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 FTCâs 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.
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 CFPBâs 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.
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.
Regulation B - SS - 2024 - FINAL.pdf
General recordkeeping for credit firms