Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 69968 [2015-28653]

Agencies

• FEDERAL RESERVE SYSTEM

[Federal Register Volume 80, Number 218 (Thursday, November 12, 2015)]
[Notices]
[Page 69968]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-28653]



[[Page 69968]]

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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: Notice is hereby given of the final approval of a proposed 
information collection by the Board of Governors of the Federal Reserve 
System (Board) under OMB delegated authority. Board-approved 
collections of information are incorporated into the official OMB 
inventory of currently approved collections of information. Copies of 
the Paperwork Reduction Act Submission, supporting statements and 
approved collection of information instrument(s) are placed into OMB's 
public docket files. The Federal Reserve may not conduct or sponsor, 
and the respondent is not required to respond to, an information 
collection that has been extended, revised, or implemented on or after 
October 1, 1995, unless it displays a currently valid OMB control 
number.

FOR FURTHER INFORMATION CONTACT: 
Federal Reserve Board Acting Clearance Officer--Nuha Elmaghrabi--Office 
of the Chief Data Officer, Board of Governors of the Federal Reserve 
System, Washington, DC 20551 (202) 452-3829. Telecommunications Device 
for the Deaf (TDD) users may contact (202) 263-4869, Board of Governors 
of the Federal Reserve System, Washington, DC 20551.
OMB Desk Officer--Shagufta Ahmed--Office of Information and Regulatory 
Affairs, Office of Management and Budget, New Executive Office 
Building, Room 10235, 725 17th Street NW., Washington, DC 20503.

    Final approval under OMB delegated authority of the extension for 
three years, without revision, of the following report:
    Report title: Recordkeeping and Disclosure Requirements Associated 
with the Regulations Implementing the Fair Credit Reporting Act 
(Regulation V).
    Agency form number: Reg V.
    OMB control number: 7100-0308.
    Frequency: On occasion.
    Reporters: Financial institutions and consumers.
    Estimated annual reporting hours: Negative information notice: 375 
hours; Affiliate marketing: Notices to consumers, 25,236 hours and 
Consumer response, 106,833 hours; Red flags: 74,888 hours; Address 
discrepancies: 6,000 hours; Risk-based pricing: Notice to consumers, 
90,000 hours; Furnisher duties: Policies and procedures, 60,000 hours 
and Notice of frivolous disputes to consumers, 142,792 hours.
    Estimated average hours per response: Negative information notice: 
15 minutes; Affiliate marketing: Notices to consumers, 18 hours and 
Consumer response, 5 minutes; Red flags: 37 hours; Address 
discrepancies: 4 hours; Risk-based pricing: Notice to consumers, 5 
hours; Furnisher duties: Policies and procedures, 40 hours and Notice 
of frivolous disputes to consumers, 14 minutes.
    Number of respondents: Negative information notice: 1,500 financial 
institutions; Affiliate marketing: Notices to consumers, 1,402 
financial institutions and 1,282,000 Consumer response; Red flags: 
2,024 financial institutions; Address discrepancies: 1,500 financial 
institutions; Risk-based pricing: Notice to consumers, 1,500 financial 
institutions; Furnisher duties: Policies and procedures, 1,500 
financial institutions and 611,966, Notice of frivolous disputes to 
consumers.
    General description of report: This information collection is 
mandatory pursuant to Dodd-Frank Wall Street Reform and Consumer 
Protection Act (12 U.S.C. 5519) and the Fair Credit Reporting Act 
(FCRA) (15 U.S.C. 1681m, 1681w, and 1681s). Because the notices and 
disclosures required are not provided to the Federal Reserve, and all 
records thereof are maintained at state member banks, no issue of 
confidentiality arises under the Freedom of Information Act.
    Abstract: The FCRA was enacted in 1970 based on a Congressional 
finding that the banking system is dependent on fair and accurate 
credit reporting.\1\ 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.
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    \1\ The FCRA is one part of the Consumer Credit Protection Act 
which also includes the Truth in Lending Act, Equal Credit 
Opportunity Act, and Fair Debt Collection Practices Act. 15 U.S.C. 
1601 et seq.
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    Congress substantially amended the FCRA upon the passage of the 
Fair and Accurate Credit Transactions Act of 2003 (FACT Act).\2\ The 
FACT Act created many new responsibilities for consumer reporting 
agencies and users of consumer reports. It contained many new consumer 
disclosure requirements, as well as provisions to address identity 
theft. In addition, the FACT Act provided consumers with the right to 
obtain a copy of their consumer report annually without cost. Improving 
consumers' access to their credit report is intended to help increase 
the accuracy of data in the consumer reporting system.
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    \2\ Public Law 108-159, 117 Stat. 1952.
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    Since 2011, the Consumer Financial Protection Bureau has been 
responsible for issuing most FCRA regulations. The Federal Reserve 
retained rule-writing authority for certain provisions of the FCRA 
applicable to motor vehicle dealers and provisions of the FCRA that 
require identity theft prevention programs, regulate the disposal of 
consumer information, and require card issuers to validate consumers' 
notifications of changes of address.
    Current Actions: On August 11, 2015, the Federal Reserve published 
a notice in the Federal Register (80 FR 48104) requesting public 
comment for 60 days on the extension, without revision, of the 
Recordkeeping and Disclosure Requirements Associated with the 
Regulations Implementing the Fair Credit Reporting Act (Regulation V) . 
The comment period for this notice expired on October 13, 2015. The 
Federal Reserve did not receive any comments. The information 
collection will be extended for three years, without revision, as 
proposed.

    Board of Governors of the Federal Reserve System, November 5, 
2015.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2015-28653 Filed 11-10-15; 8:45 am]
BILLING CODE 6210-01-P