Recordkeeping and Disclosure Requirements Associated with the CFPB's and the Board's Regulations V

Forms and Documents

Document Name	Status
FRV_20221021_omb.pdf Supporting Statement A	2022-10-21

IC Document Collections

IC ID	Document Title	Status
36366	Disclosure Section 1022 Appendix B Negative information notice	Modified
217645	Disclosure Sections 1022.40 - 1022.43 Duties of Furnishers of Information: Notices of frivolous disputes to consumers	Modified
217644	Recordkeeping Sections 1022.40 - 1022.43 Duties of Furnishers of Information: Policies and procedures	Modified
190732	Disclosure Sections 1022.70 - 1022.75 Risk-based pricing notices to consumers	Modified
186454	Recordkeeping Section 1022.82 Address discrepancies	Modified
186453	Recordkeeping Sections 222.90 - 222.91 Identity theft red flags	Modified
182766	Disclosure Sections 1022.20 - 1022.27 Affiliate Marketing Notices: Consumer opt-out response	Modified
182765	Disclosure Sections 1022.20 -1022.27 Affiliate Marketing Notices: Notices to consumers	Modified

ICR Details

OMB Control No: 7100-0308	ICR Reference No: 202209-7100-004
Status: Active	Previous ICR Reference No: 202110-7100-002
Agency/Subagency: FRS	Agency Tracking No: FR V
Title: Recordkeeping and Disclosure Requirements Associated with the CFPB's and the Board's Regulations V
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 10/21/2022
	Date Received in OIRA: 10/21/2022
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2025	36 Months From Approved	12/31/2022
Responses	866,412	0	866,412
Time Burden (Hours)	411,127	0	411,127
Cost Burden (Dollars)	0	0	0

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Abstract: The CFPBs Regulation V and the Board’s Regulation V (collectively FR V Regulations) implement in part the Fair Credit Reporting Act (FCRA), which was enacted in 1970 based on a Congressional finding that the banking system is dependent on fair and accurate credit reporting. The FCRA was enacted to ensure consumer reporting agencies exercise their responsibilities with fairness, impartiality, and a respect for the consumer’s right to privacy. The FCRA requires consumer reporting agencies to adopt reasonable procedures that are fair and equitable to the consumer with regard to the confidentiality, accuracy, relevancy, and proper utilization of consumer information. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), enacted in 2010, transferred to the Consumer Financial Protection Bureau (CFPB) most, but not all, of the rulemaking authority for issuing regulations under the FCRA. The Board and other federal agencies retained rulemaking responsibility for the FCRA provisions regarding identity theft prevention programs and the duties of card issuers to validate consumers’ changes of address (hereinafter, identity theft red flags), as well as the disposal of consumer information, with respect to the entities that are subject to each agency’s respective enforcement authority. The Board and Federal Trade Commission (FTC) also retained rulemaking authority for certain provisions of the FCRA applicable to motor vehicle dealers. The Paperwork Reduction Act (PRA) classifies reporting, recordkeeping, or disclosure requirements of a regulation as an information collection. The Board continues to be responsible for renewing every three years the information collection requirements contained in the CFPB’s Regulation V for institutions with $10 billion or less in assets that are identified in 15 U.S.C. § 1681s(b)(1)(A)(ii) and for consumers of these institutions, as well as for the identity theft red flags provisions in the Board’s Regulation V for institutions of any size that are identified in 15 U.S.C. § 1681s(b)(1)(A)(ii).

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Authorizing Statute(s): US Code: 15 USC 1681s(b) Name of Law: Fair Credit Reporting Act
   US Code: 12 USC 5515 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
   US Code: 15 USC 1681m(e) Name of Law: Fair Credit Reporting Act
   US Code: 15 USC 1681s(e) 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:
	87 FR 8246	02/14/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 44115	07/25/2022
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 8

IC Title	Form No.	Form Name
Disclosure Section 1022 Appendix B Negative information notice
Disclosure Sections 1022.20 - 1022.27 Affiliate Marketing Notices: Consumer opt-out response
Disclosure Sections 1022.20 -1022.27 Affiliate Marketing Notices: Notices to consumers
Disclosure Sections 1022.40 - 1022.43 Duties of Furnishers of Information: Notices of frivolous disputes to consumers
Disclosure Sections 1022.70 - 1022.75 Risk-based pricing notices to consumers
Recordkeeping Section 1022.82 Address discrepancies
Recordkeeping Sections 1022.40 - 1022.43 Duties of Furnishers of Information: Policies and procedures
Recordkeeping Sections 222.90 - 222.91 Identity theft red flags

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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	866,412	866,412	0	0	0	0
Annual Time Burden (Hours)	411,127	411,127	0	0	0	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:

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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]? 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

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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: 10/21/2022

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