Procedures to Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies under Section 312 of the Fair and Accurate Credit Transaction Act

ICR 200712-1550-003

OMB: 1550-0119

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2007-12-20
ICR Details
1550-0119 200712-1550-003
Historical Inactive
TREAS/OTS
Procedures to Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies under Section 312 of the Fair and Accurate Credit Transaction Act
New collection (Request for a new OMB Control Number)   No
Regular
Comment filed on proposed rule 03/18/2008
Retrieve Notice of Action (NOA) 12/20/2007
Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). In accordance with 5 CFR 1320, OMB is withholding approval at this time. The agency shall examine public comment in response to the NPRM and will describe in the preamble of the final rule how the agency has maximized the practical utility of the collection and minimized the burden. The next submission to OMB must include the draft final rule. Also, the burden increase should be accounted for as a program change due to statute.
  Inventory as of this Action Requested Previously Approved
36 Months From Approved
0 0 0
0 0 0
0 0 0

Sec 312 of the FACT Act requires the OTS to: issue guidelines for furnishers regarding the accuracy and integrity of the information about consumers furnished to consumer reporting agencies; prescribe regulations requiring furnishers to establish reasonable policies/procedures to implement the guidelines; and issue regulations identifying the circumstances where a furnisher must reinvestigate a dispute about the accuracy of information in a consumer report based on a request from a consumer.

PL: Pub.L. 108 - 159 312 Name of Law: Fair and Accurate Transaction Act of 2003
  
None

1550-AC01 Proposed rulemaking 72 FR 70944 12/13/2007

No

Yes
Changing Regulations
No
There is an increase in burden due to the fact that this is a new collection.

No
No
Uncollected
Uncollected
Uncollected
Uncollected
Suzanne McQueen 202 906-6459

  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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
12/20/2007


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