Equal Credit Opportunity Act (Regulation B) 12 CFR 1002

ICR 202109-3170-001

OMB: 3170-0013

Federal Form Document

Forms and Documents
Supporting Statement A
Supplementary Document
Supplementary Document
ICR Details
3170-0013 202109-3170-001
Received in OIRA 201905-3170-005
Equal Credit Opportunity Act (Regulation B) 12 CFR 1002
Revision of a currently approved collection   No
Regular 10/08/2021
  Requested Previously Approved
36 Months From Approved 08/31/2022
82,671,000 82,666,000
5,688,000 1,220,992
92,814,000 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 1691-1691(f) Name of Law: Equal Credit Opportunity Act

3170-AA09 Proposed rulemaking 86 FR 56356 10/08/2021


  Total Request 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 82,671,000 82,666,000 0 5,000 0 0
Annual Time Burden (Hours) 5,688,000 1,220,992 0 4,467,008 0 0
Annual Cost Burden (Dollars) 92,814,000 0 0 92,814,000 0 0
Changing Regulations
Miscellaneous Actions
The addition of one-time and ongoing burdens for the proposed rule significantly increases the burden hours and cost burden of Regulation B. Approximately one sixth of the increased burden hours and one half of the increase in cost burden are due to one-time adjustments respondents will need to make to comply with the proposed changes.

Anthony May 202 502-6458 [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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