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 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. This clearance renewal request reflects these
considerations in addition to updating the FTC estimates for
declining market conditions.
The modest increase from prior
estimated annual burden (from 1,866,984 to 1,879,423) reflects
continued burden splitting with the CFPB for shared enforcement
authority, paired with minor increased estimates for amendments to
Regulation B and various rounding differences.
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:
(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;
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.
Reg. B 2015 Supptg Stmt 07-16-15 rev'd FIN.pdf
General recordkeeping for credit firms