Regulation B (Equal Credit Opportunity)

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Regulation B - SS - 2024 - FINAL.pdf	Supporting Statement A	Uploaded 2024-11-22	Available
Regulation B - SS - 2024 - FINAL.pdf	Supporting Statement A	Uploaded 2024-11-22	Repair queued
Benjamin Turner - Public Comment for Regulations BEMZ.docx	Public Comments	Uploaded 2024-09-06	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
32266	General recordkeeping for credit firms		Unchanged
272574	Subpart B: Reporting (Ongoing) - Type C Non-DIs		New
272573	Subpart B: Reporting (Ongoing) - Type B Non DIs		New
272572	Subpart B: Reporting (Ongoing) - Type C DIs		New
272571	Subpart B: Reporting (Ongoing) - Type B DIs		New
272570	Subpart B: Reporting (Ongoing) - Type A DIs		New
272568	Subpart B: Reporting (Setup/One-time) - All Non DIs		New
272566	Subpart B: Reporting (Setup/One-time) - Type C DIs		New
272565	Subpart B: Reporting (Setup/One-time) - Type B DIs		New
272564	Subpart B: Reporting (Setup/One-time) - Type A DIs		New
272563	Subpart B - Recordkeeping - 104 Entities - 100 Non-depositories plus 4 state-chartered credit unions		New
272562	Subpart B - Recordkeeping - 553 Type B Entities 520 Non-depositories plus 33 state-chartered credit unions		New
272561	Subpart B - Recordkeeping - 24 Type A State-chartered Credit Unions		New
216135	Appraisal reports/written valuations transactions		Unchanged
216131	Appraisal reports/written valuations setup/monitoring for disclosures		Unchanged
188259	Self-test disclosures transactions		Unchanged
188256	Adverse action notices transactions		Unchanged
188255	Credit history reporting transactions		Unchanged
188254	Self-test disclosures setup/monitoring		Unchanged
188251	Adverse action notices setup/monitoring for disclosures		Unchanged
188250	Credit history reporting setup/monitoring for disclosures		Unchanged
188249	Recordkeeping for corrective action for self-testing		Unchanged
188248	Recordkeeping for creditor self-test		Unchanged
188247	Mortgage creditor added recordkeeping for credit applications		Unchanged

ICR Details

OMB Control No: 3084-0087	ICR Reference No: 202411-3084-006
Status: Active	Previous ICR Reference No: 202106-3084-001
Agency/Subagency: FTC	Agency Tracking No:
Title: Regulation B (Equal Credit Opportunity)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 01/07/2025
Retrieve Notice of Action (NOA)	Date Received in OIRA: 11/22/2024
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2028	36 Months From Approved	01/31/2025
Responses	158,572,270	0	158,570,227
Time Burden (Hours)	3,877,492	0	1,797,798
Cost Burden (Dollars)	6,000,000	0	0

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Abstract: The Federal Trade Commission (FTC) seeks renewed clearance for the information collection requirements associated with the enforcement of the Consumer Financial Protection Bureau's (CFPB) Regulation B. The Regulation, among other things, requires entities that regularly extend credit to retain records sufficient to show compliance with the Regulation, to provide applicants with information about adverse credit actions, and to give notice to mortgage credit applicants regarding appraisal reports. Given their generally shared enforcement jurisdiction for Regulation B under the Dodd-Frank Act, the CFPB and the FTC have divided the FTC’s previously cleared PRA burden between them, except that the FTC has wholly assumed all of the burden estimates associated with motor vehicle dealers and is also doing so, when appropriate, regarding estimated burden for state-chartered credit unions. In 2023, the CFPB amended Regulation B, to create Subparts A and B, in implementing amendments mandated by Section 1071 of the Dodd Frank Act, 12 U.S.C. 1691c-2, pertaining to small business lending, including for small businesses owned by women or minorities. As a result, Regulation B, Subpart A, now contains the prior Regulation B requirements; Regulation B, Subpart B, contains the new small business lending requirements. There are no other changes in the recordkeeping or disclosure requirements.

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Authorizing Statute(s): US Code: 15 USC 1691 et seq. Name of Law: Equal Credit Opportunity Act
   PL: Pub.L. 111 - 203 1024, 1029, 1061, 1100E Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 1071 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

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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:
	89 FR 62736	08/01/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 92685	11/22/2024
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 24

table that charts list of burden

IC Title	Form No.	Form Name
Adverse action notices setup/monitoring for disclosures
Adverse action notices transactions
Appraisal reports/written valuations setup/monitoring for disclosures
Appraisal reports/written valuations transactions
Credit history reporting setup/monitoring for disclosures
Credit history reporting transactions
General recordkeeping for credit firms
Mortgage creditor added recordkeeping for credit applications
Recordkeeping for corrective action for self-testing
Recordkeeping for creditor self-test
Self-test disclosures setup/monitoring
Self-test disclosures transactions
Subpart B - Recordkeeping - 104 Entities - 100 Non-depositories plus 4 state-chartered credit unions
Subpart B - Recordkeeping - 24 Type A State-chartered Credit Unions
Subpart B - Recordkeeping - 553 Type B Entities 520 Non-depositories plus 33 state-chartered credit unions
Subpart B: Reporting (Ongoing) - Type A DIs
Subpart B: Reporting (Ongoing) - Type B DIs
Subpart B: Reporting (Ongoing) - Type B Non DIs
Subpart B: Reporting (Ongoing) - Type C DIs
Subpart B: Reporting (Ongoing) - Type C Non-DIs
Subpart B: Reporting (Setup/One-time) - All Non DIs
Subpart B: Reporting (Setup/One-time) - Type A DIs
Subpart B: Reporting (Setup/One-time) - Type B DIs
Subpart B: Reporting (Setup/One-time) - Type C DIs

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ICR Summary of Burden

table that charts list 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	158,572,270	158,570,227	2,043	0	0	0
Annual Time Burden (Hours)	3,877,492	1,797,798	2,079,694	0	0	0
Annual Cost Burden (Dollars)	6,000,000	0	6,000,000	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: For Subpart A, the labor costs are adjusted upward to reflect updated BLS wage data. Subpart B information collections are the result of a program change required by the Dodd-Frank Act, Section 1071, and the CFPB’s implementation of amended Regulation B, which derives from those statutory changes, as addressed in our responses to #1-2 and #12-13 in the Supporting Statement.

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Annual Cost to Federal Government: $844,763

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: 11/22/2024

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