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 200907-1550-001

OMB: 1550-0119

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2009-07-02
ICR Details
1550-0119 200907-1550-001
Historical Active 200712-1550-003
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
Approved with change 10/05/2009
Retrieve Notice of Action (NOA) 07/02/2009
  Inventory as of this Action Requested Previously Approved
10/31/2012 36 Months From Approved
804 0 0
35,610 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
  
PL: Pub.L. 108 - 159 312 Name of Law: Fair and Accurate Credit Transactions Act

1550-AC01 Final or interim final rulemaking 74 FR 31484 07/01/2009

No

  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 804 0 804 0 0 0
Annual Time Burden (Hours) 35,610 0 35,610 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
OTS is citing a program change due to rule making which resulted in additional burden. Proposed section 41.42(a) would require furnishers to establish and implement reasonable written policies and procedures regarding the accuracy and integrity of information relating to consumers that they provide to a consumer reporting agency (CRA). This proposed rule would require furnishers to put into writing policies and procedures that address their section 312 responsibilities regarding the accuracy and integrity of information. FurnishersÂ’ accuracy and integrity policies and procedures may include their existing policies and procedures that are reasonable and appropriate.

No
No
Uncollected
Uncollected
No
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.
07/02/2009


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