Recordkeeping and Disclosure Requirements in Connection with Regulation B (Equal Credit Opportunity)

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Reg B_20141218_83c.pdf	Justification for No Material/Nonsubstantive Change	Uploaded 2014-12-19	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
36225	Notifications (1002.9)		Modified
197047	Notifications (202.9) One-time change (R-1408)		Removed
180424	Rules concerning requests for information (Disclosure for optional self-test) (1002.5)		Modified
180423	Self-testing record retention (Self correction) (1002.15)		Modified
180422	Self-testing record retention (Incentives)(1002.12)		Modified
180421	Rules on providing appraisal reports (Notice of right to appraisal)(1002.14)		Modified
180420	Rules on providing appraisal reports (Appraisal report upon request)(1002.14)		Modified
180350	Information for monitoring purposes (1002.13)		Modified
180349	Record retention (applications, actions, and prescreened solicitations) (1002.12)		Modified
180348	Furnishing of credit information (1002.10)		Modified

ICR Details

OMB Control No: 7100-0201	ICR Reference No: 201412-7100-009
Status: Historical Active	Previous ICR Reference No: 201103-7100-006
Agency/Subagency: FRS	Agency Tracking No: Reg B
Title: Recordkeeping and Disclosure Requirements in Connection with Regulation B (Equal Credit Opportunity)
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/19/2014
Retrieve Notice of Action (NOA)	Date Received in OIRA: 12/19/2014
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2015	36 Months From Approved	02/28/2015
Responses	67,493	0	71,284
Time Burden (Hours)	151,642	0	192,962
Cost Burden (Dollars)	0	0	0

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Abstract: Equal Credit Opportunity Act (ECOA) was enacted in 1974 and is implemented by Regulation B. ECOA prohibits discrimination in any aspect of a credit transaction because of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to contract), or other specified bases (receipt of public assistance, or the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act (15 USC 1600 et seq.)). To aid in implementation of this prohibition, the statute and regulation subject creditors to various mandatory disclosure requirements, notification provisions informing applicants of action taken on the credit application, credit history reporting, monitoring rules, and recordkeeping requirements. These requirements are triggered by specific events and disclosures must be provided within the time periods established by the statute and regulation. There are no required reporting forms associated with the Consumer Financial Protection Bureau's Regulation B. To ease the burden and cost of compliance (particularly for small entities), Regulation B provides model disclosure forms.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 124 Stat. 1376. Section 1100F Name of Law: Dodd-Frank Act
   US Code: 15 USC 1691b Name of Law: Equal Credit Opportunity Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AD67	Final or interim final rulemaking	76 FR 41590	07/15/2011

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 9

table that charts list of burden

IC Title	Form No.	Form Name
Furnishing of credit information (1002.10)
Information for monitoring purposes (1002.13)
Notifications (1002.9)
Notifications (202.9) One-time change (R-1408)
Record retention (applications, actions, and prescreened solicitations) (1002.12)
Rules concerning requests for information (Disclosure for optional self-test) (1002.5)
Rules on providing appraisal reports (Appraisal report upon request)(1002.14)
Rules on providing appraisal reports (Notice of right to appraisal)(1002.14)
Self-testing record retention (Incentives)(1002.12)
Self-testing record retention (Self correction) (1002.15)

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ICR Summary of Burden

table that charts list 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	67,493	71,284	0	0	-3,791	0
Annual Time Burden (Hours)	151,642	192,962	0	0	-41,320	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: Decrease in total annual burden reflects an update to the respondent count and removal of burden for one time change (R 1408).

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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: 12/19/2014

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