Fair Credit Reporting Act (Regulation V) 12 CFR 1022

Forms and Documents

Document	Type	Status	Availability
3170-0002_RegV_CFPB 30-Day FRN (PRA) Published.pdf	Supplementary Document	Uploaded 2020-08-26	Available
3170-0002_RegV_Supporting_Statement_30dayFRN FO.docx	Supporting Statement A	Uploaded 2020-08-26	Repair queued

IC Document Collections

IC ID	Collection	Type	Status	Form
199827	Regulation V Disclosure and Recordkeeping Requirements (non-FTC)		Modified

ICR Details

OMB Control No: 3170-0002	ICR Reference No: 202008-3170-001
Status: Historical Active	Previous ICR Reference No: 201707-3170-002
Agency/Subagency: CFPB	Agency Tracking No:
Title: Fair Credit Reporting Act (Regulation V) 12 CFR 1022
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/09/2020
Retrieve Notice of Action (NOA)	Date Received in OIRA: 08/26/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2023	36 Months From Approved	11/30/2020
Responses	323,723,953	0	415,290,203
Time Burden (Hours)	6,246,866	0	6,093,412
Cost Burden (Dollars)	66,627,000	0	66,627,000

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Abstract: The consumer disclosures included in Regulation V are designed to alert consumers that a financial institution furnished negative information about them to a consumer reporting agency, that they have a right to opt out of receiving marketing materials and credit or insurance offers, that their credit report was used in setting the material terms of credit that may be less favorable than the terms offered to consumers with better credit histories, that they maintain certain rights with respect to a theft of their identity that they reported to a consumer reporting agency, that they maintain rights with respect to knowing what is in their consumer reporting agency file, that they can request a free credit report, that they can report a theft of their identity to the CFPB, and that they maintain rights with respect to obtaining a security freeze. Consumers then can use the information provided to consider how and when to check and use their credit reports.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 X Name of Law: Wall Street Reform and Consumer Protection Act
   US Code: 15 USC 1681 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:
	85 FR 36188	06/15/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 52559	08/26/2020
Did the Agency receive public comments on this ICR? No

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

IC Title	Form No.	Form Name
Regulation V Disclosure and Recordkeeping Requirements (non-FTC)

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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	323,723,953	415,290,203	0	0	-91,566,250	0
Annual Time Burden (Hours)	6,246,866	6,093,412	0	0	153,454	0
Annual Cost Burden (Dollars)	66,627,000	66,627,000	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: The Bureau is updating its burden calculations with more recent wage rates and standardizing the portion of burden it attributes to itself across provision, resulting in some adjustments. The annual responses are reduced as a result of this standardization, but the burden hours increase is due to updated data.

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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? No

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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: 08/26/2020

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