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OMB Control No: 7100-0308	ICR Reference No: 201902-7100-011
Status: Historical Active	Previous ICR Reference No: 201809-7100-008
Agency/Subagency: FRS	Agency Tracking No: FR V
Title: Recordkeeping and Disclosure Requirements Associated with Regulation V
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR: No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 05/29/2019
Retrieve Notice of Action (NOA)	Date Received in OIRA: 05/29/2019
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2019	05/31/2019	05/31/2019
Responses	2,200,072	0	2,200,138
Time Burden (Hours)	523,407	0	523,422
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

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	2,200,072	2,200,138	-66
Annual Time Burden (Hours)	523,407	523,422	-15
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: Decrease in burden reflects various adjustments (decrease in respondent panel for one IC and associated increase in frequency of response).

Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination. No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination. 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

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