Equal Credit Opportunity Act (Regulation B) 12 CFR 1002

Forms and Documents

Document Name	Status
3170-0013 ECOA (B) 2015 renewal -final;.pdf Supporting Statement A	2016-02-10
ECOA forms.pdf Supplementary Document	2012-07-26

IC Document Collections

IC ID	Document Title	Status
205554	Disclose requirements-Non depository, FTC Shared	Removed
205553	Disclosure Requirements-Depository institutions	Removed
199835	Regulation B Recordkeeping and Notification Requirements	Modified

ICR Details

OMB Control No: 3170-0013	ICR Reference No: 201602-3170-002
Status: Historical Active	Previous ICR Reference No: 201301-3170-006
Agency/Subagency: CFPB	Agency Tracking No:
Title: Equal Credit Opportunity Act (Regulation B) 12 CFR 1002
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: 05/10/2016
	Date Received in OIRA: 02/17/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2019	36 Months From Approved	05/31/2016
Responses	183,855,000	0	511,652
Time Burden (Hours)	1,450,250	0	1,811,058
Cost Burden (Dollars)	0	0	40,278,254

---

Abstract: The Equal Credit Opportunity Act (“ECOA”) was enacted to ensure that credit is made available to all creditworthy applicants without discrimination on the basis of sex, marital status, race, color, religion, national origin, age, or other prohibited bases under the ECOA. The ECOA allows for creditors to collect information for self-testing against these criteria, while not allowing creditors to use this information in making credit decisions of applicants. For certain mortgage applications, the ECOA requires creditors to ask for some of the prohibited information for monitoring purposes. In addition, for certain mortgage applications, creditors are required to send a copy of any appraisal or written valuation used in the application process to the applicant in a timely fashion. The ECOA also prescribes creditors to inform applicants of decisions made on credit applications. In particular, where creditors make adverse actions on credit applications or existing accounts, creditors must inform consumers as to why the adverse action was taken, such that credit applicants can challenge errors on their accounts or learn how to become more creditworthy. Creditors must retain all application information for 25 months, including notices sent and any information related to adverse actions. Finally, the ECOA requires creditors who furnish applicant information to a consumer credit bureau to reflect participation of the applicant’s spouse, if the spouse if permitted to use or contractually liable on the account.

---

Authorizing Statute(s): PL: Pub.L. 111 - 203 1376 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
   US Code: 15 USC 1591 Name of Law: Equal Credit Opportunity Act
  

Citations for New Statutory Requirements: None

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

---

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 73734	11/25/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 8052	02/17/2016
Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Regulation B Recordkeeping and Notification Requirements
Disclose requirements-Non depository, FTC Shared
Disclosure Requirements-Depository institutions

---

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	183,855,000	511,652	0	0	183,343,348	0
Annual Time Burden (Hours)	1,450,250	1,811,058	0	0	-360,808	0
Annual Cost Burden (Dollars)	0	40,278,254	0	0	-40,278,254	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The new estimates calculated by the CFPB reflect improved calculations done on the market. In particular, the previous estimates appear to have been mislabeled and therefore erroneous. The current entry of annual responses appear to be the previous estimated number of respondents in the market, while the current respondents are only those respondents that fall under the appraisals sections of Regulation B and do not reflect the entire market of respondents under the ECOA. The current Cost Burden was misattributed to those labor costs associated with the burden hours arising from the ECOA, and did not represent any extra materials costs. The labor costs are now properly positioned in section 12 of this Supporting Statement.

---

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

---

Common Form ICR:  No

---

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: 02/17/2016

---