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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:
3170-0001
ICR Reference No:
201905-3170-004
Status:
Historical Active
Previous ICR Reference No:
201602-3170-001
Agency/Subagency:
CFPB
Agency Tracking No:
Title:
Report of Terms of Credit Card Plans (FR 2572)
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:
08/05/2019
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
08/31/2022
36 Months From Approved
08/31/2019
Responses
490
0
300
Time Burden (Hours)
63
0
75
Cost Burden (Dollars)
0
0
0
Abstract:
Form FR 2572 collects data on credit card pricing and availability from a sample of at least 150 financial institutions that offer credit cards. The data enable the Bureau of Consumer Financial Protection (Bureau) to present information to the public on terms of credit card plans. The Bureau has introduced an online channel for submission that has driven down burden costs for participating institutions.
Authorizing Statute(s):
PL:
Pub.L. 100 - 583 5
Name of Law: Fair Credit and Charge Card Disclosure Act of 1988, as amended
PL:
Pub.L. 111 - 203 1100A
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code:
15 USC 1646(b)
Name of Law: Truth in Lending 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:
84 FR 10301
03/20/2019
30-day Notice:
Federal Register Citation:
Citation Date:
84 FR 24764
05/29/2019
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Report of Terms of Credit Card Plans
FR-2572
REPORT OF TERMS OF CREDIT CARD PLANS
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
490
300
0
140
50
0
Annual Time Burden (Hours)
63
75
0
-12
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:
Yes
Burden Reduction Due to:
Changing Forms
Short Statement:
As discussed in section 12 of the Supporting Statement, in order for the Bureau to obtain the statutorily mandated 150 responses, it sends out at least 175 surveys. Therefore, the Bureau requests enough annual burden to send the survey to 175 respondents semi-annually. The Bureau estimates that the introduction of Collect will lower the total industry burden by 11 hours per year. There is a net burden reduction of approximately 12 hours; however, 2 hours are added due to adding a nominal one-time burden for registering for the Collect system. The Bureau expects that those respondents who use the Collect system will save about 5 minutes per response (e.g., 15 minutes per response for the paper form verses about 10 minutes per response when using the Collect system).
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:
Darrin King 202-693-4129 King.Darrin@dol.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:
05/29/2019
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