Federal Trade Commission ("FTC") is reducing burden estimates/changes based on the shared enforcement jurisdiction for this rule with the Consumer Financial Protection Board ("CFPB") under the Dodd-Frank Act. CFPB has incorporated into its recently submitted burden estimates.
Inventory as of this Action
Requested
Previously Approved
11/30/2012
11/30/2012
11/30/2012
13,345,001
0
26,690,003
155,512
0
311,036
4,195,000
0
8,390,000
Because the Federal Trade Commission ("FTC") has shared enforcement jurisdiction for this rule with the Consumer Financial Protection Board ("CFPB") under the Dodd-Frank Act, the CFPB has incorporated into its recently submitted burden estimates for this rule half of the FTC's pre-existing cleared burden estimates. OMB granted emergency clearance to the CFPB. Accordingly, the FTC is submitting this ICR to reduce its own current burden totals by roughly one-half (the second IC required rounding otherwise because one-half the number of respondents would not yield a whole number).
Statute at Large:
123 Stat. 1734
Name of Statute: Credit Card Accountability Responsibility and Disclosure Act of 2009
US Code:
16 USC 1681
Name of Law: Fair Credit Reporting Act
PL: Pub.L. 111 - 203 1029 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
In recognition of the Dodd-Frank Act amendments, this requested adjustment would reduce by roughly one-half the FTC's previously cleared burden estimate to correlate with the FTC's shared, overlapping enforcement jurisdiction with the CFPB for this rule.
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.
Justification Statement for Reducing Previously Cleared FTC Burden Estimate_mtd.pdf
Free Annual File Disclosures Rule