Notice2022-15588
Agency Information Collection Activities; Submission for OMB Review; 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
July 21, 2022
Issuing agencies
Federal Trade Commission
Abstract
The Federal Trade Commission ("FTC" or "Commission") requests that the Office of Management and Budget ("OMB") extend for an additional three years the current Paperwork Reduction Act ("PRA") clearance for the information collection requirements in the regulations governing "Duties of Furnishers of Information to Consumer Reporting Agencies" ("Information Furnishers Rule"), which applies to certain motor vehicle dealers, and its shared enforcement with the Consumer Financial Protection Bureau ("CFPB") of the furnisher provisions (subpart E) of the CFPB's Regulation V regarding other entities. That clearance expires on July 31, 2022.
Full Text
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<title>Federal Register, Volume 87 Issue 139 (Thursday, July 21, 2022)</title>
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[Federal Register Volume 87, Number 139 (Thursday, July 21, 2022)]
[Notices]
[Pages 43520-43521]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-15588]
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FEDERAL TRADE COMMISSION
Agency Information Collection Activities; Submission for OMB
Review; Comment Request
AGENCY: Federal Trade Commission.
ACTION: Notice.
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SUMMARY: The Federal Trade Commission (``FTC'' or ``Commission'')
requests that the Office of Management and Budget (``OMB'') extend for
an additional three years the current Paperwork Reduction Act (``PRA'')
clearance for the information collection requirements in the
regulations governing ``Duties of Furnishers of Information to Consumer
Reporting Agencies'' (``Information Furnishers
[[Page 43521]]
Rule''), which applies to certain motor vehicle dealers, and its shared
enforcement with the Consumer Financial Protection Bureau (``CFPB'') of
the furnisher provisions (subpart E) of the CFPB's Regulation V
regarding other entities. That clearance expires on July 31, 2022.
DATES: Comments must be submitted by August 22, 2022.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular
information collection by selecting ``Currently under Review--Open for
Public Comments'' or by using the search function.
FOR FURTHER INFORMATION CONTACT: Gorana Neskovic, Attorney, Division of
Privacy and Identity Protection, Bureau of Consumer Protection, (202)
326-2322, 600 Pennsylvania Ave. NW, CC-8232, Washington, DC 20580.
SUPPLEMENTARY INFORMATION:
Title: Duties of Furnishers of Information to Consumer Reporting
Agencies.
OMB Control Number: 3084-0144.
Type of Review: Extension without change of a currently approved
collection.
Affected Public: Private Sector: Businesses and other for-profit
entities.
Estimated Annual Burden Hours: 15,405 hours.\1\
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\1\ In the Commission's January 28, 2022, notice seeking comment
on the information collection requirements associated with the
Information Furnishers Rule, 87 FR 4598 (Jan. 28, 2022), the
``Estimated Annual Burden Hours'' was erroneously listed as 17,483
hours. But the underlying calculations in the January 28, 2022
notice were correct, and the sum of those burden hours is 15,405
(12,770 hours + 2,635 hours).
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Estimated Annual Labor Costs: $858,754.\2\
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\2\ In the Commission's January 28, 2022 notice, the ``Estimated
Annual Labor Costs'' was erroneously listed as $966,143 when it was
actually $840,341 ($773,096 + $67,245). Additionally, the hourly
wage rates for sales and related workers were updated by the U.S.
Department of Labor on March 31, 2022, and our estimates are now
based on mean hourly wages found at <a href="https://www.bls.gov/news.release/ocwage.htm">https://www.bls.gov/news.release/ocwage.htm</a> (``Occupational Employment and Wages--May
2021,'' U.S. Department of Labor, released March 2022, Table 1
(``National employment and wage data from the Occupational
Employment Statistics survey by occupation, May 2021''). Thus,
$858,754 is the current estimate for annual labor costs.
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Estimated Annual Non-Labor Costs: $0.
Abstract
The Dodd-Frank Act \3\ transferred most of the FTC's rulemaking
authority for the furnisher provisions of the Fair Credit Reporting Act
(``FCRA'') \4\ to the CFPB. The FTC, however, retains rulemaking
authority for motor vehicle dealers that are predominantly engaged in
the sale and servicing of motor vehicles, the leasing and servicing of
motor vehicles, or both.\5\ In addition, the FTC retains its authority
to enforce the furnisher provisions of the FCRA and rules issued under
those provisions. Accordingly, the FTC and CFPB have overlapping
enforcement authority for many entities subject to CFPB's Regulation V
(subpart E) and the FTC has sole enforcement authority for the motor
vehicle dealers subject to the FTC rule.
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\3\ Public Law 111-203, 124 Stat. 1376 (2010).
\4\ 15 U.S.C. 1681 et seq.
\5\ See Dodd-Frank Act, 1029(a), (c).
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Under section 660.3 of the FTC's Information Furnishers Rule \6\
and section 1022.42 of the CFPB Rule,\7\ furnishers must establish and
implement reasonable written policies and procedures regarding the
accuracy and integrity of the information relating to consumers that
they furnish to a consumer reporting agency (``CRA'') for inclusion in
a consumer report.\8\ Section 660.4 of the FTC Rule and section 1022.43
of the CFPB Rule require that entities which furnish information about
consumers to a CRA respond to direct disputes from consumers. These
provisions also require that a furnisher notify consumers by mail or
other means (if authorized by the consumer) within five business days
after making a determination that a dispute is frivolous or irrelevant
(``F/I dispute'').
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\6\ 16 CFR part 660.
\7\ 12 CFR part 1022.
\8\ The rule also provides that an entity is not a furnisher
when it: provides information to a CRA solely to obtain a consumer
report for a permissible purpose under the FCRA; is acting as a CRA
as defined in section 603(f) of the FCRA; is an individual consumer
to whom the furnished information pertains; or is a neighbor,
friend, or associate of the consumer, or another individual with
whom the consumer is acquainted or who may have knowledge about the
consumer's character, general reputation, personal characteristics,
or mode of living in response to a specific request from a CRA.
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Request for Comment
On January 28, 2022, the Commission sought comment on the
information collection requirements associated with the Information
Furnishers Rule. 87 FR 4598 (Jan. 28, 2022). No relevant comments
addressing the Rule's information collections were received. Pursuant
to the OMB regulations, 5 CFR part 1320, the FTC is providing this
second opportunity for public comment while seeking OMB approval to
renew clearance for the Rule's information collection requirements.
Your comment--including your name and your state--will be placed on
the public record of this proceeding. Because your comment will be made
public, you are solely responsible for making sure that your comment
does not include any sensitive personal information, like anyone's
Social Security number, date of birth, driver's license number or other
state identification number or foreign country equivalent, passport
number, financial account number, or credit or debit card number. You
are also solely responsible for making sure that your comment does not
include any sensitive health information, like medical records or other
individually identifiable health information. In addition, do not
include any ``[t]rade secret or any commercial or financial information
which is . . . privileged or confidential'' as provided in Section 6(f)
of the FTC Act 15 U.S.C. 46(f), and FTC Rule 4.10(a)(2), 16 CFR
4.10(a)(2). In particular, do not include competitively sensitive
information such as costs, sales statistics, inventories, formulas,
patterns devices, manufacturing processes, or customer names.
Josephine Liu,
Assistant General Counsel for Legal Counsel.
[FR Doc. 2022-15588 Filed 7-20-22; 8:45 am]
BILLING CODE 6750-01-P
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</html>Indexed from Federal Register on July 21, 2022.
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