Agency Information Collection Activities: Information Collection Renewal; Comment Request; Procedures To Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies Under Section 312 of the Fair and Accurate Credit Transactions Act, 14104-14105 [2018-06580]
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Federal Register / Vol. 83, No. 63 / Monday, April 2, 2018 / Notices
daltland on DSKBBV9HB2PROD with NOTICES
understand its risks and the potential
impact of stressful events and
circumstances on its financial
condition.2 On May 17, 2012, the OCC,
along with the Federal Deposit
Insurance Corporation (FDIC) and the
Board of Governors of the Federal
Reserve (FRB), published guidance on
the use of stress testing as a means to
better understand the range of a banking
organization’s potential risk exposures.3
The OCC is now seeking to renew the
information collection associated with
that guidance.
The guidance provides an overview of
how a banking organization should
structure its stress testing activities to
ensure those activities fit into the
banking organization’s overall risk
management. The purpose of the
guidance is to outline broad principles
for a satisfactory stress testing
framework and describe the manner in
which stress testing should be used.
While the guidance is not intended to
provide detailed instructions for
conducting stress testing for any
particular risk or business area, it does
describe several types of stress testing
activities and how they may be most
appropriately used by banking
organizations. The guidance also does
not explicitly address the stress testing
requirements imposed upon certain
companies by section 165(i) of the
Dodd-Frank Wall Street Reform and
Consumer Protection Act.4
Type of Review: Regular.
Affected Public: Businesses or other
for-profit.
Estimated Number of Respondents:
62.
Estimated annual burden: 16,120
hours.
Comments submitted in response to
this notice will be summarized and
included in the request for OMB
approval. All comments will become a
matter of public record. Comments are
invited on:
(a) Whether the collections of
information are necessary for the proper
performance of the OCC’s functions,
including whether the information has
practical utility;
(b) The accuracy of the OCC’s
estimates of the burden of the
information collections, including the
2 For purposes of this guidance, the term
‘‘banking organization’’ means national banks and
federal branches and agencies supervised by the
OCC; state member banks, bank holding companies,
and all other institutions for which the FRB is the
primary federal supervisor; and state nonmember
insured banks and other institutions supervised by
the FDIC.
3 77 FR 29458 (May 17, 2012).
4 Public Law 111–203, 124 Stat. 1376. Section
165(i) of the Dodd-Frank Act is codified at 12 U.S.C.
5365(i)(2).
VerDate Sep<11>2014
19:06 Mar 30, 2018
Jkt 244001
validity of the methodology and
assumptions used;
(c) Ways to enhance the quality,
utility, and clarity of the information to
be collected;
(d) Ways to minimize the burden of
information collections on respondents,
including through the use of automated
collection techniques or other forms of
information technology; and
(e) Estimates of capital or start-up
costs and costs of operation,
maintenance, and purchase of services
to provide information.
Dated: March 26, 2018.
Karen Solomon,
Acting Senior Deputy Comptroller and Chief
Counsel.
[FR Doc. 2018–06573 Filed 3–30–18; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
Agency Information Collection
Activities: Information Collection
Renewal; Comment Request;
Procedures To Enhance the Accuracy
and Integrity of Information Furnished
to Consumer Reporting Agencies
Under Section 312 of the Fair and
Accurate Credit Transactions Act
Office of the Comptroller of the
Currency, Treasury.
ACTION: Notice and request for comment.
AGENCY:
The OCC, as part of its
continuing effort to reduce paperwork
and respondent burden, invites the
general public and other federal
agencies to take this opportunity to
comment on a continuing information
collection as required by the Paperwork
Reduction Act of 1995.
An agency may not conduct or
sponsor, and a respondent is not
required to respond to, an information
collection unless it displays a currently
valid OMB control number.
The OCC is soliciting comment
concerning the renewal of its
information collection titled,
‘‘Procedures to Enhance the Accuracy
and Integrity of Information Furnished
to Consumer Reporting Agencies under
Section 312 of the Fair and Accurate
Credit Transactions Act.’’
DATES: Comments must be received by
June 1, 2018.
ADDRESSES: Because paper mail in the
Washington, DC area and at the OCC is
subject to delay, commenters are
encouraged to submit comments by
email, if possible. Comments may be
sent to: Legislative and Regulatory
SUMMARY:
PO 00000
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Fmt 4703
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Activities Division, Office of the
Comptroller of the Currency, Attention:
1557–0238, 400 7th Street SW, Suite
3E–218, Washington, DC 20219. In
addition, comments may be sent by fax
to (571) 465–4326 or by electronic mail
to prainfo@occ.treas.gov. You may
personally inspect and photocopy
comments at the OCC, 400 7th Street
SW, Washington, DC 20219. For
security reasons, the OCC requires that
visitors make an appointment to inspect
comments. You may do so by calling
(202) 649–6700 or, for persons who are
deaf or hearing impaired, TTY, (202)
649–5597. Upon arrival, visitors will be
required to present valid governmentissued photo identification and submit
to security screening in order to inspect
and photocopy comments.
All comments received, including
attachments and other supporting
materials, are part of the public record
and subject to public disclosure. Do not
include any information in your
comment or supporting materials that
you consider confidential or
inappropriate for public disclosure.
FOR FURTHER INFORMATION CONTACT:
Shaquita Merritt, OCC Clearance
Officer, (202) 649–5490 or, for persons
who are deaf or hearing impaired, TTY,
(202) 649–5597, Legislative and
Regulatory Activities Division, Office of
the Comptroller of the Currency, 400 7th
Street, SW, Suite 3E–218, Washington,
DC 20219.
SUPPLEMENTARY INFORMATION: Under the
PRA (44 U.S.C. 3501–3520), Federal
agencies must obtain approval from
OMB for each collection of information
that they conduct or sponsor.
‘‘Collection of information’’ is defined
in 44 U.S.C. 3502(3) and 5 CFR
1320.3(c) to include agency requests and
requirements that members of the public
submit reports, keep records, or provide
information to a third party. Section
3506(c)(2)(A) of part 44 requires federal
agencies to provide a 60-day notice in
the Federal Register concerning each
proposed collection of information,
including each proposed extension of an
existing collection of information,
before submitting the collection to OMB
for approval. To comply with this
requirement, the OCC is publishing
notice of the proposed extension of this
collection of information.
Title: Procedures to Enhance the
Accuracy and Integrity of Information
Furnished to Consumer Reporting
Agencies under Section 312 of the Fair
and Accurate Credit Transactions Act
(FACT Act).
OMB Control No.: 1557–0238.
Type of Review: Regular.
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02APN1
daltland on DSKBBV9HB2PROD with NOTICES
Federal Register / Vol. 83, No. 63 / Monday, April 2, 2018 / Notices
Description: Section 312 of the Fair
and Accurate Credit Transactions Act of
2003 (FACT Act) required the issuance
of guidelines for use by furnishers
regarding the accuracy and integrity of
the information about consumers that
they furnish to consumer reporting
agencies and to prescribe regulations
requiring furnishers to establish
reasonable policies and procedures for
implementing the guidelines. Section
312 also required the issuance of
regulations identifying the
circumstances under which a furnisher
must reinvestigate disputes about the
accuracy of information contained in a
consumer report based on a direct
request from a consumer.
Twelve CFR 1022.42(a) requires
furnishers to establish and implement
reasonable written policies and
procedures regarding the accuracy and
integrity of consumer information that
they provide to a consumer reporting
agency (CRA).
Section 1022.43(a) requires a
furnisher to conduct a reasonable
investigation of a dispute initiated
directly by a consumer in certain
circumstances. Furnishers are required
to have procedures to ensure that
disputes received directly from
consumers are handled in a
substantially similar manner to those
complaints received through CRAs.
Section 1022.43(f)(2) incorporates the
statutory requirement that a furnisher
must notify a consumer by mail or other
means (if authorized by the consumer)
not later than five business days after
making a determination that a dispute is
frivolous or irrelevant. Section
1022.43(f) incorporates the statute’s
content requirements for the notices.
Affected Public: Businesses or other
for-profit.
Estimated Number of Respondents:
1,133 respondents.
Estimated Total Annual Burden:
185,603 hours.
Comments submitted in response to
this notice will be summarized,
included in the request for OMB
approval, and become a matter of public
record. Comments are invited on:
(a) Whether the collection of
information is necessary for the proper
performance of the functions of the
OCC, including whether the information
has practical utility;
(b) The accuracy of the OCC’s
estimate of the burden of the collection
of information;
(c) Ways to enhance the quality,
utility, and clarity of the information to
be collected;
(d) Ways to minimize the burden of
the collection on respondents, including
through the use of automated collection
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19:06 Mar 30, 2018
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techniques or other forms of information
technology; and
(e) Estimates of capital or start-up
costs and costs of operation,
maintenance, and purchase of services
to provide information.
Dated: March 26, 2018.
Karen Solomon,
Acting Senior Deputy Comptroller and Chief
Counsel.
[FR Doc. 2018–06580 Filed 3–30–18; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Regulation Project
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
The Internal Revenue Service
(IRS), as part of its continuing effort to
reduce paperwork and respondent
burden, invites the general public and
other Federal agencies to take this
opportunity to comment on information
collections, as required by the
Paperwork Reduction Act of 1995. The
IRS is soliciting comments concerning
Bad Debt Reserves of Banks.
DATES: Written comments should be
received on or before June 1, 2018 to be
assured of consideration.
ADDRESSES: Direct all written comments
to Laurie Brimmer, Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the regulation should be
directed to Martha R. Brinson, at (202)
317–5753, or at Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224, or
through the internet at
Martha.R.Brinson@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Bad Debt Reserves of Banks.
OMB Number: 1545–1290.
Regulation Project Number: TD 8513.
Abstract: Section 585 (c) of the
Internal Revenue Code requires large
banks to change from reserve method of
accounting to the specific charge off
method of accounting for bad debts.
Section 1.585–8 of the regulation
contains reporting requirements in cases
in which large banks elect (1) to include
in income an amount greater than that
prescribed by the Code; (2) to use the
elective cut-off method of accounting:
Or (3) to revoke any elections previously
made.
SUMMARY:
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14105
Current Actions: There is no change to
this existing regulation.
Type of Review: Extension of a
currently approved collection.
Affected Public: Business or other forprofit organizations.
Estimated Number of Respondents:
2,500.
Estimated Time per Respondent: 15
min.
Estimated Total Annual Burden
Hours: 625.
The following paragraph applies to all
of the collections of information covered
by this notice:
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless the collection of information
displays a valid OMB control number.
Books or records relating to a collection
of information must be retained as long
as their contents may become material
in the administration of any internal
revenue law. Generally, tax returns and
tax return information are confidential,
as required by 26 U.S.C. 6103.
Request for Comments: Comments
submitted in response to this notice will
be summarized and/or included in the
request for OMB approval. All
comments will become a matter of
public record. Comments are invited on:
(a) Whether the collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information shall have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of the collection of
information; (c) ways to enhance the
quality, utility, and clarity of the
information to be collected; (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology; and (e) estimates of capital
or start-up costs and costs of operation,
maintenance, and purchase of services
to provide information.
Approved: March 27, 2018.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2018–06672 Filed 3–30–18; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Regulation Project
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
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]]>Agencies
[Federal Register Volume 83, Number 63 (Monday, April 2, 2018)]
[Notices]
[Pages 14104-14105]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-06580]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Comment Request; Procedures To Enhance the Accuracy and
Integrity of Information Furnished to Consumer Reporting Agencies Under
Section 312 of the Fair and Accurate Credit Transactions Act
AGENCY: Office of the Comptroller of the Currency, Treasury.
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites the general public and other federal
agencies to take this opportunity to comment on a continuing
information collection as required by the Paperwork Reduction Act of
1995.
An agency may not conduct or sponsor, and a respondent is not
required to respond to, an information collection unless it displays a
currently valid OMB control number.
The OCC is soliciting comment concerning the renewal of its
information collection titled, ``Procedures to Enhance the Accuracy and
Integrity of Information Furnished to Consumer Reporting Agencies under
Section 312 of the Fair and Accurate Credit Transactions Act.''
DATES: Comments must be received by June 1, 2018.
ADDRESSES: Because paper mail in the Washington, DC area and at the OCC
is subject to delay, commenters are encouraged to submit comments by
email, if possible. Comments may be sent to: Legislative and Regulatory
Activities Division, Office of the Comptroller of the Currency,
Attention: 1557-0238, 400 7th Street SW, Suite 3E-218, Washington, DC
20219. In addition, comments may be sent by fax to (571) 465-4326 or by
electronic mail to [email protected]. You may personally inspect
and photocopy comments at the OCC, 400 7th Street SW, Washington, DC
20219. For security reasons, the OCC requires that visitors make an
appointment to inspect comments. You may do so by calling (202) 649-
6700 or, for persons who are deaf or hearing impaired, TTY, (202) 649-
5597. Upon arrival, visitors will be required to present valid
government-issued photo identification and submit to security screening
in order to inspect and photocopy comments.
All comments received, including attachments and other supporting
materials, are part of the public record and subject to public
disclosure. Do not include any information in your comment or
supporting materials that you consider confidential or inappropriate
for public disclosure.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance
Officer, (202) 649-5490 or, for persons who are deaf or hearing
impaired, TTY, (202) 649-5597, Legislative and Regulatory Activities
Division, Office of the Comptroller of the Currency, 400 7th Street,
SW, Suite 3E-218, Washington, DC 20219.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), Federal
agencies must obtain approval from OMB for each collection of
information that they conduct or sponsor. ``Collection of information''
is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to include agency
requests and requirements that members of the public submit reports,
keep records, or provide information to a third party. Section
3506(c)(2)(A) of part 44 requires federal agencies to provide a 60-day
notice in the Federal Register concerning each proposed collection of
information, including each proposed extension of an existing
collection of information, before submitting the collection to OMB for
approval. To comply with this requirement, the OCC is publishing notice
of the proposed extension of this collection of information.
Title: Procedures to Enhance the Accuracy and Integrity of
Information Furnished to Consumer Reporting Agencies under Section 312
of the Fair and Accurate Credit Transactions Act (FACT Act).
OMB Control No.: 1557-0238.
Type of Review: Regular.
[[Page 14105]]
Description: Section 312 of the Fair and Accurate Credit
Transactions Act of 2003 (FACT Act) required the issuance of guidelines
for use by furnishers regarding the accuracy and integrity of the
information about consumers that they furnish to consumer reporting
agencies and to prescribe regulations requiring furnishers to establish
reasonable policies and procedures for implementing the guidelines.
Section 312 also required the issuance of regulations identifying the
circumstances under which a furnisher must reinvestigate disputes about
the accuracy of information contained in a consumer report based on a
direct request from a consumer.
Twelve CFR 1022.42(a) requires furnishers to establish and
implement reasonable written policies and procedures regarding the
accuracy and integrity of consumer information that they provide to a
consumer reporting agency (CRA).
Section 1022.43(a) requires a furnisher to conduct a reasonable
investigation of a dispute initiated directly by a consumer in certain
circumstances. Furnishers are required to have procedures to ensure
that disputes received directly from consumers are handled in a
substantially similar manner to those complaints received through CRAs.
Section 1022.43(f)(2) incorporates the statutory requirement that a
furnisher must notify a consumer by mail or other means (if authorized
by the consumer) not later than five business days after making a
determination that a dispute is frivolous or irrelevant. Section
1022.43(f) incorporates the statute's content requirements for the
notices.
Affected Public: Businesses or other for-profit.
Estimated Number of Respondents: 1,133 respondents.
Estimated Total Annual Burden: 185,603 hours.
Comments submitted in response to this notice will be summarized,
included in the request for OMB approval, and become a matter of public
record. Comments are invited on:
(a) Whether the collection of information is necessary for the
proper performance of the functions of the OCC, including whether the
information has practical utility;
(b) The accuracy of the OCC's estimate of the burden of the
collection of information;
(c) Ways to enhance the quality, utility, and clarity of the
information to be collected;
(d) Ways to minimize the burden of the collection on respondents,
including through the use of automated collection techniques or other
forms of information technology; and
(e) Estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
Dated: March 26, 2018.
Karen Solomon,
Acting Senior Deputy Comptroller and Chief Counsel.
[FR Doc. 2018-06580 Filed 3-30-18; 8:45 am]
BILLING CODE 4810-33-P
