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View ICR - OIRA Conclusion

OMB Control No: 3084-0145	ICR Reference No: 202302-3084-002
Status: Active	Previous ICR Reference No: 202003-3084-001
Agency/Subagency: FTC	Agency Tracking No:
Title: Fair Credit Reporting Risk-Based Pricing Regulations
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/19/2023
	Date Received in OIRA: 05/02/2023
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2026	36 Months From Approved	09/30/2023
Responses	149,191	0	132,500
Time Burden (Hours)	8,951,460	0	7,950,000
Cost Burden (Dollars)	0	0	0

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	149,191	132,500	16,691
Annual Time Burden (Hours)	8,951,460	7,950,000	1,001,460
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: The FTC seeks to extend for an additional three years the current Paperwork Reduction Act clearance for information collection requirements contained in the FTC’s Risk-Based Pricing Rule and 12 CFR §§ 1022.72 and .73 in Subpart H of the CFPB’s Regulation V (hereinafter, collectively referred to as “Rules”). Under the Rules, (1) a creditor must provide a risk-based pricing notice to a consumer when the creditor uses a consumer report to grant or extend credit to the consumer on material terms that are materially less favorable than the most favorable terms available to a substantial proportion of consumers from or through that creditor, and (2) the risk-based pricing notice must contain certain disclosures. There is no change in the information collection.

Annual Cost to Federal Government: $11,000

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: Genevieve Bonan 202 326-3139 gbonan@ftc.gov

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