View Information Collection Request (ICR) Package
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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:
201511-7100-004
Status:
Historical Active
Previous ICR Reference No:
201507-7100-009
Agency/Subagency:
FRS
Agency Tracking No:
Reg V
Title:
Recordkeeping and Disclosure Requirements Associated with Regulation V (Fair Credit Reporting)
Type of Information Collection:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Delegated
OIRA Conclusion Action:
Approved without change
Conclusion Date:
11/19/2015
Retrieve Notice of Action (NOA)
Date Received in OIRA:
11/19/2015
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
11/30/2018
36 Months From Approved
11/30/2015
Responses
1,919,892
0
1,919,892
Time Burden (Hours)
506,124
0
506,124
Cost Burden (Dollars)
0
0
0
Abstract:
The Fair Credit Reporting Act (FCRA) was enacted in 1970 based on a Congressional finding that the banking system is dependent on fair and accurate credit reporting. The FCRA was enacted to ensure consumer reporting agencies exercise their responsibilities with fairness, impartiality, and a respect for the consumer’s right to privacy. The FCRA requires consumer reporting agencies to adopt reasonable procedures that are fair and equitable to the consumer with regard to the confidentiality, accuracy, relevancy, and proper utilization of consumer information. Congress substantially amended the FCRA upon the passage of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). The FACT Act created many new responsibilities for consumer reporting agencies and users of consumer reports. It contained many new consumer disclosure requirements, as well as provisions to address identity theft. In addition, the FACT Act provided consumers with the right to obtain a copy of their consumer report annually without cost. Improving consumers’ access to their credit report is intended to help increase the accuracy of data in the consumer reporting system. The Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted in 2010, transferred most, but not all, FCRA rulemaking authority to the CFPB. However, rulemaking responsibility for provisions regarding the disposal of consumer information, identity theft prevention programs (“red flags”), and the duties of card issuers regarding changes of address were not transferred CFPB and responsibility for these provisions remained with the Federal Reserve and other federal agencies. On December 21, 2011, the CFPB published an interim final rule establishing a new Regulation V. The Federal Reserve’s FCRA regulations are contained in the Federal Reserve’s Regulation V.
Authorizing Statute(s):
US Code:
12 USC 5519
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code:
15 USC 1681m, 1681w, and 1681s
Name of Law: Fair Credit Reporting Act
US Code:
15 USC 1681s(b) and (e)
Name of Law: Fair Credit Reporting Act
Citations for New Statutory Requirements:
None
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:
80 FR 48104
08/11/2015
30-day Notice:
Federal Register Citation:
Citation Date:
80 FR 69968
11/12/2015
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
8
IC Title
Form No.
Form Name
Address discrepancies (Section 1022.82)
Affiliate marketing - Consumer response (Sections 1022.20 - 1022.27)
Affiliate marketing - Notices to consumers (Sections 1022.20 - 1022.27)
Furnisher duties - Notices of frivolous disputes to consumers (Sections 1022.40 - .43)
Furnisher duties - Policies and procedures (Sections 1022.40 - .43)
Identity theft red flags (Sections 222.90 - .91)
Negative information notice (Appendix B to Section 1022)
Risk-based pricing - Notice to consumers (Sections 1022.70 - .75)
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
1,919,892
1,919,892
0
0
0
0
Annual Time Burden (Hours)
506,124
506,124
0
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:
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:
Jennifer Williams 202 452-2446 jennifer.l.williams@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:
11/19/2015
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