Notice2021-25501
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
November 23, 2021
Issuing agencies
Federal Reserve System
Abstract
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).
Full Text
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<title>Federal Register, Volume 86 Issue 223 (Tuesday, November 23, 2021)</title>
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[Federal Register Volume 86, Number 223 (Tuesday, November 23, 2021)]
[Notices]
[Pages 66563-66564]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[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 <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. These documents are also available on the Federal
Reserve Board's public website at <a href="https://www.federalreserve.gov/apps/reportforms/review.aspx">https://www.federalreserve.gov/apps/reportforms/review.aspx</a> 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
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