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Federal forms, ICRs, and supporting documents

Information Collection Request

Recordkeeping and Disclosure Requirements Associated with Regulation V (Fair Credit Reporting)

ICR 201103-7100-007 · OMB 7100-0308 · Historical Active

Forms and Documents
DocumentTypeStatusAvailability
RegV_R1407_20110802_omb.docx Supporting Statement A Uploaded 2011-08-02 Available
RegV_R1407_20110706_nfrm_pr.pdf Supplementary Document Uploaded 2011-07-19 Available
RegV_R1407_20110301_nprm_pr.pdf Supplementary Document Uploaded 2011-03-24 Available
IC Document Collections
IC IDCollectionTypeStatusForm
36366 Reg V - CRA notice (Section 217) Unchanged
197056 Reg V Risk-based pricing (Section 311) one-time update (R-1407) New
190732 Reg V Risk-based pricing (Section 311) Unchanged
190731 Reg V Risk-based pricing (Section 311) One-time update Unchanged
186454 Reg V - CRA Irrelevant dispute notices (Section 312) Unchanged
186453 Reg V - CRA Policy & procedures (Section 312) Unchanged
183354 Reg V - Identity Theft Red Flags and Address Discrepancies (Sections 114 and 315) Unchanged
182766 Reg V - Affiliate Marketing Consumer Response (Section 214) Unchanged
182765 Reg V - Affiliate Marketing Financial Institution opt-out notice (Section 214) Unchanged
ICR Details
7100-0308 201103-7100-007
Historical Active 201009-7100-007
FRS Reg V (R-1407)
Recordkeeping and Disclosure Requirements Associated with Regulation V (Fair Credit Reporting)
Revision of a currently approved collection   No
Delegated
Approved without change 08/03/2011
Retrieve Notice of Action (NOA) 08/03/2011
  Inventory as of this Action Requested Previously Approved
11/30/2013 11/30/2013 11/30/2013
1,539,731 0 1,521,558
2,744,400 0 2,162,864
0 0 0
The Fair Credit Reporting Act, implemented by Regulation V, requires that consumer reporting agencies adopt reasonable procedures for meeting the needs of commerce for consumer credit, personnel, insurance, and other information in a manner which is fair and equitable to the consumer, with regard to the confidentiality, accuracy, relevancy, and proper utilization of such information.
US Code: 15 USC 1681s-2 and 1681s-3 Name of Law: Fair Credit Reporting Act
   US Code: 15 USC 1681b,1681c,1681m, Name of Law: Fair Credit Reporting Act
  
PL: Pub.L. 111 - 203 124 Stat. 1376.Section 1100F Name of Law: Dodd-Frank Act
7100-AD66 Final or interim final rulemaking 76 FR 41602 07/15/2011
Yes
  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 1,539,731 1,521,558 18,173 0 0 0
Annual Time Burden (Hours) 2,744,400 2,162,864 581,536 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
On March 15, 2011, the Federal Reserve published a joint notice of proposed rulemaking (76 FR 13902) requesting public comment on proposed amendments to Regulation V. The Federal Reserve proposes to amend the model notices in Regulation V to include the disclosure of credit scores and information relating to credit scores in risk-based pricing notices if a credit score of the consumer is used in setting the material terms of credit. These proposed amendments reflect the new content requirements in section 615(h) of the Fair Credit Reporting Act FCRA that were added by section 1100F of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The comment period expired on May 16, 2011. The Agencies received 13comments from industry groups that specifically addressed paperwork burden. On July 15, 2011, a joint notice of final rulemaking was published in the Federal Register adopting the amendments largely as proposed, with mandatory compliance by August 15, 2011 (76 FR 41602).
$0
No
No
No
Yes
No
Uncollected
John Schmidt 202-728-5859 [email protected]
  No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
08/03/2011