Recordkeeping and Disclosure Requirements Associated with Regulation V (Fair Credit Reporting)

Forms and Documents

Document Name	Status
Reg V_20150724_83c.pdf Justification for No Material/Nonsubstantive Change	2015-07-24

IC Document Collections

IC ID	Document Title	Status
36366	Reg V - CRA notice (Section 1022, Appendix B)	Modified
217645	Reg V - Address Discrepancies (Section 1022.82)	New
217644	Reg V - Identity Theft Red Flags (Section 222.90-.91)	New
197056	Reg V Risk-based pricing (Section 311) one-time update (R-1407)	Removed
190732	Reg V Risk-based pricing (Section 1022.70-1022.75)	Modified
190731	Reg V Risk-based pricing (Section 311) One-time update	Removed
186454	Reg V - Furnisher Duties Irrelevant dispute notices (Section 1022.40-1022.43)	Modified
186453	Reg V - Furnisher Duties Policy & procedures (Section 1022.40-1022.43)	Modified
183354	Reg V - Identity Theft Red Flags and Address Discrepancies (Sections 114 and 315)	Removed
182766	Reg V - Affiliate Marketing Consumer Response (Section 1022.20-1022.27)	Modified
182765	Reg V - Affiliate Marketing Financial Institution opt-out notice (Section 1022.20-1022.27)	Modified

ICR Details

OMB Control No: 7100-0308	ICR Reference No: 201507-7100-009
Status: Historical Active	Previous ICR Reference No: 201103-7100-007
Agency/Subagency: FRS	Agency Tracking No: Reg V
Title: Recordkeeping and Disclosure Requirements Associated with Regulation V (Fair Credit Reporting)
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: 08/12/2015
	Date Received in OIRA: 08/12/2015
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2015	11/30/2015	11/30/2015
Responses	1,919,892	0	1,539,731
Time Burden (Hours)	506,124	0	2,744,400
Cost Burden (Dollars)	0	0	0

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Abstract: The Fair Credit Reporting Act (FCRA) was enacted in 1970 based on a Congressional finding that the banking system is dependent on fair and accurate credit reporting. The FCRA was enacted to ensure consumer reporting agencies exercise their responsibilities with fairness, impartiality, and a respect for the consumer's right to privacy. The FCRA requires consumer reporting agencies to adopt reasonable procedures that are fair and equitable to the consumer with regard to the confidentiality, accuracy, relevancy, and proper utilization of consumer information. Congress substantially amended the FCRA upon the passage of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). The FACT Act created many new responsibilities for consumer reporting agencies and users of consumer reports. It contained many new consumer disclosure requirements, as well as provisions to address identity theft. In addition, the FACT Act provided consumers with the right to obtain a copy of their consumer report annually without cost. Improving consumers' access to their credit report is intended to help increase the accuracy of data in the consumer reporting system.

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Authorizing Statute(s): US Code: 15 USC 1681m, 1681w, and1681s Name of Law: Fair Credit Reporting Act
   US Code: 15 USC 1681s(b) and (e) Name of Law: Fair Credit Reporting Act
   US Code: 12 USC 5519 Name of Law: Dodd-Frank Consumer Protection Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AD66	Final or interim final rulemaking	76 FR 41602	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: 8

IC Title	Form No.	Form Name
Reg V - Furnisher Duties Irrelevant dispute notices (Section 1022.40-1022.43)
Reg V - CRA notice (Section 1022, Appendix B)
Reg V - Affiliate Marketing Financial Institution opt-out notice (Section 1022.20-1022.27)
Reg V - Affiliate Marketing Consumer Response (Section 1022.20-1022.27)
Reg V - Furnisher Duties Policy & procedures (Section 1022.40-1022.43)
Reg V - Identity Theft Red Flags and Address Discrepancies (Sections 114 and 315)
Reg V Risk-based pricing (Section 1022.70-1022.75)
Reg V Risk-based pricing (Section 311) One-time update
Reg V Risk-based pricing (Section 311) one-time update (R-1407)
Reg V - Identity Theft Red Flags (Section 222.90-.91)
Reg V - Address Discrepancies (Section 1022.82)

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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	1,919,892	1,539,731	0	0	380,161	0
Annual Time Burden (Hours)	506,124	2,744,400	0	0	-2,238,276	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:

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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: 08/12/2015

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