Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 28052-28054 [2019-12694]
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Federal Register / Vol. 84, No. 116 / Monday, June 17, 2019 / Notices
the BHC if the subsidiary does not
already report to another ARA or to the
SEC, and any divisions, departments, or
subsidiaries of that subsidiary) (15
U.S.C. 78c(a)(34)(A)(ii)). Although the
Act does not specify the ARA for MSD
activities of foreign banks, uninsured
state branches or state agencies of
foreign banks, commercial lending
companies owned or controlled by a
foreign bank, or Edge Act corporations
(collectively referred to as ‘‘foreign
dealer banks’’), the Division of Market
Regulation of the SEC has agreed that
the Federal Reserve should examine the
MSD activities of foreign dealer banks.1
Accordingly, the Board’s collection of
Form MSD–4 and Form MSD–5 for
these institutions is authorized pursuant
to the Act.2
In addition, the Board is authorized to
require that SMBs and their
departments file reports with the Board
pursuant to section 11(a)(1) of the
Federal Reserve Act (12 U.S.C.
248(a)(1)). Branches and agencies of
foreign banks are subject to the
reporting requirements of section
11(a)(1) of the Federal Reserve Act
pursuant to Section 7(c)(2) of the
International Banking Act (12 U.S.C.
3105(c)(2)). BHCs and their subsidiaries
are required to submit reports to the
Board to ensure compliance with
‘‘federal laws that the Board has specific
jurisdiction to enforce’’ (12 U.S.C.
1844(c)(1)(ii)(II)). Section 10(b)(2) of the
Home Owners’ Loan Act authorizes the
Board to require SLHCs to file ‘‘such
reports as may be required by the
Board’’ and instructs that such reports
‘‘shall contain such information
concerning the operations of such
savings and loan holding company and
its subsidiaries as the Board may
require’’ (12 U.S.C. 1467a(b)(2)).
The obligation to file the forms with
the Board is mandatory for those
financial institutions for which the
Board serves as the ARA, and the filing
of both forms is event generated.
Generally, information provided on
Form MSD–4 and Form MSD–5 may be
kept confidential from the public under
exemption 6 of the Freedom of
Information Act (FOIA), which protects
information in ‘‘personnel and medical
files and similar files the disclosure of
which would constitute a clearly
unwarranted invasion of personal
privacy’’ (5 U.S.C. 552(b)(6)). In
addition, other information on Form
MSD–4 and Form MSD–5, such as the
1 See Letter from Catherine McGuire, Chief
Counsel, SEC’s Division of Market Regulation, to
Laura M. Homer, Assistant Director of Board S&R,
June 14, 1994.
2 15 U.S.C. 78o–4, 78q, and 78w.
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name of the MSD that filed the form,
may be withheld under exemption 4 of
the FOIA, if disclosure is reasonably
likely to result in substantial
competitive harm to the MSD (e.g., if a
MSD recently hired or terminated a
number of municipal securities
employees, disclosing these forms could
reveal competitively sensitive
commercial information about that
dealer) (5 U.S.C. 552(b)(4)).
The information collected on Form
MSD–4 and Form MSD–5 is maintained
in a ‘‘system of records’’ within the
meaning of the Privacy Act (5 U.S.C.
552a(a)(5)). As required under the
Privacy Act, the Board formally
designated a system of records notice
(SORN) for this information collection,
which is the ‘‘BGFRS–17, FRB—
Municipal or Government Securities
Principals and Representatives,’’ located
here: https://www.federalreserve.gov/
files/BGFRS-17-municipal-orgovernment-securities-principals-andrepresentatives.pdf. Pursuant to the
Privacy Act, disclosure of information
that must be released under the FOIA
does not violate the Privacy Act (5
U.S.C. 552a(b)(2)). However, disclosure
of any confidential information that is
considered exempt under the FOIA
must be made in accordance with the
Privacy Act (5 U.S.C. 552a(b)). Thus, the
Board may make disclosures of
information collected on Form MSD–4
and Form MSD–5 in accordance with
the Privacy Act’s ‘‘routine use’’
disclosure provision, which permits the
disclosure of a record for a purpose that
is compatible with the purpose for
which the record was collected (5 U.S.C.
552a(a)(7) and (b)(3)). The routine uses
that apply to this information collection
are listed in the SORN, which is
available on the Board’s website at the
above hyperlink. Both Form MSD–4 and
Form MSD–5 are being revised to
include updated Privacy Act notices.
Current actions: On March 5, 2019 the
Board published a notice in the Federal
Register (84 FR 7902) requesting public
comment for 60 days on the extension,
with revision, of the Uniform
Application for Municipal Securities
Principal or Municipal Securities
Representative Associated with a Bank
Municipal Securities Dealer and the
Uniform Termination Notice for
Municipal Securities Principal or
Municipal Securities Representative
Associated with a Bank Municipal
Securities Dealer. The Board proposes to
revise Form MSD–4 and Form MSD–5 to
(1) remove the date of birth and place
of birth items from the ‘Personal History
of Applicant’ section on Form MSD–4
and instructions; (2) make minor
revisions to the Privacy Act statements
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on Form MSD–4 and Form MSD–5; and
(3) remove the Privacy Act notice from
the respective instructions for Form
MSD–4 and Form MSD–5 (but leave the
Privacy Act notice on the forms). The
proposed revisions are effective as of
June 1, 2019. The comment period for
this notice expired on May 6, 2019. The
Board did not receive any comments.
The revisions will be implemented as
proposed.
Board of Governors of the Federal Reserve
System, June 12, 2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019–12692 Filed 6–14–19; 8:45 am]
BILLING CODE 6210–01–P
FEDERAL RESERVE SYSTEM
Agency Information Collection
Activities: Announcement of Board
Approval Under Delegated Authority
and Submission to OMB
Board of Governors of the
Federal Reserve System.
SUMMARY: The Board of Governors of the
Federal Reserve System (Board) is
adopting a proposal to extend for three
years, without revision, the
Recordkeeping and Disclosure
Requirements Associated with
Regulation V (Fair Credit Reporting) (FR
V; 1 OMB No. 7100–0308).
FOR FURTHER INFORMATION CONTACT:
Federal Reserve Board 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.
Office of Management and Budget
(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, or by fax to
(202) 395–6974.
SUPPLEMENTARY INFORMATION: On June
15, 1984, the OMB delegated to the
Board authority under the Paperwork
Reduction Act (PRA) to approve and
assign OMB control numbers to
collection of information requests and
requirements conducted or sponsored
by the Board. Board-approved
AGENCY:
1 The internal Agency Tracking Number
previously assigned by the Board to this
information collection was ‘‘Reg V.’’ The Board is
changing the internal Agency Tracking Number for
the purpose of consistency.
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Federal Register / Vol. 84, No. 116 / Monday, June 17, 2019 / Notices
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collections of information are
incorporated into the official OMB
inventory of currently approved
collections of information. Copies of the
PRA Submission, supporting
statements, and approved collection of
information instrument(s) are placed
into OMB’s public docket files. The
Board 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.
Final Approval Under OMB Delegated
Authority of the Extension for Three
Years, Without Revision, of the
Following Information Collection
Report title: Recordkeeping and
Disclosure Requirements Associated
with Regulation V (Fair Credit
Reporting).
Agency form number: FR V.
OMB control number: 7100–0308.
Frequency: Annually, monthly, and
on occasion.
Respondents: Depository institutions
identified in 15 U.S.C.
1681s(b)(1)(A)(ii): (1) Regardless of size,
with respect to the identity theft red
flags provisions of the Board’s Fair
Credit Reporting Act (FCRA)
regulations; and (2) with $10 billion or
less in assets and any affiliates thereof,
and consumers of such institutions,
with respect to enforcing the Consumer
Financial Protection Bureau’s (Bureau’s)
FCRA regulations.
Estimated number of respondents:
Negative information notice, 1,450
respondents; Affiliate marketing:
Notices to consumers, 1,381
respondents, and Consumer opt-out
response, 1,562,835 respondents;
Identity theft red flags, 2,206
respondents; Address discrepancies,
1,450 respondents; Risk-based pricing:
Notice to consumers, 1,450 respondents;
Furnisher duties: Policies and
procedures, 1,450 respondents, and
Notice of frivolous disputes to
consumers, 1,450 respondents.
Estimated average hours per response:
Negative information notice, 0.25 hour;
Affiliate marketing: Notices to
consumers, 18 hours, and Consumer
opt-out response, 0.08 hour; Identity
theft 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, 0.23
hour.
Estimated annual burden hours:
Negative information notice, 363 hours;
Affiliate marketing: Notices to
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consumers, 24,858 hours, and Consumer
opt-out response, 125,027 hours;
Identity theft red flags, 81,622 hours;
Address discrepancies, 5,800 hours;
Risk-based pricing: Notice to
consumers, 87,000 hours; Furnisher
duties: Policies and procedures, 58,000
hours, and Notice of frivolous disputes
to consumers, 140,737 hours.
General description of report: The
FCRA was enacted in 1970 based on a
Congressional finding that the banking
system is dependent on fair and
accurate credit reporting.2 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.3 The DoddFrank Wall Street Reform and Consumer
Protection Act (Dodd-Frank Act),
enacted in 2010, transferred to the
Bureau most, but not all, of the
rulemaking authority for issuing
regulations under the FCRA.4 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 (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.5 The Board and Federal Trade
Commission (FTC) also retained
rulemaking authority for certain
provisions of the FCRA applicable to
motor vehicle dealers.6 In addition, the
2 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. See 15 U.S.C.
1601 et seq.
3 See 15 U.S.C. 1681.
4 The Bureau and the Board each have issued
regulations implementing the FCRA. On December
21, 2011, the Bureau published an interim final rule
establishing a new Regulation V. See 76 FR 79308
(Dec. 21, 2011), implementing the Bureau’s FCRA
regulations in 12 CFR part 1022. The information
collection provisions in the Bureau’s FCRA
regulations are contained in Appendix B to 12 CFR
part 1022; and in 12 CFR 1022.20–.27, 1022.40–.43,
1022.70–.75, and 1022.82. The Board’s FCRA
regulations are implemented in the Board’s
Regulation V. See 12 CFR part 222. The information
collection provisions in the Board’s FCRA
regulations applicable to institutions for which the
Board has primary enforcement authority are
contained in 12 CFR 222.90–.91.
5 See section 1088(a)(10) of the Dodd-Frank Act,
15 U.S.C. 1681s(b) & (e); see also 15 U.S.C. 1681m
and 1681w.
6 See section 1029 of the Dodd-Frank Act, 12
U.S.C. 5519(a) & (c), which provides generally that
rulemaking authority for provisions of the federal
consumer financial laws, including the FCRA,
applicable to certain motor vehicle dealers are not
within the Bureau’s jurisdiction and must be
implemented in regulations issued by the Board or
the FTC. The FTC accounts for the PRA burden for
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Board is authorized to enforce
compliance with the information
collection requirements contained in the
Bureau’s FCRA regulations applicable to
institutions 7 identified in 15 U.S.C.
1681s(b)(1)(A)(ii) with $10 billion or
less in assets, and applicable to
consumers of these institutions.
Legal authorization and
confidentiality: As amended by sections
1025 and 1088(a)(10) of the Dodd-Frank
Act, the Board is authorized to enforce
compliance with the information
collection requirements contained in the
Bureau’s FCRA regulations (Appendix B
to 12 CFR part 1022; and 12 CFR
1022.20–.27, 1022.40–.43, 1022.70–.75,
and 1022.82) applicable to institutions
identified in 15 U.S.C. 1681s(b)(1)(A)(ii)
with $10 billion or less in assets, and
applicable to consumers of these
institutions (see 15 U.S.C. 1681s(b); 12
U.S.C. 5515). Additionally, pursuant to
sections 1088(a)(2) and (10) of the DoddFrank Act, the Board retained authority
under the FCRA to prescribe and
enforce the information collection
requirements in the Board’s FCRA
regulations relating to identity theft red
flags (12 CFR 222.90–.91) for
institutions of any size, which are
identified in 15 U.S.C. 1681s(b)(1)(A)(ii)
(see 15 U.S.C. 1681m(e), and 1681s(b)
and (e)).
The obligation to comply with the
foregoing recordkeeping and disclosure
requirements contained in the FCRA
regulations prescribed by the Board and
the FCRA regulations prescribed by the
Bureau is mandatory, except for the
consumer opt-out responses, which
consumers are required to submit to
affiliates of an institution in order to
obtain a benefit (i.e., to stop receiving
solicitations for marketing purposes).
Because the records and disclosures
required under the Board’s FCRA
regulations and the Bureau’s FCRA
regulations are not provided to the
Board, and because all records are
maintained at Board-supervised
institutions, no issue of confidentiality
generally arises under the Freedom of
Information Act (FOIA). In the event
motor vehicle dealers’ compliance with the FCRA
regulations. See, e.g., 78 FR 16265, 16266 n. 11
(Mar. 14, 2013).
7 Pursuant to the Dodd-Frank Act, for certain
federal consumer financial laws, the Bureau has
primary enforcement authority over the Bureau’s
FCRA regulations with respect to, among other
entities, insured depository institutions (banks and
savings associations) with over $10 billion in assets
and any affiliates thereof. See 12 U.S.C. 5515; see
also 12 U.S.C. 5514(a) and 5516. However, the
Board retained enforcement authority over the
Bureau’s FCRA regulations with respect to
depository institutions identified in 15 U.S.C.
1681s(b)(1)(A)(ii) with $10 billion or less in assets
and consumers of these institutions. See 15 U.S.C.
1681s(b); and 12 U.S.C. 5515.
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Federal Register / Vol. 84, No. 116 / Monday, June 17, 2019 / Notices
such records or disclosures are obtained
by the Board as part of an examination
or supervision of a financial institution,
this information is considered
confidential pursuant to exemption 8 of
the FOIA, which protects information
contained in ‘‘examination, operating,
or condition reports’’ obtained in the
bank supervisory process (5 U.S.C.
552(b)(8)). In addition, certain
information (such as records generated
during the investigation of a direct
dispute notice submitted by a
consumer) also may be withheld under
exemption 6 of the FOIA, which
protects from disclosure information
that ‘‘would constitute a clearly
unwarranted invasion of personal
privacy’’ (5 U.S.C. 552(b)(6)).
Current actions: On March 19, 2019,
the Board published a notice in the
Federal Register (84 FR 10070)
requesting public comment for 60 days
on the extension, without revision, of
the Recordkeeping and Disclosure
Requirements Associated with
Regulation V (Fair Credit Reporting) (FR
V). The comment period for this notice
expired on May 20, 2019. The Board did
not receive any comments.
Board of Governors of the Federal Reserve
System, June 11, 2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019–12694 Filed 6–14–19; 8:45 am]
BILLING CODE 6210–01–P
includes whether the acquisition of the
nonbanking company complies with the
standards in section 4 of the BHC Act
(12 U.S.C. 1843). Unless otherwise
noted, nonbanking activities will be
conducted throughout the United States.
Unless otherwise noted, comments
regarding each of these applications
must be received at the Reserve Bank
indicated or the offices of the Board of
Governors not later than July 15, 2019.
A. Federal Reserve Bank of Chicago
(Colette A. Fried, Assistant Vice
President) 230 South LaSalle Street,
Chicago, Illinois 60690–1414:
1. First Merchants Corporation,
Muncie, Indiana; to merge with MBT
Financial Corp. and thereby indirectly
acquire Monroe Bank & Trust, both of
Monroe, Michigan.
Board of Governors of the Federal Reserve
System, June 12, 2019.
Yao-Chin Chao,
Assistant Secretary of the Board.
[FR Doc. 2019–12739 Filed 6–14–19; 8:45 am]
BILLING CODE P
FEDERAL TRADE COMMISSION
[File No. 172 3051]
DealerBuilt/LightYear Dealer
Technologies; Analysis To Aid Public
Comment
Federal Trade Commission.
Proposed consent agreement;
request for comment.
AGENCY:
ACTION:
FEDERAL RESERVE SYSTEM
khammond on DSKBBV9HB2PROD with NOTICES
Formations of, Acquisitions by, and
Mergers of Bank Holding Companies
The companies listed in this notice
have applied to the Board for approval,
pursuant to the Bank Holding Company
Act of 1956 (12 U.S.C. 1841 et seq.)
(BHC Act), Regulation Y (12 CFR part
225), and all other applicable statutes
and regulations to become a bank
holding company and/or to acquire the
assets or the ownership of, control of, or
the power to vote shares of a bank or
bank holding company and all of the
banks and nonbanking companies
owned by the bank holding company,
including the companies listed below.
The applications listed below, as well
as other related filings required by the
Board, are available for immediate
inspection at the Federal Reserve Bank
indicated. The applications will also be
available for inspection at the offices of
the Board of Governors. Interested
persons may express their views in
writing on the standards enumerated in
the BHC Act (12 U.S.C. 1842(c)). If the
proposal also involves the acquisition of
a nonbanking company, the review also
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The consent agreement in this
matter settles alleged violations of
federal law prohibiting unfair or
deceptive acts or practices. The attached
Analysis to Aid Public Comment
describes both the allegations in the
complaint and the terms of the consent
order—embodied in the consent
agreement—that would settle these
allegations.
SUMMARY:
Comments must be received on
or before July 17, 2019.
ADDRESSES: Interested parties may file
comments online or on paper, by
following the instructions in the
Request for Comment part of the
SUPPLEMENTARY INFORMATION section
below. Write: ‘‘DealerBuilt/LightYear
Dealer Technologies; File No. 172 3051’’
on your comment, and file your
comment online at https://
www.regulations.gov by following the
instructions on the web-based form. If
you prefer to file your comment on
paper, mail your comment to the
following address: Federal Trade
Commission, Office of the Secretary,
600 Pennsylvania Avenue NW, Suite
DATES:
PO 00000
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CC–5610 (Annex D), Washington, DC
20580, or deliver your comment to the
following address: Federal Trade
Commission, Office of the Secretary,
Constitution Center, 400 7th Street SW,
5th Floor, Suite 5610 (Annex D),
Washington, DC 20024.
FOR FURTHER INFORMATION CONTACT:
Jamie Hine (202–326–2188), Bureau of
Consumer Protection, Federal Trade
Commission, 600 Pennsylvania Avenue
NW, Washington, DC 20580.
SUPPLEMENTARY INFORMATION: Pursuant
to Section 6(f) of the Federal Trade
Commission Act, 15 U.S.C. 46(f), and
FTC Rule 2.34, 16 CFR 2.34, notice is
hereby given that the above-captioned
consent agreement containing a consent
order to cease and desist, having been
filed with and accepted, subject to final
approval, by the Commission, has been
placed on the public record for a period
of thirty (30) days. The following
Analysis to Aid Public Comment
describes the terms of the consent
agreement and the allegations in the
complaint. An electronic copy of the
full text of the consent agreement
package can be obtained from the FTC
Home Page (for June 12, 2019), on the
World Wide Web, at https://
www.ftc.gov/news-events/commissionactions.
You can file a comment online or on
paper. For the Commission to consider
your comment, we must receive it on or
before July 17, 2019. Write ‘‘DealerBuilt/
LightYear Dealer Technologies; File No.
172 3051’’ on your comment. Your
comment—including your name and
your state—will be placed on the public
record of this proceeding, including, to
the extent practicable, on the https://
www.regulations.gov website.
Postal mail addressed to the
Commission is subject to delay due to
heightened security screening. As a
result, we encourage you to submit your
comments online through the https://
www.regulations.gov website.
If you prefer to file your comment on
paper, write ‘‘DealerBuilt/LightYear
Dealer Technologies; File No. 172 3051’’
on your comment and on the envelope,
and mail your comment to the following
address: Federal Trade Commission,
Office of the Secretary, 600
Pennsylvania Avenue NW, Suite CC–
5610 (Annex D), Washington, DC 20580;
or deliver your comment to the
following address: Federal Trade
Commission, Office of the Secretary,
Constitution Center, 400 7th Street SW,
5th Floor, Suite 5610 (Annex D),
Washington, DC 20024. If possible,
submit your paper comment to the
Commission by courier or overnight
service.
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]]>Agencies
[Federal Register Volume 84, Number 116 (Monday, June 17, 2019)]
[Notices]
[Pages 28052-28054]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-12694]
-----------------------------------------------------------------------
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: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend for three years, without revision, the
Recordkeeping and Disclosure Requirements Associated with Regulation V
(Fair Credit Reporting) (FR V; \1\ OMB No. 7100-0308).
---------------------------------------------------------------------------
\1\ The internal Agency Tracking Number previously assigned by
the Board to this information collection was ``Reg V.'' The Board is
changing the internal Agency Tracking Number for the purpose of
consistency.
FOR FURTHER INFORMATION CONTACT:
Federal Reserve Board 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.
Office of Management and Budget (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, or by fax to (202) 395-6974.
SUPPLEMENTARY INFORMATION: On June 15, 1984, the OMB delegated to the
Board authority under the Paperwork Reduction Act (PRA) to approve and
assign OMB control numbers to collection of information requests and
requirements conducted or sponsored by the Board. Board-approved
[[Page 28053]]
collections of information are incorporated into the official OMB
inventory of currently approved collections of information. Copies of
the PRA Submission, supporting statements, and approved collection of
information instrument(s) are placed into OMB's public docket files.
The Board 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.
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, Without Revision, of the Following Information Collection
Report title: Recordkeeping and Disclosure Requirements Associated
with Regulation V (Fair Credit Reporting).
Agency form number: FR V.
OMB control number: 7100-0308.
Frequency: Annually, monthly, and on occasion.
Respondents: Depository institutions identified in 15 U.S.C.
1681s(b)(1)(A)(ii): (1) Regardless of size, with respect to the
identity theft red flags provisions of the Board's Fair Credit
Reporting Act (FCRA) regulations; and (2) with $10 billion or less in
assets and any affiliates thereof, and consumers of such institutions,
with respect to enforcing the Consumer Financial Protection Bureau's
(Bureau's) FCRA regulations.
Estimated number of respondents: Negative information notice, 1,450
respondents; Affiliate marketing: Notices to consumers, 1,381
respondents, and Consumer opt-out response, 1,562,835 respondents;
Identity theft red flags, 2,206 respondents; Address discrepancies,
1,450 respondents; Risk-based pricing: Notice to consumers, 1,450
respondents; Furnisher duties: Policies and procedures, 1,450
respondents, and Notice of frivolous disputes to consumers, 1,450
respondents.
Estimated average hours per response: Negative information notice,
0.25 hour; Affiliate marketing: Notices to consumers, 18 hours, and
Consumer opt-out response, 0.08 hour; Identity theft 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, 0.23 hour.
Estimated annual burden hours: Negative information notice, 363
hours; Affiliate marketing: Notices to consumers, 24,858 hours, and
Consumer opt-out response, 125,027 hours; Identity theft red flags,
81,622 hours; Address discrepancies, 5,800 hours; Risk-based pricing:
Notice to consumers, 87,000 hours; Furnisher duties: Policies and
procedures, 58,000 hours, and Notice of frivolous disputes to
consumers, 140,737 hours.
General description of report: The FCRA was enacted in 1970 based
on a Congressional finding that the banking system is dependent on fair
and accurate credit reporting.\2\ 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.\3\ The Dodd-Frank Wall
Street Reform and Consumer Protection Act (Dodd-Frank Act), enacted in
2010, transferred to the Bureau most, but not all, of the rulemaking
authority for issuing regulations under the FCRA.\4\ 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 (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.\5\ The Board and Federal Trade Commission (FTC)
also retained rulemaking authority for certain provisions of the FCRA
applicable to motor vehicle dealers.\6\ In addition, the Board is
authorized to enforce compliance with the information collection
requirements contained in the Bureau's FCRA regulations applicable to
institutions \7\ identified in 15 U.S.C. 1681s(b)(1)(A)(ii) with $10
billion or less in assets, and applicable to consumers of these
institutions.
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\2\ 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. See 15
U.S.C. 1601 et seq.
\3\ See 15 U.S.C. 1681.
\4\ The Bureau and the Board each have issued regulations
implementing the FCRA. On December 21, 2011, the Bureau published an
interim final rule establishing a new Regulation V. See 76 FR 79308
(Dec. 21, 2011), implementing the Bureau's FCRA regulations in 12
CFR part 1022. The information collection provisions in the Bureau's
FCRA regulations are contained in Appendix B to 12 CFR part 1022;
and in 12 CFR 1022.20-.27, 1022.40-.43, 1022.70-.75, and 1022.82.
The Board's FCRA regulations are implemented in the Board's
Regulation V. See 12 CFR part 222. The information collection
provisions in the Board's FCRA regulations applicable to
institutions for which the Board has primary enforcement authority
are contained in 12 CFR 222.90-.91.
\5\ See section 1088(a)(10) of the Dodd-Frank Act, 15 U.S.C.
1681s(b) & (e); see also 15 U.S.C. 1681m and 1681w.
\6\ See section 1029 of the Dodd-Frank Act, 12 U.S.C. 5519(a) &
(c), which provides generally that rulemaking authority for
provisions of the federal consumer financial laws, including the
FCRA, applicable to certain motor vehicle dealers are not within the
Bureau's jurisdiction and must be implemented in regulations issued
by the Board or the FTC. The FTC accounts for the PRA burden for
motor vehicle dealers' compliance with the FCRA regulations. See,
e.g., 78 FR 16265, 16266 n. 11 (Mar. 14, 2013).
\7\ Pursuant to the Dodd-Frank Act, for certain federal consumer
financial laws, the Bureau has primary enforcement authority over
the Bureau's FCRA regulations with respect to, among other entities,
insured depository institutions (banks and savings associations)
with over $10 billion in assets and any affiliates thereof. See 12
U.S.C. 5515; see also 12 U.S.C. 5514(a) and 5516. However, the Board
retained enforcement authority over the Bureau's FCRA regulations
with respect to depository institutions identified in 15 U.S.C.
1681s(b)(1)(A)(ii) with $10 billion or less in assets and consumers
of these institutions. See 15 U.S.C. 1681s(b); and 12 U.S.C. 5515.
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Legal authorization and confidentiality: As amended by sections
1025 and 1088(a)(10) of the Dodd-Frank Act, the Board is authorized to
enforce compliance with the information collection requirements
contained in the Bureau's FCRA regulations (Appendix B to 12 CFR part
1022; and 12 CFR 1022.20-.27, 1022.40-.43, 1022.70-.75, and 1022.82)
applicable to institutions identified in 15 U.S.C. 1681s(b)(1)(A)(ii)
with $10 billion or less in assets, and applicable to consumers of
these institutions (see 15 U.S.C. 1681s(b); 12 U.S.C. 5515).
Additionally, pursuant to sections 1088(a)(2) and (10) of the Dodd-
Frank Act, the Board retained authority under the FCRA to prescribe and
enforce the information collection requirements in the Board's FCRA
regulations relating to identity theft red flags (12 CFR 222.90-.91)
for institutions of any size, which are identified in 15 U.S.C.
1681s(b)(1)(A)(ii) (see 15 U.S.C. 1681m(e), and 1681s(b) and (e)).
The obligation to comply with the foregoing recordkeeping and
disclosure requirements contained in the FCRA regulations prescribed by
the Board and the FCRA regulations prescribed by the Bureau is
mandatory, except for the consumer opt-out responses, which consumers
are required to submit to affiliates of an institution in order to
obtain a benefit (i.e., to stop receiving solicitations for marketing
purposes). Because the records and disclosures required under the
Board's FCRA regulations and the Bureau's FCRA regulations are not
provided to the Board, and because all records are maintained at Board-
supervised institutions, no issue of confidentiality generally arises
under the Freedom of Information Act (FOIA). In the event
[[Page 28054]]
such records or disclosures are obtained by the Board as part of an
examination or supervision of a financial institution, this information
is considered confidential pursuant to exemption 8 of the FOIA, which
protects information contained in ``examination, operating, or
condition reports'' obtained in the bank supervisory process (5 U.S.C.
552(b)(8)). In addition, certain information (such as records generated
during the investigation of a direct dispute notice submitted by a
consumer) also may be withheld under exemption 6 of the FOIA, which
protects from disclosure information that ``would constitute a clearly
unwarranted invasion of personal privacy'' (5 U.S.C. 552(b)(6)).
Current actions: On March 19, 2019, the Board published a notice in
the Federal Register (84 FR 10070) requesting public comment for 60
days on the extension, without revision, of the Recordkeeping and
Disclosure Requirements Associated with Regulation V (Fair Credit
Reporting) (FR V). The comment period for this notice expired on May
20, 2019. The Board did not receive any comments.
Board of Governors of the Federal Reserve System, June 11, 2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-12694 Filed 6-14-19; 8:45 am]
BILLING CODE 6210-01-P
