Regulation B (Equal Credit Opportunity)

Forms and Documents

Document Name	Status
Reg B '09 SS fin_mtd.pdf Supporting Statement A	2009-03-09

IC Document Collections

IC ID	Document Title	Status
32266	General recordkeeping for credit firms	Modified
188259	Self-test disclosures transactions	New
188258	Appraisal reports transactions	New
188257	Appraisal notices transactions	New
188256	Adverse action notices transactions	New
188255	Credit history reporting transactions	New
188254	Self-test disclosures setup/monitoring	New
188253	Appraisal reports setup/monitoring for disclosures	New
188252	Appraisal notices setup/monitoring for disclosures	New
188251	Adverse action notices setup/monitoring for disclosures	New
188250	Credit history reporting setup/monitoring for disclosures	New
188249	Corrective action for self-testing	New
188248	Recordkeeping for creditor self-test	New
188247	Mortgage creditor added recordkeeping for credit applications	New

ICR Details

OMB Control No: 3084-0087	ICR Reference No: 200903-3084-002
Status: Historical Active	Previous ICR Reference No: 200601-3084-004
Agency/Subagency: FTC	Agency Tracking No:
Title: Regulation B (Equal Credit Opportunity)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/27/2009
	Date Received in OIRA: 03/11/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2012	36 Months From Approved	04/30/2009
Responses	345,420,250	0	339,125,000
Time Burden (Hours)	3,129,437	0	3,689,000
Cost Burden (Dollars)	0	0	0

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Abstract: Regulation B, among other things, requires entities that regularly extend credit to retain records sufficient to show compliance with the Regulation, to provide applicants with information about adverse credit actions, and to give notice to mortgage credit applicants regarding appraisal reports.

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Authorizing Statute(s): US Code: 15 USC 1691 et seq. Name of Law: Equal Credit Opportunity Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	73 FR 70347	11/20/2008
30-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 10584	03/11/2009
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 14

IC Title	Form No.	Form Name
Appraisal reports setup/monitoring for disclosures
Credit history reporting transactions
Adverse action notices transactions
Self-test disclosures setup/monitoring
Appraisal notices transactions
Adverse action notices setup/monitoring for disclosures
General recordkeeping for credit firms
Credit history reporting setup/monitoring for disclosures
Appraisal notices setup/monitoring for disclosures
Recordkeeping for creditor self-test
Appraisal reports transactions
Self-test disclosures transactions
Mortgage creditor added recordkeeping for credit applications
Corrective action for self-testing

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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	345,420,250	339,125,000	0	0	6,295,250	0
Annual Time Burden (Hours)	3,129,437	3,689,000	0	0	-559,563	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: Staff has decreased the prior annual burden estimate by 559,563 hours (from 3,689,000 to 3,129,437). This is attributable to a decrease in the number of mortgage entities and mortgage transactions, relative to prior FTC estimates.

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Annual Cost to Federal Government: $707,329

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)? No

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: 03/11/2009

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