83 FR 14104 - Agency Information Collection Activities: Information Collection Renewal; Comment Request; Procedures To Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies Under Section 312 of the Fair and Accurate Credit Transactions Act
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency Federal Register Volume 83, Issue 63 (April 2, 2018)
Office of the Comptroller of the Currency
Federal Register Volume 83, Issue 63 (April 2, 2018)
| Page Range | 14104-14105 | |
| FR Document | 2018-06580 |
[Federal Register Volume 83, Number 63 (Monday, April 2, 2018)] [Notices] [Pages 14104-14105] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-06580] ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency Agency Information Collection Activities: Information Collection Renewal; Comment Request; Procedures To Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies Under Section 312 of the Fair and Accurate Credit Transactions Act AGENCY: Office of the Comptroller of the Currency, Treasury. ACTION: Notice and request for comment. ----------------------------------------------------------------------- SUMMARY: The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other federal agencies to take this opportunity to comment on a continuing information collection as required by the Paperwork Reduction Act of 1995. An agency may not conduct or sponsor, and a respondent is not required to respond to, an information collection unless it displays a currently valid OMB control number. The OCC is soliciting comment concerning the renewal of its information collection titled, ``Procedures to Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies under Section 312 of the Fair and Accurate Credit Transactions Act.'' DATES: Comments must be received by June 1, 2018. ADDRESSES: Because paper mail in the Washington, DC area and at the OCC is subject to delay, commenters are encouraged to submit comments by email, if possible. Comments may be sent to: Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, Attention: 1557-0238, 400 7th Street SW, Suite 3E-218, Washington, DC 20219. In addition, comments may be sent by fax to (571) 465-4326 or by electronic mail to prainfo@occ.treas.gov. You may personally inspect and photocopy comments at the OCC, 400 7th Street SW, Washington, DC 20219. For security reasons, the OCC requires that visitors make an appointment to inspect comments. You may do so by calling (202) 649- 6700 or, for persons who are deaf or hearing impaired, TTY, (202) 649- 5597. Upon arrival, visitors will be required to present valid government-issued photo identification and submit to security screening in order to inspect and photocopy comments. All comments received, including attachments and other supporting materials, are part of the public record and subject to public disclosure. Do not include any information in your comment or supporting materials that you consider confidential or inappropriate for public disclosure. FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance Officer, (202) 649-5490 or, for persons who are deaf or hearing impaired, TTY, (202) 649-5597, Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, 400 7th Street, SW, Suite 3E-218, Washington, DC 20219. SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), Federal agencies must obtain approval from OMB for each collection of information that they conduct or sponsor. ``Collection of information'' is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to include agency requests and requirements that members of the public submit reports, keep records, or provide information to a third party. Section 3506(c)(2)(A) of part 44 requires federal agencies to provide a 60-day notice in the Federal Register concerning each proposed collection of information, including each proposed extension of an existing collection of information, before submitting the collection to OMB for approval. To comply with this requirement, the OCC is publishing notice of the proposed extension of this collection of information. Title: Procedures to Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies under Section 312 of the Fair and Accurate Credit Transactions Act (FACT Act). OMB Control No.: 1557-0238. Type of Review: Regular. [[Page 14105]] Description: Section 312 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act) required the issuance of guidelines for use by furnishers regarding the accuracy and integrity of the information about consumers that they furnish to consumer reporting agencies and to prescribe regulations requiring furnishers to establish reasonable policies and procedures for implementing the guidelines. Section 312 also required the issuance of regulations identifying the circumstances under which a furnisher must reinvestigate disputes about the accuracy of information contained in a consumer report based on a direct request from a consumer. Twelve CFR 1022.42(a) requires furnishers to establish and implement reasonable written policies and procedures regarding the accuracy and integrity of consumer information that they provide to a consumer reporting agency (CRA). Section 1022.43(a) requires a furnisher to conduct a reasonable investigation of a dispute initiated directly by a consumer in certain circumstances. Furnishers are required to have procedures to ensure that disputes received directly from consumers are handled in a substantially similar manner to those complaints received through CRAs. Section 1022.43(f)(2) incorporates the statutory requirement that a furnisher must notify a consumer by mail or other means (if authorized by the consumer) not later than five business days after making a determination that a dispute is frivolous or irrelevant. Section 1022.43(f) incorporates the statute's content requirements for the notices. Affected Public: Businesses or other for-profit. Estimated Number of Respondents: 1,133 respondents. Estimated Total Annual Burden: 185,603 hours. Comments submitted in response to this notice will be summarized, included in the request for OMB approval, and become a matter of public record. Comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the OCC, including whether the information has practical utility; (b) The accuracy of the OCC's estimate of the burden of the collection of information; (c) Ways to enhance the quality, utility, and clarity of the information to be collected; (d) Ways to minimize the burden of the 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. Dated: March 26, 2018. Karen Solomon, Acting Senior Deputy Comptroller and Chief Counsel. [FR Doc. 2018-06580 Filed 3-30-18; 8:45 am] BILLING CODE 4810-33-P
![14104 Federal Register / Vol. 83, No. 63 / Monday, April 2, 2018 / Notices
understand its risks and the potential validity of the methodology and Activities Division, Office of the
impact of stressful events and assumptions used; Comptroller of the Currency, Attention:
circumstances on its financial (c) Ways to enhance the quality, 1557–0238, 400 7th Street SW, Suite
condition.2 On May 17, 2012, the OCC, utility, and clarity of the information to 3E–218, Washington, DC 20219. In
along with the Federal Deposit be collected; addition, comments may be sent by fax
Insurance Corporation (FDIC) and the (d) Ways to minimize the burden of to (571) 465–4326 or by electronic mail
Board of Governors of the Federal information collections on respondents, to prainfo@occ.treas.gov. You may
Reserve (FRB), published guidance on including through the use of automated personally inspect and photocopy
the use of stress testing as a means to collection techniques or other forms of comments at the OCC, 400 7th Street
better understand the range of a banking information technology; and SW, Washington, DC 20219. For
organization’s potential risk exposures.3 (e) Estimates of capital or start-up security reasons, the OCC requires that
The OCC is now seeking to renew the costs and costs of operation, visitors make an appointment to inspect
information collection associated with maintenance, and purchase of services comments. You may do so by calling
that guidance. to provide information. (202) 649–6700 or, for persons who are
The guidance provides an overview of Dated: March 26, 2018. deaf or hearing impaired, TTY, (202)
how a banking organization should Karen Solomon, 649–5597. Upon arrival, visitors will be
structure its stress testing activities to required to present valid government-
Acting Senior Deputy Comptroller and Chief
ensure those activities fit into the Counsel. issued photo identification and submit
banking organization’s overall risk to security screening in order to inspect
[FR Doc. 2018–06573 Filed 3–30–18; 8:45 am]
management. The purpose of the and photocopy comments.
BILLING CODE 4810–33–P
guidance is to outline broad principles All comments received, including
for a satisfactory stress testing attachments and other supporting
framework and describe the manner in DEPARTMENT OF THE TREASURY materials, are part of the public record
which stress testing should be used. and subject to public disclosure. Do not
While the guidance is not intended to Office of the Comptroller of the include any information in your
provide detailed instructions for Currency comment or supporting materials that
conducting stress testing for any you consider confidential or
particular risk or business area, it does Agency Information Collection inappropriate for public disclosure.
describe several types of stress testing Activities: Information Collection
activities and how they may be most Renewal; Comment Request; FOR FURTHER INFORMATION CONTACT:
appropriately used by banking Procedures To Enhance the Accuracy Shaquita Merritt, OCC Clearance
organizations. The guidance also does and Integrity of Information Furnished Officer, (202) 649–5490 or, for persons
not explicitly address the stress testing to Consumer Reporting Agencies who are deaf or hearing impaired, TTY,
requirements imposed upon certain Under Section 312 of the Fair and (202) 649–5597, Legislative and
companies by section 165(i) of the Accurate Credit Transactions Act Regulatory Activities Division, Office of
Dodd-Frank Wall Street Reform and the Comptroller of the Currency, 400 7th
AGENCY: Office of the Comptroller of the Street, SW, Suite 3E–218, Washington,
Consumer Protection Act.4
Type of Review: Regular. Currency, Treasury. DC 20219.
Affected Public: Businesses or other ACTION: Notice and request for comment.
SUPPLEMENTARY INFORMATION: Under the
for-profit. SUMMARY: The OCC, as part of its PRA (44 U.S.C. 3501–3520), Federal
Estimated Number of Respondents: agencies must obtain approval from
continuing effort to reduce paperwork
62. OMB for each collection of information
Estimated annual burden: 16,120 and respondent burden, invites the
general public and other federal that they conduct or sponsor.
hours. ‘‘Collection of information’’ is defined
Comments submitted in response to agencies to take this opportunity to
comment on a continuing information in 44 U.S.C. 3502(3) and 5 CFR
this notice will be summarized and 1320.3(c) to include agency requests and
included in the request for OMB collection as required by the Paperwork
Reduction Act of 1995. requirements that members of the public
approval. All comments will become a submit reports, keep records, or provide
matter of public record. Comments are An agency may not conduct or
sponsor, and a respondent is not information to a third party. Section
invited on: 3506(c)(2)(A) of part 44 requires federal
(a) Whether the collections of required to respond to, an information
collection unless it displays a currently agencies to provide a 60-day notice in
information are necessary for the proper
valid OMB control number. the Federal Register concerning each
performance of the OCC’s functions,
The OCC is soliciting comment proposed collection of information,
including whether the information has
concerning the renewal of its including each proposed extension of an
practical utility;
(b) The accuracy of the OCC’s information collection titled, existing collection of information,
estimates of the burden of the ‘‘Procedures to Enhance the Accuracy before submitting the collection to OMB
information collections, including the and Integrity of Information Furnished for approval. To comply with this
to Consumer Reporting Agencies under requirement, the OCC is publishing
2 For purposes of this guidance, the term Section 312 of the Fair and Accurate notice of the proposed extension of this
‘‘banking organization’’ means national banks and Credit Transactions Act.’’ collection of information.
federal branches and agencies supervised by the DATES: Comments must be received by Title: Procedures to Enhance the
daltland on DSKBBV9HB2PROD with NOTICES
OCC; state member banks, bank holding companies, Accuracy and Integrity of Information
and all other institutions for which the FRB is the June 1, 2018.
primary federal supervisor; and state nonmember ADDRESSES: Because paper mail in the Furnished to Consumer Reporting
insured banks and other institutions supervised by Washington, DC area and at the OCC is Agencies under Section 312 of the Fair
the FDIC.
subject to delay, commenters are and Accurate Credit Transactions Act
3 77 FR 29458 (May 17, 2012).
encouraged to submit comments by (FACT Act).
4 Public Law 111–203, 124 Stat. 1376. Section
165(i) of the Dodd-Frank Act is codified at 12 U.S.C. email, if possible. Comments may be OMB Control No.: 1557–0238.
5365(i)(2). sent to: Legislative and Regulatory Type of Review: Regular.
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![Federal Register / Vol. 83, No. 63 / Monday, April 2, 2018 / Notices 14105
Description: Section 312 of the Fair techniques or other forms of information Current Actions: There is no change to
and Accurate Credit Transactions Act of technology; and this existing regulation.
2003 (FACT Act) required the issuance (e) Estimates of capital or start-up Type of Review: Extension of a
of guidelines for use by furnishers costs and costs of operation, currently approved collection.
regarding the accuracy and integrity of maintenance, and purchase of services Affected Public: Business or other for-
the information about consumers that to provide information. profit organizations.
they furnish to consumer reporting Dated: March 26, 2018.
Estimated Number of Respondents:
agencies and to prescribe regulations 2,500.
Karen Solomon, Estimated Time per Respondent: 15
requiring furnishers to establish Acting Senior Deputy Comptroller and Chief
reasonable policies and procedures for min.
Counsel. Estimated Total Annual Burden
implementing the guidelines. Section [FR Doc. 2018–06580 Filed 3–30–18; 8:45 am] Hours: 625.
312 also required the issuance of BILLING CODE 4810–33–P The following paragraph applies to all
regulations identifying the of the collections of information covered
circumstances under which a furnisher by this notice:
must reinvestigate disputes about the DEPARTMENT OF THE TREASURY An agency may not conduct or
accuracy of information contained in a sponsor, and a person is not required to
consumer report based on a direct Internal Revenue Service respond to, a collection of information
request from a consumer. unless the collection of information
Twelve CFR 1022.42(a) requires Proposed Collection; Comment
displays a valid OMB control number.
furnishers to establish and implement Request for Regulation Project
Books or records relating to a collection
reasonable written policies and AGENCY: Internal Revenue Service (IRS), of information must be retained as long
procedures regarding the accuracy and Treasury. as their contents may become material
integrity of consumer information that in the administration of any internal
ACTION: Notice and request for
they provide to a consumer reporting revenue law. Generally, tax returns and
comments.
agency (CRA). tax return information are confidential,
Section 1022.43(a) requires a SUMMARY: The Internal Revenue Service as required by 26 U.S.C. 6103.
furnisher to conduct a reasonable (IRS), as part of its continuing effort to Request for Comments: Comments
investigation of a dispute initiated reduce paperwork and respondent submitted in response to this notice will
directly by a consumer in certain burden, invites the general public and be summarized and/or included in the
circumstances. Furnishers are required other Federal agencies to take this request for OMB approval. All
to have procedures to ensure that opportunity to comment on information comments will become a matter of
disputes received directly from collections, as required by the public record. Comments are invited on:
consumers are handled in a Paperwork Reduction Act of 1995. The (a) Whether the collection of
substantially similar manner to those IRS is soliciting comments concerning information is necessary for the proper
complaints received through CRAs. Bad Debt Reserves of Banks. performance of the functions of the
Section 1022.43(f)(2) incorporates the DATES: Written comments should be agency, including whether the
statutory requirement that a furnisher received on or before June 1, 2018 to be information shall have practical utility;
must notify a consumer by mail or other assured of consideration. (b) the accuracy of the agency’s estimate
means (if authorized by the consumer) of the burden of the collection of
ADDRESSES: Direct all written comments
not later than five business days after information; (c) ways to enhance the
to Laurie Brimmer, Internal Revenue
making a determination that a dispute is quality, utility, and clarity of the
Service, Room 6526, 1111 Constitution
frivolous or irrelevant. Section information to be collected; (d) ways to
Avenue NW, Washington, DC 20224.
1022.43(f) incorporates the statute’s minimize the burden of the collection of
content requirements for the notices. FOR FURTHER INFORMATION CONTACT:
Requests for additional information or information on respondents, including
Affected Public: Businesses or other through the use of automated collection
for-profit. copies of the regulation should be
directed to Martha R. Brinson, at (202) techniques or other forms of information
Estimated Number of Respondents: technology; and (e) estimates of capital
1,133 respondents. 317–5753, or at Internal Revenue
Service, Room 6526, 1111 Constitution or start-up costs and costs of operation,
Estimated Total Annual Burden:
Avenue NW, Washington, DC 20224, or maintenance, and purchase of services
185,603 hours.
Comments submitted in response to through the internet at to provide information.
this notice will be summarized, Martha.R.Brinson@irs.gov. Approved: March 27, 2018.
included in the request for OMB SUPPLEMENTARY INFORMATION: Laurie Brimmer,
approval, and become a matter of public Title: Bad Debt Reserves of Banks. Senior Tax Analyst.
record. Comments are invited on: OMB Number: 1545–1290. [FR Doc. 2018–06672 Filed 3–30–18; 8:45 am]
(a) Whether the collection of Regulation Project Number: TD 8513. BILLING CODE 4830–01–P
information is necessary for the proper Abstract: Section 585 (c) of the
performance of the functions of the Internal Revenue Code requires large
OCC, including whether the information banks to change from reserve method of DEPARTMENT OF THE TREASURY
has practical utility; accounting to the specific charge off
(b) The accuracy of the OCC’s method of accounting for bad debts. Internal Revenue Service
estimate of the burden of the collection Section 1.585–8 of the regulation
daltland on DSKBBV9HB2PROD with NOTICES
of information; contains reporting requirements in cases Proposed Collection; Comment
(c) Ways to enhance the quality, in which large banks elect (1) to include Request for Regulation Project
utility, and clarity of the information to in income an amount greater than that AGENCY: Internal Revenue Service (IRS),
be collected; prescribed by the Code; (2) to use the Treasury.
(d) Ways to minimize the burden of elective cut-off method of accounting:
ACTION: Notice and request for
the collection on respondents, including Or (3) to revoke any elections previously
comments.
through the use of automated collection made.
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Document Created: 2018-11-01 09:08:31
Document Modified: 2018-11-01 09:08:31
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| Action | Notice and request for comment. | |
| Dates | Comments must be received by June 1, 2018. | |
| Contact | Shaquita Merritt, OCC Clearance Officer, (202) 649-5490 or, for persons who are deaf or hearing impaired, TTY, (202) 649-5597, Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, 400 7th Street, SW, Suite 3E-218, Washington, DC 20219. | |
| FR Citation | 83 FR 14104 |
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