Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 66563-66564 [2021-25501]

Agencies

• FEDERAL RESERVE SYSTEM

[Federal Register Volume 86, Number 223 (Tuesday, November 23, 2021)]
[Notices]
[Pages 66563-66564]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-25501]


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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: The Board of Governors of the Federal Reserve System (Board) 
is adopting a proposal extend for three years, without revision, the 
Recordkeeping and Disclosure Requirements Associated with the CFPB's 
Regulation B (FR B; OMB No. 7100-0201).

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.
    Office of Management and Budget (OMB) Desk Officer for the Federal 
Reserve Board, 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, OMB delegated to the Board 
authority under the Paperwork Reduction Act (PRA) to approve and assign 
OMB control numbers to collections of information conducted or 
sponsored by the Board. Board-approved collections of information are 
incorporated into the official OMB inventory of currently approved 
collections of information. The OMB inventory, as well as copies of the 
PRA Submission, supporting statements, and approved collection of 
information instrument(s) are available at https://www.reginfo.gov/public/do/PRAMain. These documents are also available on the Federal 
Reserve Board's public website at https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested from the agency clearance 
officer, whose name appears above.

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 the CFPB's Regulation B.
    Agency form number: FR B.
    OMB control number: 7100-0201.
    Frequency: On occasion; annually.
    Respondents: The Board accounts for the paperwork burden imposed 
under the Equal Credit Opportunity Act (ECOA), as implemented by the 
Consumer Financial Protection Bureau (CFPB)'s Regulation B, for the 
following institutions (except those entities supervised by the CFPB): 
State member banks; subsidiaries of state member banks; subsidiaries of 
bank holding companies; U.S. branches and agencies of foreign banks 
(other than federal branches, federal agencies, and insured state 
branches of foreign banks); commercial lending companies owned or 
controlled by foreign banks; and organizations operating under section 
25 or 25A of the Federal Reserve Act (12 U.S.C. 601-604a; 611-631).
    Estimated number of respondents: Record retention for applications, 
actions, prescreened solicitations, self-testing, and self-correction, 
851; Information for monitoring purposes (recordkeeping), 851; 
Notifications, Furnishing of credit information, Information for 
monitoring purposes (disclosure), and Rules on providing appraisals and 
other valuations, 851; Self-testing: Incentives for self-testing, 187; 
Incentives for self-correction, 47; and Rules concerning requests for 
information, disclosure for optional self-test, 187.
    Estimated average hours per response: Record retention for 
applications, actions, prescreened solicitations, self-testing, and 
self-correction, 0.004; Information for monitoring purposes 
(recordkeeping), 0.017; Notifications, Furnishing of credit 
information, and Information for monitoring purposes (disclosure), 
0.004; Rules on providing appraisals and other valuations, 0.008; Self-
testing: Incentives for self-testing, 0.004; Incentives for self-
correction, 0.016; and Rules concerning requests for information, 
disclosure for optional self-test, 0.004.
    Estimated annual burden hours: Record retention for applications, 
actions, prescreened solicitations, self-testing, and self-correction, 
27,344; Information for monitoring purposes (recordkeeping), 
Notifications, 27,344; Furnishing of credit information, 4,844; 
Information for monitoring purposes (disclosure), 5,998; Rules on 
providing appraisals and other valuations, Self-testing: Incentives for 
self-testing, 1; Incentives for self-correction, 1; and Rules 
concerning requests for information, disclosure for optional self-test, 
1.
    General description of report: The ECOA prohibits discrimination in 
any aspect of a credit transaction because of race, color, religion, 
national origin, sex, marital status, age, receipt of public 
assistance, or the fact that the applicant has in good faith exercised 
any right under the Consumer Credit Protection Act. To aid in 
implementation of this prohibition, the statute and Regulation B 
subject creditors to various mandatory disclosure requirements, 
notification provisions informing applicants of action taken on the 
credit application, provision of appraisal reports in connection with 
mortgages, credit history reporting, monitoring rules, and 
recordkeeping requirements. These requirements are triggered by 
specific events, and disclosures must be provided within the time 
periods established by the statute and regulation.
    Legal authorization and confidentiality: The ECOA authorizes the 
CFPB to issue regulations to carry out the statute's purposes.\1\ The 
ECOA also directs the CFPB to promulgate regulations requiring covered 
entities to maintain records evidencing compliance with the statute for 
at least one year.\2\ These regulations impose disclosure and 
recordkeeping requirements on Board-supervised entities. Compliance 
with the recordkeeping and disclosure requirements of the CFPB's 
Regulation B is mandatory.
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    \1\ 15 U.S.C. 1691b(a).
    \2\ 12 U.S.C. 1691b(d).
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    The disclosures, records, policies, and procedures required by 
Regulation B are not required to be submitted to the Board. This 
information would generally only be obtained if Federal Reserve 
examiners retained a copy as part of an examination or supervision of

[[Page 66564]]

a bank, in which case the information may be treated as confidential 
under exemption 8 of the Freedom of Information Act (FOIA).\3\ In 
addition, information obtained by the Federal Reserve examiners may be 
kept confidential under exemption 4 of the FOIA as confidential 
commercial or financial information that is both customarily and 
actually treated as private \4\ or under exemption 6 to the extent that 
the disclosure of information would ``constitute a clearly unwarranted 
invasion of personal privacy.'' \5\
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    \3\ 5 U.S.C. 552(b)(8).
    \4\ 5 U.S.C. 552(b)(4).
    \5\ 5 U.S.C. 552(b)(6).
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    Current actions: On July 19, 2021, the Board published a notice in 
the Federal Register (86 FR 38091) requesting public comment for 60 
days on the extension, without revision, of the Recordkeeping and 
Disclosure Requirements Associated with the CFPB's Regulation B. The 
comment period for this notice expired September 17, 2021. The Board 
did not receive any comments.

    Board of Governors of the Federal Reserve System, November 17, 
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-25501 Filed 11-22-21; 8:45 am]
BILLING CODE 6210-01-P