Fair Credit Reporting Risk-Based Pricing Regulations

Forms and Documents

Document Name	Status
FACTA 311 SS '08 FIN.pdf Supporting Statement A	2008-05-01

IC Document Collections

IC ID	Document Title	Status
184672	Creditors subject to FTC jurisdiction under risk-based pricing regs	New

ICR Details

OMB Control No: 3084-0145	ICR Reference No: 200804-3084-005
Status: Historical Inactive	Previous ICR Reference No:
Agency/Subagency: FTC	Agency Tracking No:
Title: Fair Credit Reporting Risk-Based Pricing Regulations
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule	Conclusion Date: 05/29/2008
	Date Received in OIRA: 05/19/2008
Terms of Clearance: Associated with a rule.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date		36 Months From Approved
Responses	0	0	0
Time Burden (Hours)	0	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The Federal Trade Commission and Federal Reserve Board are publishing for comment proposed rules to implement the risk-based pricing provisions in section 311 of the Fair and Accurate Credit Transactions Act of 2003 ("FACT Act"), which amends the Fair Credit Reporting Act ("FCRA"). The proposed rules generally require a creditor to 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.

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Authorizing Statute(s): PL: Pub.L. 108 - 159 311 Name of Law: Fair and Accurate Credit Transactions Act of 2003
   US Code: 15 USC 1681 Name of Law: Fair Credit Reporting Act
  

Citations for New Statutory Requirements: PL: Pub.L. 108 - 159 311 Name of Law: Fair and Accurate Credit Transactions Act of 2003
US Code: 15 USC 1681 Name of Law: Fair Credit Reporting Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3084-AA94	Proposed rulemaking	73 FR 28966	05/19/2008

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Creditors subject to FTC jurisdiction under risk-based pricing regs

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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: These are new regulations, triggered by section 311 of the FACT Act. The FACT Act amends the FCRA, to require the FTC and the Board of Governors of the Federal Reserve System to jointly prescribe rules to implement the risk-based pricing provisions in section 311 of the FACT Act.

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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: 05/19/2008

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