Equal Credit Opportunity Act (Regulation B) 12 CFR 1002

ICR 201905-3170-005

OMB: 3170-0013

Federal Form Document

Forms and Documents
Supporting Statement A
IC Document Collections
ICR Details
3170-0013 201905-3170-005
Active 201602-3170-002
Equal Credit Opportunity Act (Regulation B) 12 CFR 1002
Extension without change of a currently approved collection   No
Approved without change 08/07/2019
Retrieve Notice of Action (NOA) 05/29/2019
  Inventory as of this Action Requested Previously Approved
08/31/2022 36 Months From Approved 08/31/2019
82,666,000 0 183,855,000
1,220,992 0 1,450,250
0 0 0

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 that creditors 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 or learn how to become more creditworthy. Creditors must retain all application information for 25 months, including notices they sent and any information related to adverse actions. Finally, the ECOA requires creditors who furnish applicant information to a consumer reporting agency to reflect participation of the applicant’s spouse, if the spouse if permitted to use or contractually liable on the account.

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

Not associated with rulemaking

  84 FR 10301 03/20/2019
84 FR 24763 05/29/2019

IC Title Form No. Form Name
Regulation B Recordkeeping and Notification Requirements

  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 82,666,000 183,855,000 0 0 -101,189,000 0
Annual Time Burden (Hours) 1,220,992 1,450,250 0 0 -229,258 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
The new estimates calculated by the Bureau reflect the decrease in number of mortgage loans observed by the Bureau between spring 2016 and spring 2019. Fewer loans lead to fewer disclosures, which reduces the absolute burden associated with the ECOA and Regulation B. There have been no programmatic or regulatory changes leading to the reduction in burden. The Bureau previously accounted for the burden of all respondents, rather than only its share of respondents. The adjustments account for that share.

Darrin King 202-693-4129 [email protected]


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.

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