View Information Collection Request (ICR) Package
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View Information Collection (IC) List
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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:
201103-7100-007
Status:
Historical Active
Previous ICR Reference No:
201009-7100-007
Agency/Subagency:
FRS
Agency Tracking No:
Reg V (R-1407)
Title:
Recordkeeping and Disclosure Requirements Associated with Regulation V (Fair Credit Reporting)
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:
08/03/2011
Retrieve Notice of Action (NOA)
Date Received in OIRA:
08/03/2011
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
11/30/2013
11/30/2013
11/30/2013
Responses
1,539,731
0
1,521,558
Time Burden (Hours)
2,744,400
0
2,162,864
Cost Burden (Dollars)
0
0
0
Abstract:
The Fair Credit Reporting Act, implemented by Regulation V, requires that consumer reporting agencies adopt reasonable procedures for meeting the needs of commerce for consumer credit, personnel, insurance, and other information in a manner which is fair and equitable to the consumer, with regard to the confidentiality, accuracy, relevancy, and proper utilization of such information.
Authorizing Statute(s):
US Code:
15 USC 1681s-2 and 1681s-3
Name of Law: Fair Credit Reporting Act
US Code:
15 USC 1681b,1681c,1681m,
Name of Law: Fair Credit Reporting Act
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 203 124 Stat. 1376.Section 1100F Name of Law: Dodd-Frank Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
7100-AD66
Final or interim final rulemaking
76 FR 41602
07/15/2011
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
9
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 Irrelevant dispute notices (Section 312)
Reg V - CRA Policy & procedures (Section 312)
Reg V - CRA notice (Section 217)
Reg V - Identity Theft Red Flags and Address Discrepancies (Sections 114 and 315)
Reg V Risk-based pricing (Section 311)
Reg V Risk-based pricing (Section 311) One-time update
Reg V Risk-based pricing (Section 311) one-time update (R-1407)
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
1,539,731
1,521,558
18,173
0
0
0
Annual Time Burden (Hours)
2,744,400
2,162,864
581,536
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:
On March 15, 2011, the Federal Reserve published a joint notice of proposed rulemaking (76 FR 13902) requesting public comment on proposed amendments to Regulation V. The Federal Reserve proposes to amend the model notices in Regulation V to include the disclosure of credit scores and information relating to credit scores in risk-based pricing notices if a credit score of the consumer is used in setting the material terms of credit. These proposed amendments reflect the new content requirements in section 615(h) of the Fair Credit Reporting Act FCRA that were added by section 1100F of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The comment period expired on May 16, 2011. The Agencies received 13comments from industry groups that specifically addressed paperwork burden. On July 15, 2011, a joint notice of final rulemaking was published in the Federal Register adopting the amendments largely as proposed, with mandatory compliance by August 15, 2011 (76 FR 41602).
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]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Yes
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
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:
08/03/2011
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