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:
202110-7100-002
Status:
Historical Active
Previous ICR Reference No:
201906-7100-011
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:
10/27/2021
Retrieve Notice of Action (NOA)
Date Received in OIRA:
10/27/2021
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
06/30/2022
06/30/2022
06/30/2022
Responses
866,412
0
2,200,072
Time Burden (Hours)
411,127
0
523,407
Cost Burden (Dollars)
0
0
0
Abstract:
The CFPB’s and the Board’s Regulations V (FR V) implement in part the Fair Credit Reporting Act (FCRA), which 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. The Paperwork Reduction Act (PRA) classifies reporting, recordkeeping, or disclosure requirements of a regulation as an information collection. The Board continues to be responsible for renewing every three years the information collection requirements contained in the Bureau’s FCRA regulations for institutions with $10 billion or less in assets that are identified in 15 U.S.C. § 1681s(b)(1)(A)(ii) and for consumers of these institutions, as well as for prescribing and enforcing the identity theft red flags provisions in the Board’s FCRA regulations for institutions of any size that are identified in 15 U.S.C. § 1681s(b)(1)(A)(ii).
Authorizing Statute(s):
US Code:
15 USC 1681s(b)
Name of Law: Fair Credit Reporting Act
US Code:
12 USC 5515
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code:
15 USC 1681m(e)
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:
84 FR 10070
03/19/2019
30-day Notice:
Federal Register Citation:
Citation Date:
84 FR 28052
06/17/2019
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
Disclosure Section 1022 Appendix B Negative information notice
Disclosure Sections 1022.20-.27 Affiliate Marketing Notices - Consumer opt-out response
Disclosure Sections 1022.20-.27 Affiliate Marketing Notices - Notices to consumers
Disclosure Sections 1022.40-.43 Duties of Furnishers of Information - otices of frivolous disputes to consumers
Disclosure Sections 1022.70-.75 Risk-based pricing Notice to consumers
Recordkeeping Section 1022.82 Address discrepancies
Recordkeeping Sections 1022.40-.43 Duties of Furnishers of Information -Policies and procedures
Recordkeeping Sections 222.90 - .91 Identity theft red flags
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
866,412
2,200,072
0
0
-1,333,660
0
Annual Time Burden (Hours)
411,127
523,407
0
0
-112,280
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 hours reflects an update to respondent counts.
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?
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:
10/27/2021
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