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