Regulation B (Equal Credit Opportunity)

Forms and Documents

Document Name	Status
Reg B '12 SS final_mtd.pdf Supporting Statement A	2012-04-26

IC Document Collections

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

ICR Details

OMB Control No: 3084-0087	ICR Reference No: 201201-3084-001
Status: Historical Active	Previous ICR Reference No: 200903-3084-002
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: 06/25/2012
	Date Received in OIRA: 04/27/2012
Terms of Clearance: The Federal Trade Commission (FTC) has carefully considered comments received regarding the burden estimates for information collection requirements in consumer financial regulations B, M, and Z. Although no adjustments were made at this time, FTC should continue to assess the burden on respondents associated with enforcing these requirements.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2015	36 Months From Approved	06/30/2012
Responses	178,180,867	0	345,420,250
Time Burden (Hours)	1,866,984	0	3,129,437
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. Because the Federal Trade Commission ("FTC") has shared enforcement jurisdiction for this rule with the Consumer Financial Protection Board ("CFPB") under the Dodd-Frank Act, the CFPB has incorporated into its recently submitted burden estimates for this regulation, net of an estimate covering motor vehicle dealers (which the FTC is fully assuming within its own burden estimates), half of the residual portion of the FTC's pre-existing, cleared burden hour estimate for this regulation. OMB granted emergency clearance to the CFPB for its recent request. This clearance renewal request reflects these considerations in addition to updating the FTC estimates for declining market conditions.

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Authorizing Statute(s): US Code: 15 USC 1691 et seq. Name of Law: Equal Credit Opportunity Act
   PL: Pub.L. 111 - 203 1024, 1029, 1061, 1100E Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 1024, 1029, 1061, 1085 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

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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:
	77 FR 6114	02/07/2012
30-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 25170	04/27/2012
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	178,180,867	345,420,250	-160,474,383	0	-6,765,000	0
Annual Time Burden (Hours)	1,866,984	3,129,437	-1,449,761	0	187,308	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: In recognition of the Dodd-Frank Act amendments, this clearance request reflects burden estimate revisions to reduce proportionately the FTC's previously cleared burden estimate to correlate with the FTC's shared, overlapping enforcement jurisdiction with the CFPB for this regulation while also recognizing continued PRA estimated burden for residual rulemaking authority that the FTC retains. It also considers declining market conditions since the preceding clearance request for this regulation. The net result is a decrease from the prior annual burden estimate by 1,262,453 hours (from 3,129,437 to 1,866,984).

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Annual Cost to Federal Government: $315,634

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: 04/27/2012

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