Fair Credit Reporting Affilate Marketing (12 CFR Part 41)

Forms and Documents

Document Name	Status
1557-0230 Final.doc Supporting Statement A	2013-11-12

IC Document Collections

IC ID	Document Title	Status
20139	Fair Credit Reporting Affilate Marketing	Modified

ICR Details

OMB Control No: 1557-0230	ICR Reference No: 201307-1557-005
Status: Historical Active	Previous ICR Reference No: 201107-1557-067
Agency/Subagency: TREAS/OCC	Agency Tracking No:
Title: Fair Credit Reporting Affilate Marketing (12 CFR Part 41)
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: 02/20/2014
	Date Received in OIRA: 11/21/2013
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2017	36 Months From Approved	02/28/2014
Responses	166,444	0	735,339
Time Burden (Hours)	17,189	0	22,472
Cost Burden (Dollars)	0	0	0

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Abstract: This collection is required by section 214 of the Fair and Accurate Credit Transaction Act of 2003 (FACT Act) and found in 12 CFR Part 1022 of the CFPB's regulations. This rulemaking generally prohibits a person from using certain information received from an affiliate to make a soliciation for marketing purposes to a consumer, unless the consumer is given notice and an opportunity and simple method to opt out of the making of such soliciations. On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act, P.L. 111-203, 124 Stat. 1376 (2010) (Dodd-Frank Act) was enacted. As part of the comprehensive package of financial regulatory reform measures enacted, Title III of the Dodd-Frank Act transfers the powers, authorities, rights and duties of the Office of Thrift Supervision to other banking agencies, including the OCC, on the "transfer date." The transfer date is July 21, 2011. The Dodd-Frank Act also abolishes the OTS ninety days after the transfer date. As a result of the Dodd-Frank Act, OCC is making a non-substantive change to this collection of information to include the thrift institutions it now regulates.

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Authorizing Statute(s): US Code: 15 USC 1681 et seq Name of Law: Fair Credit Reporting Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1557-AC88	Final or interim final rulemaking	72 FR 62910	11/07/2007

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 56770	09/13/2013
30-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 69934	11/21/2013
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
Fair Credit Reporting Affilate Marketing

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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	166,444	735,339	0	0	-568,895	0
Annual Time Burden (Hours)	17,189	22,472	0	0	-5,283	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 change in burden is due to more accurate burden estimates. The prior estimate of the number of respondents was overstated due to: estimates transferred from OTS during the transition; and the use of the total number of consumers instead of the actual percentage opting out.

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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]? No

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: 11/21/2013

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