Report of Terms of Credit Card Plans (FR 2572)

Forms and Documents

Document Name	Status
Form FR 2572 Report of Terms of Credit Card Plans Form and Instruction	Modified
Form FR 2572S Report of Credit Card Terms - Supplemental Survey Form and Instruction	Removed
FR2572_20100615_omb.docx Supporting Statement A	2010-06-15

IC Document Collections

IC ID	Document Title	Status
36266	Report of Terms of Credit Card Plans Form and Instruction	Modified
191166	Report of Credit Card Terms - Supplemental Survey Form and Instruction	Removed

ICR Details

OMB Control No: 3170-0001	ICR Reference No: 201110-3170-006
Status: Historical Active	Previous ICR Reference No: 200911-7100-002
Agency/Subagency: CFPB	Agency Tracking No: FR 2572
Title: Report of Terms of Credit Card Plans (FR 2572)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 10/24/2011
	Date Received in OIRA: 10/24/2011
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2013	36 Months From Approved
Responses	300	0	475
Time Burden (Hours)	75	0	338
Cost Burden (Dollars)	0	0	0

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Abstract: The FR 2572 collects data on credit card pricing and availability from a sample of at least 150 financial institutions that offer credit cards. The data enable the Federal Reserve to present information to the public on terms of credit card plans.

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Authorizing Statute(s): US Code: 15 USC 1646(b) Name of Law: Truth in Lending Act (TILA)
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 24 505 Name of Law: Credit Card Accountability Responsibility and Disclosure Act of 2009

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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:
	75 FR 16120	03/31/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 33807	06/15/2010
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Report of Terms of Credit Card Plans	FR 2572	Report of Terms of Credit Card Plans
Report of Credit Card Terms - Supplemental Survey	FR 2572S	Survey of Credit Card Issuer Practices

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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	300	475	0	-175	0	0
Annual Time Burden (Hours)	75	338	0	-263	0	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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The burden decrease is attributed to the removal of the FR 2572S, which is a one-time supplementary survey.

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Annual Cost to Federal Government: $31,700

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]? 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: 06/16/2010

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