The Equal Credit Opportunity Act and
Regulation B prohibit discrimination in any aspect of a credit
transaction because of race, color, religion, national origin, sex,
marital status, age, or other speci¬fied bases. To aid in
implementation of this prohibition, the statute and regulation also
subject creditors to various mandatory disclosure requirements,
notification provisions, credit history reporting, monitoring
rules, and recordkeeping requirements. These requirements are
triggered by specific events and disclosures must be provided
within the time periods established by the Act and regulation.
There are no required reporting forms associated with Regulation B.
To ease the burden and cost of complying with Regulation B
(particularly for small entities), the Federal Reserve provides
model forms, which are appended to the regulation.
On March 15, 2011, a notice of
proposed rulemaking (NPRM) was published in the Federal Register
(76 FR 13896) requesting public comment on proposed amendments to
Regulation B. The Federal Reserve proposes to amend the model
notices in Regulation B to include the disclosure of credit scores
and information relating to credit scores if a credit score is used
in taking adverse action. These proposed amendments reflect the new
content requirements in section 615(a) of the Fair Credit Reporting
Act (FCRA) that were added by section 1100F of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (Dodd-Frank Act). The
comment period expired on May 16, 2011. The Federal Reserve
received five comments from industry groups that specifically
addressed paperwork burden. On July 15, 2011, a notice of final
rulemaking was published in the Federal Register adopting the
amendments largely as proposed, with mandatory compliance by August
15, 2011 (76 FR 41590).
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.
RegB_R1408_20110802_omb.docx
RegB_R1408_20110706_nfrm_pr.pdf
Notifications (202.9)