View Information Collection Request (ICR) Package
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View Information Collection (IC) List
View Supporting Statement and Other Documents
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:
7100-0201
ICR Reference No:
202105-7100-002
Status:
Historical Active
Previous ICR Reference No:
201807-7100-008
Agency/Subagency:
FRS
Agency Tracking No:
FR B
Title:
Recordkeeping and Disclosure Requirements Associated with CFPB's Regulation B
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:
05/13/2021
Retrieve Notice of Action (NOA)
Date Received in OIRA:
05/13/2021
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
07/31/2021
07/31/2021
07/31/2021
Responses
19,605,759
0
48,161
Time Burden (Hours)
104,810
0
146,974
Cost Burden (Dollars)
0
0
0
Abstract:
Equal Credit Opportunity Act (ECOA) was enacted in 1974 and is implemented by the Consumer Financial Protection Bureau (CFPB) Regulation B for institutions the Board supervises. The ECOA prohibits discrimination in any aspect of a credit transaction because of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to contract), or other specified bases (receipt of public assistance, or the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act (15 U.S.C. 1600 et seq.)). Since 2011, the CFPB has been responsible for issuing ECOA regulations that apply to institutions the Board supervises. However, the Board continues to be responsible under the Paperwork Reduction Act (PRA) for renewing every three years the information collections mandated by the regulation for institutions supervised by the Board. The Board accounts for the paperwork burden associated with Regulation B only for institutions for which the Board has enforcement authority under ECOA.
Authorizing Statute(s):
US Code:
15 USC 1691b
Name of Law: Equal Credit Opportunity 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:
83 FR 16098
04/13/2018
30-day Notice:
Federal Register Citation:
Citation Date:
83 FR 31149
07/03/2018
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
9
IC Title
Form No.
Form Name
Disclosure Section 1002.10 Furnishing of Credit Information
Disclosure Section 1002.13 9(c) Information for Monitoring Purposes
Disclosure Section 1002.14 Rules on providing appraisals and other valuations
Disclosure Section 1002.9 Notifications
Recordkeeping Section 1002.12 Record retention for applications, actions, and prescreened solicitations
Recordkeeping Section 1002.13(a) and (b) Information for Monitoring Purposes
Self-testing Disclosure Section 1002.5 Rules concerning requests for information, disclosure for optional self-test
Self-testing Recordkeeping Section 1002.12 Incentives for self-correction
Self-testing Recordkeeping Section 1002.12 Incentives for self-testing
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
19,605,759
48,161
0
0
19,557,598
0
Annual Time Burden (Hours)
104,810
146,974
0
0
-42,164
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:
Decrease in burden reflects updates to respondent counts as well as adjustments to align methodologies with that of the Consumer Financial Protection Bureau.
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.
Yes
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]?
No
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
No
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:
05/13/2021
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