Notice2022-15816
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
July 25, 2022
Issuing agencies
Federal Reserve System
Abstract
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 the CFPB's and the Board's Regulations V (FR V; OMB No. 7100-0308).
Full Text
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<title>Federal Register, Volume 87 Issue 141 (Monday, July 25, 2022)</title>
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[Federal Register Volume 87, Number 141 (Monday, July 25, 2022)]
[Notices]
[Pages 44115-44116]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-15816]
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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 to extend for three years, without revision, the
Recordkeeping and Disclosure Requirements Associated with the CFPB's
and the Board's Regulations V (FR V; 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.
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
[[Page 44116]]
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
Collection title: Recordkeeping and Disclosure Requirements
Associated with the CFPB's and the Board's Regulations V.
Collection identifier: FR V.
OMB control number: 7100-0308.
Frequency: Annually.
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 Regulation V and (2)
with $10 billion or less in assets and any affiliates thereof, for all
other provisions.\1\
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\1\ See 12 U.S.C. 5515 and footnote 7.
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Estimated number of respondents: Negative information notice,
1,361; Affiliate marketing notices: notices to consumers, 1,300;
Affiliate marketing notices: consumer opt-out response, 267,860;
Identity theft red flags, 2,495; Address discrepancies, 1,361; Risk
based pricing notice to consumers, 1,361; Duties of furnishers of
information: policies and procedures, 1,361; and Duties of furnishers
of information: notices of frivolous disputes to consumers, 1,361.
Estimated average hours per response: Negative information notice,
0.25; Affiliate marketing notices: notices to consumers, 18; Affiliate
marketing notices: consumer opt-out response, 0.08; Identity theft red
flags, 37; Address discrepancies, 4; Risk based pricing notice to
consumers, 5; Duties of furnishers of information: policies and
procedures, 40; and Duties of furnishers of information: notices of
frivolous disputes to consumers, 0.23.
Estimated annual burden hours: Negative information notice, 340;
Affiliate marketing notices: notices to consumers, 23,400; Affiliate
marketing notices: consumer opt-out response, 21,429; Identity theft
red flags, 92,315; Address discrepancies, 5,444; Risk based pricing
notice to consumers, 81,660; Duties of furnishers of information:
policies and procedures, 54,440; and Duties of furnishers of
information: notices of frivolous disputes to consumers, 132,099.
General description of report: The Consumer Financial Protection
Bureau's (CFPB) Regulation V \2\ and the Board's Regulation V \3\
(collectively ``FR V Regulations'') implement in part the Fair Credit
Reporting Act (FCRA), which was enacted in 1970 based on a
Congressional finding that the banking system is dependent on fair and
accurate credit reporting.\4\ The FCRA was enacted to ensure consumer
reporting agencies exercise their responsibilities with fairness,
impartiality, and a respect for the consumer's right to privacy. 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.\5\
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\2\ 12 CFR part 1022.
\3\ 12 CFR part 222.
\4\ 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.
\5\ See 15 U.S.C. 1681.
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Legal authorization and confidentiality: The FR V is authorized by
sections 1025 and 1088(a)(2) and (10) of the Dodd-Frank Wall Street
Reform and Consumer Protection Act (Dodd-Frank Act). Under the FCRA, 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 CFPB's FCRA regulations \6\
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.\7\ Additionally, pursuant to section 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 \8\ for
institutions identified in 15 U.S.C. 1681s(b)(1)(A)(ii) of any size.\9\
The obligation to comply with the FR V is mandatory, except for the
consumer opt-out responses, which consumers are required to submit in
order to obtain a benefit.
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\6\ Appendix B to 12 CFR part 1022; and 12 CFR 1022.20-.27,
1022.40-.43, 1022.70-.75, and 1022.82.
\7\ See 15 U.S.C. 1681s(b); 12 U.S.C. 5515.
\8\ 12 CFR 222.90-.91.
\9\ See 15 U.S.C. 1681m(e), and 1681s(b) and (e).
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The notices, records, and disclosures included in the FR V are not
provided to the Federal Reserve, but are maintained at Board-supervised
institutions. As such, no issue of confidentiality generally arises
under the Freedom of Information Act (FOIA). In the event such notices,
records, or disclosures are obtained by the Board as part of an
examination or supervision of a financial institution, this information
may be 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.\10\ In
addition, certain information (such as direct dispute notices regarding
a consumer) may also be withheld under exemption 6 of the FOIA, which
protects from disclosure information that ``would constitute a clearly
unwarranted invasion of personal privacy.'' \11\
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\10\ 5 U.S.C. 552(b)(8).
\11\ 5 U.S.C. 552(b)(6).
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Current actions: On February 14, 2022, the Board published a notice
in the Federal Register (87 FR 8246) requesting public comment for 60
days on the extension, without revision, of the FR V. The comment
period for this notice expired on April 15, 2022. The Board did not
receive any comments.
Board of Governors of the Federal Reserve System, July 19, 2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-15816 Filed 7-22-22; 8:45 am]
BILLING CODE 6210-01-P
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