Consumer and College Credit Card Agreements

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Notice of expiration of suspension.pdf	Supplementary Document	Uploaded 2016-04-05	Available
83-C Reinstate Consumer CC Agreements.pdf	Justification for No Material/Nonsubstantive Change	Uploaded 2016-03-30	Available
Non-Material Change Request Quarterly Credit card Submissions Suspension2.pdf	Justification for No Material/Nonsubstantive Change	Uploaded 2015-04-17	Available
3170-XXXX Credit Card Collection Supporting Statement part A_ final.pdf	Supporting Statement A	Uploaded 2015-02-11	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
214747	CARD Act Reporting Requirements	Other-Instructions	Modified

ICR Details

OMB Control No: 3170-0052	ICR Reference No: 201603-3170-005
Status: Historical Active	Previous ICR Reference No: 201504-3170-004
Agency/Subagency: CFPB	Agency Tracking No: TI 10303
Title: Consumer and College Credit Card Agreements
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/05/2016
	Date Received in OIRA: 04/05/2016
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2018	03/31/2018	03/31/2018
Responses	1,630	0	30
Time Burden (Hours)	158	0	30
Cost Burden (Dollars)	0	0	0

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Abstract: Sections 204 and 305 of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) and 12 CFR §§ 226.57(d) and 226.58 require card issuers to submit to the Consumer Financial Protection Bureau (CFPB): • agreements between the issuer and a consumer under a credit card account for an open-end consumer credit plan; and • any college credit card agreements to which the issuer is a party and certain additional information regarding those agreements. The data collections enable the CFPB to provide consumers with a centralized depository for consumer and college credit card agreements. It also presents information to the public regarding the arrangements between financial institutions and institutions of higher education.

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Authorizing Statute(s): US Code: 15 USC 1632 Name of Law: Credit Card Accountability Responsibility and Disclosure .
   US Code: 15 USC 1637 Name of Law: Credit Card Accountability Responsibility and Disclosure .
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Final or interim final rulemaking	80 FR 21153	04/17/2015

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 62421	10/17/2014
30-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 8291	02/17/2015
Did the Agency receive public comments on this ICR? No

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

table that charts list of burden

IC Title	Form No.	Form Name
CARD Act Reporting Requirements

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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	1,630	30	0	1,600	0	0
Annual Time Burden (Hours)	158	30	0	128	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	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: No

Burden Reduction Due to:

Short Statement: In a Final Rule published April 17, 2015, in the Federal Register at 80 FR 21153 (RIN 3170-AA50), the CFPB has suspended, for one year, the requirement that respondents submit quarterly credit card agreements. On April 5, 2016, CFPB published a notice in the Federal Register (81 FR 19467) announcing the expiration of this suspension. The collection of credit agreements has also been streamlined.

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Annual Cost to Federal Government:

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: 04/05/2016

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