burden (Hours)	2,162,864	345,564	1,817,300
Annual Cost Burden (Dollars)	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: On May 19, 2008, the Federal Reserve published a joint notice of proposed rulemaking (73 FR 28966) to implement the provisions in section 311 of the Fair and Accurate Credit Transactions Act (FACT Act) of 2003, which amends the FCRA. As required by section 311, the agencies are proposing rules that generally require a creditor to provide a risk-based pricing notice to a consumer when the creditor uses a consumer report to grant or extend credit to the consumer on material terms that are materially less favorable than the most favorable terms available to a substantial proportion of consumers from or through that creditor. The proposed rules also provide for two alternative means by which creditors can determine when they are offering credit on material terms that are materially less favorable. The proposed rules also include certain exceptions to the general rule, including exceptions for creditors that provide a consumer with a disclosure of the consumers credit score in conjunction with additional information that provides context for the credit score disclosure. The comment period for this notice expired on August 8, 2008. The agencies received 2 comments from industry groups that specifically addressed paperwork burden. On January 15, 2010, a joint notice of final rulemaking was published in the Federal Register adopting the amendments largely as proposed, with mandatory compliance by January 1, 2011 (75 FR 2724).

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)? No

Is this ICR related to the Pandemic Response? Uncollected

Agency Contact: John Schmidt 202-728-5859 john.schmidt@frb.gov

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