On December 13, 2007, the Federal Reserve published a joint notice of proposed rulemaking (72 FR 70944) to implement the provisions in section 312 of the Fair and Accurate Credit Transactions Act (FACT Act) of 2003, which amends the FCRA. As required by section 312, the agencies are proposing guidelines for use by entities that furnish information about consumers to a CRA regarding the accuracy and integrity of the information that they furnish. The agencies are also proposing regulations that would require each entity that furnishes information to a CRA to establish reasonable policies and procedures for implementing the guidelines. The comment period for this notice expired on February 11, 2008. The agencies received four comments from industry groups that specifically addressed paperwork burden. In general, the commenters asserted that the hourly estimate of the cost of compliance should be considerably higher than the agencies projected. The commenters did not provide specific estimates of additional burden hours that would result from the proposal. In response to those comments, the agencies increased the burden estimate attributable to updating respondentÂs policy and procedures discussed in the estimate of respondent burden section below. As discussed in the supplemental information section of the final rulemaking, the agencies recognized that a ÂÂone-size-fits allÂÂ approach for implementing the guidelines is inappropriate. The final rule specifies that a furnisherÂs policies and procedures must be appropriate to the nature, size, complexity, and scope of the furnisherÂs activities. The agencies expect that the written policies and procedures for a small retail entity will differ substantially from, and be significantly less complex than, those of a multi-billion dollar financial services company. On July 1, 2009, a joint notice of final rulemaking was published in the Federal Register adopting the amendments largely as proposed, with mandatory compliance by July 1, 2010 (74 FR 31484).
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.
RegV_R1300.FACTA312_20090720.omb.doc
RegV_R1300.FACTA312_20071129.pr.pdf
Reg V - CRA notice (Section 217)