Notice2022-17362
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
August 12, 2022
Issuing agencies
Consumer Financial Protection Bureau
Abstract
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (CFPB or Bureau) requests the extension of the Office of Management and Budget's (OMB's) approval of the existing information collection titled "Equal Credit Opportunity Act (Regulation B)" approved under OMB Control Number 3170-0013.
Full Text
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<title>Federal Register, Volume 87 Issue 155 (Friday, August 12, 2022)</title>
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[Federal Register Volume 87, Number 155 (Friday, August 12, 2022)]
[Notices]
[Pages 49810-49811]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-17362]
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CONSUMER FINANCIAL PROTECTION BUREAU
[Docket No. CFPB-2022-0056]
Agency Information Collection Activities: Comment Request
AGENCY: Consumer Financial Protection Bureau.
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 (CFPB or Bureau) requests the
extension of the Office of Management and Budget's (OMB's) approval of
the existing information collection titled ``Equal Credit Opportunity
Act (Regulation B)'' approved under OMB Control Number 3170-0013.
DATES: Written comments are encouraged and must be received on or
before September 12, 2022 to be assured of consideration.
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 30-day Review--
Open for Public Comments'' or by using the search function. 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, Paperwork Reduction Act Officer, at (202) 841-
0544, or email: <a href="/cdn-cgi/l/email-protection#7e3d382e3c212e2c3f3e1d180e1c50191108"><span class="__cf_email__" data-cfemail="60232630223f30322120030610024e070f16">[email protected]</span></a>. If you require this document in an
alternative electronic format, please contact
<a href="/cdn-cgi/l/email-protection#0b484d5b49544a68686e787862696267627f724b686d7b69256c647d"><span class="__cf_email__" data-cfemail="fbb8bdabb9a4ba98989e888892999297928f82bb989d8b99d59c948d">[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: 188,800.
Estimated Total Annual Burden Hours: 1,259,448.
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: The Bureau published a 60-day Federal
Register notice on 5/24/2022 (87 FR 31538) under Docket Number: CFPB-
2022-0032. The Bureau is soliciting comments on: (a) Whether the
collection of information is necessary for the proper performance of
the functions of
[[Page 49811]]
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 submitted to OMB as part of its review of this request. All
comments will become a matter of public record.
Anthony May,
Paperwork Reduction Act Officer, Consumer Financial Protection Bureau.
[FR Doc. 2022-17362 Filed 8-11-22; 8:45 am]
BILLING CODE 4810-AM-P
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