Recordkeeping and Disclosure Requirements Associated with Regulation V

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
FR V 83c.pdf	Justification for No Material/Nonsubstantive Change	Uploaded 2018-09-25	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
36366	Disclosure: Negative information notice (Section 1022, Appendix B)		Modified
217645	Disclosure: Furnisher duties - Notices of frivolous disputes to consumers (Sections 1022.40 - .43)		Modified
217644	Recordkeeping: Furnisher duties - Policies and procedures (Sections 1022.40 - .43)		Modified
190732	Disclosure: Risk-based pricing - Notice to consumers (Sections 1022.70 - .75)		Modified
186454	Recordkeeping: Address discrepancies (Section 1022.82)		Modified
186453	Recordkeeping: Identity theft red flags (Sections 222.90 - .91)		Modified
182766	Disclosure: Affiliate marketing - Consumer response (Sections 1022.20 - 1022.27)		Modified
182765	Disclosure: Affiliate marketing - Notices to consumers (Sections 1022.20 - 1022.27)		Modified

ICR Details

OMB Control No: 7100-0308	ICR Reference No: 201809-7100-008
Status: Historical Active	Previous ICR Reference No: 201511-7100-004
Agency/Subagency: FRS	Agency Tracking No: FR V
Title: Recordkeeping and Disclosure Requirements Associated with Regulation V
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: 11/28/2018
	Date Received in OIRA: 11/28/2018
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2018	11/30/2018	11/30/2018
Responses	2,200,138	0	1,919,892
Time Burden (Hours)	523,422	0	506,124
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. The Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted in 2010, transferred most, but not all, FCRA rulemaking authority to the CFPB. However, rulemaking responsibility for provisions regarding the disposal of consumer information, identity theft prevention programs (“red flags”), and the duties of card issuers regarding changes of address were not transferred CFPB and responsibility for these provisions remained with the Federal Reserve and other federal agencies. On December 21, 2011, the CFPB published an interim final rule establishing a new Regulation V. The Federal Reserve’s FCRA regulations are contained in the Federal Reserve’s Regulation V.

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

Citations for New Statutory Requirements: None

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

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 48104	08/11/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 69968	11/12/2015
Did the Agency receive public comments on this ICR? No

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

table that charts list of burden

IC Title	Form No.	Form Name
Recordkeeping: Address discrepancies (Section 1022.82)
Disclosure: Negative information notice (Section 1022, Appendix B)
Disclosure: Affiliate marketing - Notices to consumers (Sections 1022.20 - 1022.27)
Disclosure: Affiliate marketing - Consumer response (Sections 1022.20 - 1022.27)
Recordkeeping: Identity theft red flags (Sections 222.90 - .91)
Disclosure: Risk-based pricing - Notice to consumers (Sections 1022.70 - .75)
Recordkeeping: Furnisher duties - Policies and procedures (Sections 1022.40 - .43)
Disclosure: Furnisher duties - Notices of frivolous disputes to consumers (Sections 1022.40 - .43)

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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	2,200,138	1,919,892	0	0	280,246	0
Annual Time Burden (Hours)	523,422	506,124	0	0	17,298	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: Increase in burden reflects various adjustments (increases in respondent panel for some ICs and decreases in respondent panel in other ICs) in the respondent panel.

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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]? 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: 11/28/2018

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