Prohibition of Inclusion of Adverse Information in Consumer Reporting in Cases of Human Trafficking (Regulation V) NPRM

Forms and Documents

Document Name	Status
3170-0002 (RIN 3170-AB12) NPRM supporting statement.docx Supporting Statement A	2022-04-18
3170-0002 (Reg V NPRM) 60-day FRN (published).pdf Supplementary Document	2022-04-18
3170-0002 (RIN 3170-AB12) NPRM (issued).pdf Supplementary Document	2022-04-07

IC Document Collections

IC ID	Document Title	Status
199827	Disclosure and Recordkeeping Requirements	Modified

ICR Details

OMB Control No: 3170-0002	ICR Reference No: 202204-3170-001
Status: Received in OIRA	Previous ICR Reference No: 202008-3170-001
Agency/Subagency: CFPB	Agency Tracking No:
Title: Prohibition of Inclusion of Adverse Information in Consumer Reporting in Cases of Human Trafficking (Regulation V) NPRM
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 04/18/2022

	Requested	Previously Approved
Expiration Date	36 Months From Approved	11/30/2023
Responses	323,723,954	323,723,953
Time Burden (Hours)	6,268,665	6,246,866
Cost Burden (Dollars)	66,627,000	66,627,000

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Abstract: The Bureau is proposing several amendments to Regulation V to implement new section 605C of the Fair Credit Reporting Act (FCRA), added by the National Defense Authorization Act for Fiscal Year 2022 (2022 NDAA). In brief, section 605C provides that a consumer reporting agency may not furnish a consumer report containing any adverse item of information concerning a consumer that resulted from a severe form of trafficking in persons or sex trafficking if the consumer has provided trafficking documentation to the consumer reporting agency. Under section 605C, the Bureau is required to issue implementing regulations within 180 days of the enactment of the 2022 NDAA. Section 605C is effective 30 days after the Bureau issues its final implementing regulations. The Bureau is proposing to amend Regulation V as follows: • Create a new section in subpart O, the subpart on miscellaneous duties of consumer reporting agencies, to add the provisions implementing section 605C of the FCRA; • Apply the proposed regulations to any “consumer reporting agency” as defined in section 603(f) of the FCRA, namely nationwide consumer reporting agencies, nationwide specialty consumer reporting agencies, and all other consumer reporting agencies; • Define terms including, in particular, “trafficking documentation,” “severe forms of trafficking in persons,” “sex trafficking,” and “victim of trafficking”; and • Establish procedures for implementation of the new prohibition, including establishing how affected consumers should submit the required documentation to consumer reporting agencies and recordkeeping requirements to ensure compliance.

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Authorizing Statute(s): US Code: 15 USC 1681 et seq. Name of Law: Fair Credit Reporting Act
   PL: Pub.L. 111 - 203 1001-1100H Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3170-AB12	Proposed rulemaking	87 FR 20771	04/08/2022

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Federal Register Notices & Comments

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
Disclosure and Recordkeeping Requirements

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ICR Summary of Burden

	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	323,723,954	323,723,953	0	0	1	0
Annual Time Burden (Hours)	6,268,665	6,246,866	0	0	21,799	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: Bureau staff estimates that the new information collection requirements will impose a small amount of additional burden. However, the Bureau currently lacks adequate data to estimate even a minimal amount of burden. The Bureau will revise this estimate in response to public comments received or based on the information collection requirements’ actual usage. This ICR requests an adjustment of 1 response and 21,799 hours due to the correction of rounding errors.

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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: 04/18/2022

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