Notice2022-11142
Agency Information Collection Activities: Comment Request
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
May 24, 2022
Issuing agencies
Consumer Financial Protection Bureau
Abstract
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (Bureau or CFPB) is requesting to extend the Office of Management and Budget's (OMB's) approval for an existing information collection titled, "Equal Credit Opportunity Act (Regulation B)."
Full Text
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<title>Federal Register, Volume 87 Issue 100 (Tuesday, May 24, 2022)</title>
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[Federal Register Volume 87, Number 100 (Tuesday, May 24, 2022)]
[Notices]
[Pages 31538-31539]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-11142]
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BUREAU OF CONSUMER FINANCIAL PROTECTION
[Docket No. CFPB-2022-0032]
Agency Information Collection Activities: Comment Request
AGENCY: Bureau of Consumer Financial Protection.
ACTION: Notice and request for comment.
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SUMMARY: In accordance with the Paperwork Reduction Act of 1995 (PRA),
the Consumer Financial Protection Bureau (Bureau or CFPB) is requesting
to extend the Office of Management and Budget's (OMB's) approval for an
existing information collection titled, ``Equal Credit Opportunity Act
(Regulation B).''
DATES: Written comments are encouraged and must be received on or
before July 25, 2022 to be assured of consideration.
ADDRESSES: You may submit comments, identified by the title of the
information
[[Page 31539]]
collection, OMB Control Number (see below), and docket number (see
above), by any of the following methods:
<bullet> Federal eRulemaking Portal: <a href="http://www.regulations.gov">http://www.regulations.gov</a>.
Follow the instructions for submitting comments.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#376765766874585a5a52594344775451475519505841"><span class="__cf_email__" data-cfemail="bdedeffce2fed2d0d0d8d3c9cefddedbcddf93dad2cb">[email protected]</span></a>. Include Docket No. CFPB-
2022-0032 in the subject line of the email.
<bullet> Mail/Hand Delivery/Courier: Comment Intake, Consumer
Financial Protection Bureau (Attention: PRA Office), 1700 G Street NW,
Washington, DC 20552. Please note that due to circumstances associated
with the COVID-19 pandemic, the Bureau discourages the submission of
comments by mail, hand delivery, or courier. Please note that comments
submitted after the comment period will not be accepted. In general,
all comments received will become public records, including any
personal information provided. Sensitive personal information, such as
account numbers or Social Security numbers, should not be included.
FOR FURTHER INFORMATION CONTACT: Documentation prepared in support of
this information collection request is available at
<a href="http://www.regulations.gov">www.regulations.gov</a>. Requests for additional information should be
directed to Anthony May, PRA Officer, at (202) 435-7278, or email:
<a href="/cdn-cgi/l/email-protection#a0e3e6f0e2fff0f2e1e0c3c6d0c28ec7cfd6"><span class="__cf_email__" data-cfemail="c0838690829f90928180a3a6b0a2eea7afb6">[email protected]</span></a>. If you require this document in an alternative
electronic format, please contact <a href="/cdn-cgi/l/email-protection#f4b7b2a4b6abb597979187879d969d989d808db497928496da939b82"><span class="__cf_email__" data-cfemail="3d7e7b6d7f627c5e5e584e4e545f54515449447d5e5b4d5f135a524b">[email protected]</span></a>. Please
do not submit comments to these email boxes.
SUPPLEMENTARY INFORMATION:
Title of Collection: Equal Credit Opportunity Act (Regulation B).
OMB Control Number: 3170-0013.
Type of Review: Extension of a currently approved information
collection.
Affected Public: Private sector: businesses or other for-profits.
Estimated Number of Respondents: 82,666,000.
Estimated Total Annual Burden Hours: 1,220,992.
Abstract: The Equal Credit Opportunity Act (ECOA) was enacted to
ensure that credit is made available to all creditworthy applicants
without discrimination on the basis of sex, marital status, race,
color, religion, national origin, age, or other prohibited bases under
the ECOA. The ECOA allows for creditors to collect information for
self-testing against these criteria, while not allowing creditors to
use this information in making credit decisions of applicants. For
certain mortgage applications, the ECOA requires creditors to ask for
some of the prohibited information for monitoring purposes.
Additionally, for certain mortgage applications, creditors are required
to send a copy of any appraisal or written valuation used in the
application process to the applicant in a timely fashion.
The ECOA also prescribes creditors must inform applicants of
decisions made on credit applications. Particularly where creditors
make adverse actions on credit applications or existing accounts,
creditors must inform consumers as to why the adverse action was taken
such that credit applicants can challenge errors or learn how to become
more creditworthy. Creditors must retain all application information
for 25 months including notices that they sent, and any information
related to adverse actions. The ECOA requires creditors who furnish
applicant information to a consumer reporting agency to reflect
participation of the applicant's spouse if the spouse is permitted to
use or is contractually liable on the account.
Request for Comments: Comments are invited on: (a) Whether the
collection of information is necessary for the proper performance of
the functions of the Bureau, including whether the information will
have practical utility; (b) The accuracy of the Bureau's estimate of
the burden of the collection of information, including the validity of
the methods and the assumptions used; (c) Ways to enhance the quality,
utility, and clarity of the information to be collected; and (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. 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.
Anthony May,
Paperwork Reduction Act Officer, Consumer Financial Protection Bureau.
[FR Doc. 2022-11142 Filed 5-23-22; 8:45 am]
BILLING CODE 4810-AM-P
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