Recordkeeping and Disclosure Requirements Associated with Regulation V

ICR 201902-7100-011

OMB: 7100-0308

Federal Form Document

Forms and Documents
Document
Name
Status
Justification for No Material/Nonsubstantive Change
2019-05-29
ICR Details
7100-0308 201902-7100-011
Historical Active 201809-7100-008
FRS FR V
Recordkeeping and Disclosure Requirements Associated with Regulation V
No material or nonsubstantive change to a currently approved collection   No
Delegated
Approved without change 05/29/2019
Retrieve Notice of Action (NOA) 05/29/2019
  Inventory as of this Action Requested Previously Approved
05/31/2019 05/31/2019 05/31/2019
2,200,072 0 2,200,138
523,407 0 523,422
0 0 0

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.

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
  
None

Not associated with rulemaking

  80 FR 48104 08/11/2015
80 FR 69968 11/12/2015
No

  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 2,200,072 2,200,138 0 0 -66 0
Annual Time Burden (Hours) 523,407 523,422 0 0 -15 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
Decrease in burden reflects various adjustments (decrease in respondent panel for one IC and associated increase in frequency of response).

$0
No
    No
    No
No
Yes
No
Uncollected
Jennifer Williams 202 452-2446 [email protected]

  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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
05/29/2019


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