Recordkeeping and Disclosure Requirements Associated with CFPB's Regulation B

Forms and Documents

Document Name	Status
FRB_20180627_83c.pdf Justification for No Material/Nonsubstantive Change	2018-06-27

IC Document Collections

IC ID	Document Title	Status
36225	Section 1002.9 - Notifications	Modified
180424	Section 1002.5 - Rules concerning requests for information (Disclosure for optional self-test)	Modified
180423	Section 1002.15 - Self-correction	Modified
180422	Section 1002.12 - Self-testing Record Retention Incentives	Modified
180420	Section 1002.14 - Rules on providing appraisal reports	Modified
180350	Section 1002.13 - Information for monitoring purposes	Modified
180349	Section 1002.12 - Record retention (applications, actions, and prescreened solicitations)	Modified
180348	Section 1002.10 - Furnishing of credit information	Modified

ICR Details

OMB Control No: 7100-0201	ICR Reference No: 201806-7100-004
Status: Historical Active	Previous ICR Reference No: 201504-7100-003
Agency/Subagency: FRS	Agency Tracking No: FR B
Title: Recordkeeping and Disclosure Requirements Associated with CFPB's Regulation B
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: 06/27/2018
	Date Received in OIRA: 06/27/2018
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2018	06/30/2018	06/30/2018
Responses	48,161	0	54,737
Time Burden (Hours)	146,974	0	167,587
Cost Burden (Dollars)	0	0	0

---

Abstract: ECOA was enacted in 1974 and is implemented by the CFPB’s Regulation B for institutions the Board supervises. The ECOA prohibits discrimination in any aspect of a credit transaction because of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to contract), or other specified bases (receipt of public assistance, or the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act (15 U.S.C. 1600 et seq.)). To aid in implementation of this prohibition, the statute and regulation subject creditors to various mandatory disclosure requirements, notification provisions informing applicants of action taken on the credit application, provision of appraisal reports in connection with mortgages, credit history reporting, monitoring rules, and recordkeeping requirements. These requirements are triggered by specific events and disclosures must be provided within the time periods established by the statute and regulation. There are no required reporting forms associated with the CFPB’s Regulation B. To ease the burden and cost of compliance (particularly for small entities), Appendix B to Regulation B provides model disclosure forms.

---

Authorizing Statute(s): US Code: 15 USC 1691b 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 4571	01/28/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 22186	04/21/2015
Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 8

IC Title	Form No.	Form Name
Section 1002.13 - Information for monitoring purposes
Section 1002.15 - Self-correction
Section 1002.5 - Rules concerning requests for information (Disclosure for optional self-test)
Section 1002.12 - Record retention (applications, actions, and prescreened solicitations)
Section 1002.12 - Self-testing Record Retention Incentives
Section 1002.10 - Furnishing of credit information
Section 1002.9 - Notifications
Section 1002.14 - Rules on providing appraisal reports

---

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	48,161	54,737	0	0	-6,576	0
Annual Time Burden (Hours)	146,974	167,587	0	0	-20,613	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: Decrease in total annual burden reflects an update to the respondent count.

---

Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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]? No

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: 06/27/2018

---