Recordkeeping and Disclosure Requirements Associated with CFPB's Regulation B

Forms and Documents

Document Name	Status
FR B 83c.pdf Justification for No Material/Nonsubstantive Change	2021-05-12

IC Document Collections

IC ID	Document Title	Status
36225	Recordkeeping Section 1002.12 Record retention for applications, actions, and prescreened solicitations	Modified
247328	Self-testing Disclosure Section 1002.5 Rules concerning requests for information, disclosure for optional self-test	New
180424	Self-testing Recordkeeping Section 1002.12 Incentives for self-correction	Modified
180423	Self-testing Recordkeeping Section 1002.12 Incentives for self-testing	Modified
180422	Disclosure Section 1002.14 Rules on providing appraisals and other valuations	Modified
180420	Disclosure Section 1002.13 9(c) Information for Monitoring Purposes	Modified
180350	Disclosure Section 1002.10 Furnishing of Credit Information	Modified
180349	Disclosure Section 1002.9 Notifications	Modified
180348	Recordkeeping Section 1002.13(a) and (b) Information for Monitoring Purposes	Modified

ICR Details

OMB Control No: 7100-0201	ICR Reference No: 202105-7100-002
Status: Active	Previous ICR Reference No: 201807-7100-008
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: 05/13/2021
	Date Received in OIRA: 05/13/2021
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2021	07/31/2021	07/31/2021
Responses	19,605,759	0	48,161
Time Burden (Hours)	104,810	0	146,974
Cost Burden (Dollars)	0	0	0

---

Abstract: Equal Credit Opportunity Act (ECOA) was enacted in 1974 and is implemented by the Consumer Financial Protection Bureau (CFPB) 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.)). Since 2011, the CFPB has been responsible for issuing ECOA regulations that apply to institutions the Board supervises. However, the Board continues to be responsible under the Paperwork Reduction Act (PRA) for renewing every three years the information collections mandated by the regulation for institutions supervised by the Board. The Board accounts for the paperwork burden associated with Regulation B only for institutions for which the Board has enforcement authority under ECOA.

---

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:
	83 FR 16098	04/13/2018
30-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 31149	07/03/2018
Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 9

IC Title	Form No.	Form Name
Disclosure Section 1002.10 Furnishing of Credit Information
Disclosure Section 1002.13 9(c) Information for Monitoring Purposes
Disclosure Section 1002.14 Rules on providing appraisals and other valuations
Disclosure Section 1002.9 Notifications
Recordkeeping Section 1002.12 Record retention for applications, actions, and prescreened solicitations
Recordkeeping Section 1002.13(a) and (b) Information for Monitoring Purposes
Self-testing Disclosure Section 1002.5 Rules concerning requests for information, disclosure for optional self-test
Self-testing Recordkeeping Section 1002.12 Incentives for self-correction
Self-testing Recordkeeping Section 1002.12 Incentives for self-testing

---

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	19,605,759	48,161	0	0	19,557,598	0
Annual Time Burden (Hours)	104,810	146,974	0	0	-42,164	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 burden reflects updates to respondent counts as well as adjustments to align methodologies with that of the Consumer Financial Protection Bureau.

---

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.     Yes

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? No

---

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: 05/13/2021

---