View Information Collection Request (ICR) Package

OMB Control No: 3084-0087	ICR Reference No: 201201-3084-001
Status: Historical Active	Previous ICR Reference No: 200903-3084-002
Agency/Subagency: FTC	Agency Tracking No:
Title: Regulation B (Equal Credit Opportunity)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 06/25/2012
	Date Received in OIRA: 04/27/2012
Terms of Clearance: The Federal Trade Commission (FTC) has carefully considered comments received regarding the burden estimates for information collection requirements in consumer financial regulations B, M, and Z. Although no adjustments were made at this time, FTC should continue to assess the burden on respondents associated with enforcing these requirements.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2015	36 Months From Approved	06/30/2012
Responses	178,180,867	0	345,420,250
Time Burden (Hours)	1,866,984	0	3,129,437
Cost Burden (Dollars)	0	0	0

Abstract: Regulation B, among other things, requires entities that regularly extend credit to retain records sufficient to show compliance with the Regulation, to provide applicants with information about adverse credit actions, and to give notice to mortgage credit applicants regarding appraisal reports. Because the Federal Trade Commission ("FTC") has shared enforcement jurisdiction for this rule with the Consumer Financial Protection Board ("CFPB") under the Dodd-Frank Act, the CFPB has incorporated into its recently submitted burden estimates for this regulation, net of an estimate covering motor vehicle dealers (which the FTC is fully assuming within its own burden estimates), half of the residual portion of the FTC's pre-existing, cleared burden hour estimate for this regulation. OMB granted emergency clearance to the CFPB for its recent request. This clearance renewal request reflects these considerations in addition to updating the FTC estimates for declining market conditions.

Authorizing Statute(s): US Code: 15 USC 1691 et seq. Name of Law: Equal Credit Opportunity Act
PL: Pub.L. 111 - 203 1024, 1029, 1061, 1100E Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 1024, 1029, 1061, 1085 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 6114	02/07/2012
30-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 25170	04/27/2012
Did the Agency receive public comments on this ICR? Yes

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Adjustment in Estimate
Annual Number of Responses	178,180,867	345,420,250	-160,474,383	-6,765,000
Annual Time Burden (Hours)	1,866,984	3,129,437	-1,449,761	187,308
Annual Cost Burden (Dollars)	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: In recognition of the Dodd-Frank Act amendments, this clearance request reflects burden estimate revisions to reduce proportionately the FTC's previously cleared burden estimate to correlate with the FTC's shared, overlapping enforcement jurisdiction with the CFPB for this regulation while also recognizing continued PRA estimated burden for residual rulemaking authority that the FTC retains. It also considers declining market conditions since the preceding clearance request for this regulation. The net result is a decrease from the prior annual burden estimate by 1,262,453 hours (from 3,129,437 to 1,866,984).

Annual Cost to Federal Government: $315,634

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: Carole Reynolds 202 326-3230 creynolds@ftc.gov

View ICR - OIRA Conclusion