Fair Credit Reporting Risk-Based Pricing Regulations

Forms and Documents

Document Name	Status
RBP Supplemental SS final 7-6-11.doc Supporting Statement A	2011-07-06

IC Document Collections

IC ID	Document Title	Status
196374	Additional one-time burden to implement proposed amendments	Modified
184672	Creditors subject to FTC jurisdiction under risk-based pricing regs	Unchanged

ICR Details

OMB Control No: 3084-0145	ICR Reference No: 201107-3084-001
Status: Historical Active	Previous ICR Reference No: 201102-3084-002
Agency/Subagency: FTC	Agency Tracking No:
Title: Fair Credit Reporting Risk-Based Pricing Regulations
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: 08/05/2011
	Date Received in OIRA: 07/06/2011
Terms of Clearance: Terms of the previous clearance remain in effect. The FTC should consider comments received regarding the information collection instrument(s)and provide a response and any necessary adjustments in its next submission to OMB.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2014	36 Months From Approved	01/31/2013
Responses	399,000	0	199,500
Time Burden (Hours)	16,758,000	0	14,630,000
Cost Burden (Dollars)	0	0	0

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Abstract: The amendments to the Fair Credit Reporting Risk-Based Pricing Regulations implement the requirements of Section 1100F of the Dodd-Frank Act by adding content to the risk-based pricing notices and providing additional model notices. The FTC and Federal Reserve Board believe it is important to have these Dodd-Frank Act implementing regulations and revised model notices in place by July 21, 2011 (when the Dodd-Frank requirements become effective) or otherwise no later than 30 days from publication in the Federal Register of the final amendments (the announced effective date of the implementing regulations). This will help ensure that consumers receive consistent disclosures of credit scores and information relating to them and help facilitate uniform compliance when related rulemaking authority transfers to the Bureau of Consumer Financial Protection on July 21, 2011.

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Authorizing Statute(s): PL: Pub.L. 108 - 159 311 Name of Law: Fair and Accurate Credit Transactions Act of 2003
   PL: Pub.L. 111 - 203 1100F Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
   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	Final or interim final rulemaking	76 FR 41602	07/15/2011

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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: 2

IC Title	Form No.	Form Name
Additional one-time burden to implement proposed amendments
Creditors subject to FTC jurisdiction under risk-based pricing regs

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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	399,000	199,500	199,500	0	0	0
Annual Time Burden (Hours)	16,758,000	14,630,000	1,064,000	0	1,064,000	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: The amendments to the Risk-Based Pricing Regulations implement the requirements of Section 1100F of the Dodd-Frank Act by adding content to the risk-based pricing notices and providing additional model notices. The FTC and Federal Reserve Board believe it is important to have these Dodd-Frank Act implementing regulations and revised model notices available in advance of July 21, 2011 (when the Dodd-Frank requirements become effective). The implementing regulations and revised model notices will become effective 30 days from publication in the Federal Register of the final amendments, and will help ensure that consumers receive consistent disclosures of credit scores and information relating to them and help facilitate uniform compliance when related rulemaking authority transfers to the Bureau of Consumer Financial Protection on July 21, 2011.

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Annual Cost to Federal Government: $18,795

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]? No

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

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: 07/06/2011

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