Fair Credit Reporting Act (Regulation V) 12 CFR 1022

Forms and Documents

Document Name	Status
CFPB Response to Comment - CFPB-2014-0002-0003.pdf Supplementary Document	2014-04-24
3170-0002 FCRA_Supporting_Statement (01-8-13).pdf Supporting Statement A	2014-01-14

IC Document Collections

IC ID	Document Title	Status
199827	Regulation V Disclosure and Recordkeeping Requirements (non-FTC)	Modified
199826	Regulation V Disclosure and Recordkeeping, Non-FTC	Removed
199825	Regulation V One-Time Disclosure Forms Changes, Split from FTC	Removed
199824	Regulation V One-Time Disclosure Forms Changes, Non-FTC	Removed

ICR Details

OMB Control No: 3170-0002	ICR Reference No: 201304-3170-004
Status: Historical Active	Previous ICR Reference No: 201204-3170-003
Agency/Subagency: CFPB	Agency Tracking No: CFPB-2014-0002
Title: Fair Credit Reporting Act (Regulation V) 12 CFR 1022
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/31/2014
	Date Received in OIRA: 01/21/2014
Terms of Clearance: Prior to the renewal of this collection, CFPB will consult with OMB on the placement of OMB control numbers on the model forms included in this collection.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2017	36 Months From Approved	07/31/2014
Responses	677,536	0	677,536
Time Burden (Hours)	4,156,000	0	4,737,120
Cost Burden (Dollars)	0	0	0

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Abstract: The consumer disclosures included in Regulation V are designed to alert consumers that a financial institution furnished negative information about them to a consumer reporting agency, that they have a right to opt out of receiving marketing materials and credit or insurance offers, that their credit report was used in setting the material terms of credit that may be less favorable than the terms offered to consumers with better credit histories, that they maintain certain rights with respect to a theft of their identity that they reported to a consumer reporting agency, that they maintain rights with respect to knowing what is in their consumer reporting agency file, that they can request a free credit report, and that they can report a theft of their identity to the CFPB. Consumers then can use the information provided to consider how and when to check and use their credit reports.

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Authorizing Statute(s): US Code: 15 USC 1681 Name of Law: Fair Credit Reporting Act
   PL: Pub.L. 111 - 203 X Name of Law: Wall Street Reform and Consumer Protection Act
  

Citations for New Statutory Requirements: None

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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:
	78 FR 44930	07/25/2013
30-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 3348	01/21/2014
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
Regulation V One-Time Disclosure Forms Changes, Split from FTC
Regulation V Disclosure and Recordkeeping, Non-FTC
Regulation V Disclosure and Recordkeeping Requirements (non-FTC)
Regulation V One-Time Disclosure Forms Changes, Non-FTC

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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	677,536	677,536	0	0	0	0
Annual Time Burden (Hours)	4,156,000	4,737,120	0	0	-581,120	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 adjustment of -581,120 hours results from the removal of previously estimated one time burden. As a result of the previous restatement of Regulation V, the Bureau estimated a one-time burden on creditors that needed to update some or all of eleven separate forms with references to the CFPB.

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Annual Cost to Federal Government: $0

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: 01/21/2014

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