View Information Collection Request (ICR) Package

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View ICR - OIRA Conclusion

OMB Control No: 1557-0238	ICR Reference No: 201108-1557-012
Status: Historical Active	Previous ICR Reference No: 200809-1557-004
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: No material or nonsubstantive change to a currently approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 09/08/2011
	Date Received in OIRA: 09/07/2011
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2012	10/31/2012	10/31/2012
Responses	4,679,338	0	4,678,534
Time Burden (Hours)	1,183,057	0	1,147,447
Cost Burden (Dollars)	0	0	0

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute
Annual Number of Responses	4,679,338	4,678,534	804
Annual Time Burden (Hours)	1,183,057	1,147,447	35,610
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: The increase in burden is due to the integration of the OTS with the OCC. The additional respondents are entities formerly regulated by the OTS. The Agencies are required by section 312 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act) to issue guidelines for use by furnishers regarding the accuracy and integrity of the information about consumers that they furnish to consumer reporting agencies and to prescribe regulations requiring furnishers to establish reasonable policies and procedures for implementing the guidelines. Section 312 also requires the Agencies to issue regulations identifying the circumstances under which a furnisher must reinvestigate disputes about the accuracy of information contained in a consumer report based on a direct request from a consumer.

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