80 FR 48104 - Proposed Agency Information Collection Activities; Comment Request

FEDERAL RESERVE SYSTEM

Federal Register Volume 80, Issue 154 (August 11, 2015)

On June 15, 1984, the Office of Management and Budget (OMB) delegated to the Board of Governors of the Federal Reserve System (Board) its approval authority under the Paperwork Reduction Act (PRA), to approve of and assign OMB numbers to collection of information requests and requirements conducted or sponsored by the Board. Board- approved collections of information are incorporated into the official OMB inventory of currently approved collections of information. Copies of the PRA Submission, supporting statements and approved collection of information instruments are placed into OMB's public docket files. The Federal Reserve may not conduct or sponsor, and the respondent is not required to respond to, an information collection that has been extended, revised, or implemented on or after October 1, 1995, unless it displays a currently valid OMB number.

[Federal Register Volume 80, Number 154 (Tuesday, August 11, 2015)]
[Notices]
[Pages 48104-48105]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-19656]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: On June 15, 1984, the Office of Management and Budget (OMB) 
delegated to the Board of Governors of the Federal Reserve System 
(Board) its approval authority under the Paperwork Reduction Act (PRA), 
to approve of and assign OMB numbers to collection of information 
requests and requirements conducted or sponsored by the Board. Board-
approved collections of information are incorporated into the official 
OMB inventory of currently approved collections of information. Copies 
of the PRA Submission, supporting statements and approved collection of 
information instruments are placed into OMB's public docket files. The 
Federal Reserve may not conduct or sponsor, and the respondent is not 
required to respond to, an information collection that has been 
extended, revised, or implemented on or after October 1, 1995, unless 
it displays a currently valid OMB number.

DATES: Comments must be submitted on or before October 13, 2015.

ADDRESSES: You may submit comments, identified by Reg V, by any of the 
following methods:
     Agency Web site: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx .
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     Email: [email protected]. Include OMB 
number in the subject line of the message.
     FAX: (202) 452-3819 or (202) 452-3102.
     Mail: Robert deV. Frierson, Secretary, Board of Governors 
of the Federal Reserve System, 20th Street and Constitution Avenue NW., 
Washington, DC 20551.
    All public comments are available from the Board's Web site at 
http://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted, 
unless modified for technical reasons. Accordingly, your comments will 
not be edited to remove any identifying or contact information. Public 
comments may also be viewed electronically or in paper form in Room 
3515, 1801 K Street (between 18th and 19th Streets NW.) Washington, DC 
20006 between 9:00 a.m. and 5:00 p.m. on weekdays.
    Additionally, commenters may send a copy of their comments to the 
OMB Desk Officer--Shagufta Ahmed--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.

FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission, 
including the proposed reporting form and instructions, supporting 
statement, and other documentation will be placed into OMB's public 
docket files, once approved. These documents will also be made 
available on the Federal Reserve Board's public Web site at: http://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested 
from the agency clearance officer, whose name appears below.
    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. Telecommunications Device 
for the Deaf (TDD) users may contact (202) 263-4869, Board of Governors 
of the Federal Reserve System, Washington, DC 20551.

SUPPLEMENTARY INFORMATION:

Request for Comment on Information Collection Proposal

    The following information collection, which is being handled under 
this delegated authority, has received initial Board approval and is 
hereby published for comment. At the end of the comment period, the 
proposed information collection, along with an analysis of comments and 
recommendations received, will be submitted to the Board for final 
approval under OMB delegated authority. Comments are invited on the 
following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Federal Reserve's functions; including 
whether the information has practical utility;
    b. The accuracy of the Federal Reserve's estimate of the burden of 
the proposed information collection, including the validity of the 
methodology and assumptions used;
    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    d. Ways to minimize the burden of information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology; and
    e. Estimates of capital or start up costs and costs of operation, 
maintenance, and purchase of services to provide information.
    Proposal to approve under OMB delegated authority the extension for 
three years, without revision, of the following report:
    1. Report title: Recordkeeping and Disclosure Requirements 
Associated with the Regulations Implementing the Fair Credit Act 
(Regulation V).
    Agency form number: Reg V.
    OMB control number: 7100-0308.
    Frequency: On occasion.
    Reporters: Financial institutions.
    Estimated annual reporting hours: Negative information notice: 375 
hours; Affiliate marketing: Notices to consumers, 25,236 hours and 
Consumer response, 106,833 hours; Red flags: 74,888 hours; Address 
discrepancies: 6,000 hours; Risk-based pricing: Notice to consumers, 
90,000 hours; Furnisher duties: Policies and procedures, 60,000 hours 
and Notice of frivolous disputes to consumers, 142,792 hours.
    Estimated average hours per response: Negative information notice: 
15 minutes; Affiliate marketing: Notices to consumers, 18 hours and 
Consumer response, 5 minutes; Red flags: 37

[[Page 48105]]

hours; Address discrepancies: 4 hours; Risk-based pricing: Notice to 
consumers, 5 hours; Furnisher duties: Policies and procedures, 40 hours 
and Notice of frivolous disputes to consumers, 14 minutes.
    Number of respondents: Negative information notice: 1,500 financial 
institutions; Affiliate marketing: Notices to consumers, 1,402 
financial institutions and 1,282,000 Consumer response; Red flags: 
2,024 financial institutions; Address discrepancies: 1,500 financial 
institutions; Risk-based pricing: Notice to consumers, 1,500 financial 
institutions; Furnisher duties: Policies and procedures, 1,500 
financial institutions and 611,966, Notice of frivolous disputes to 
consumers.
    General description of report: This information collection is 
mandatory pursuant to Dodd-Frank Wall Street Reform and Consumer 
Protection Act (12 U.S.C. 5519) and the FCRA (15 U.S.C. 1681m, 1681w, 
and 1681s). Because the notices and disclosures required are not 
provided to the Federal Reserve, and all records thereof are maintained 
at state member banks, no issue of confidentiality arises under the 
Freedom of Information Act.
    Abstract: The Fair Credit Reporting Act (FCRA) was enacted in 1970 
based on a Congressional finding that the banking system is dependent 
on fair and accurate credit reporting.\1\ 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.
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    \1\ 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. 15 U.S.C. 
1601 et seq.
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    Congress substantially amended the FCRA upon the passage of the 
Fair and Accurate Credit Transactions Act of 2003 (FACT Act).\2\ The 
FACT Act created many new responsibilities for consumer reporting 
agencies and users of consumer reports. It contained many new consumer 
disclosure requirements, as well as provisions to address identity 
theft. In addition, the FACT Act provided consumers with the right to 
obtain a copy of their consumer report annually without cost. Improving 
consumers' access to their credit report is intended to help increase 
the accuracy of data in the consumer reporting system.
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    \2\ Public Law 108-159, 117 Stat. 1952.
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    Since 2011, the Consumer Financial Protection Bureau has been 
responsible for issuing most FCRA regulations. The Federal Reserve 
retained rule-writing authority for certain provisions of the FCRA 
applicable to motor vehicle dealers and provisions of the FCRA that 
require identity theft prevention programs, regulate the disposal of 
consumer information, and require card issuers to validate consumers' 
notifications of changes of address.

    Board of Governors of the Federal Reserve System, August 6, 
2015.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2015-19656 Filed 8-10-15; 8:45 am]
 BILLING CODE 6210-01-P