Equal Credit Opportunity Act (ECOA) was enacted in 1974 and is implemented by the Consumer Financial Protection Bureau's (CFPB) Regulation B for institutions the Board supervises. The ECOA prohibits discrimination in any aspect of a credit transaction because of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act. Since 2011, the CFPB has been responsible for issuing ECOA regulations that apply to institutions the Board supervises. However, the Board continues to be responsible under the Paperwork Reduction Act (PRA) for renewing every three years the information collections mandated by the regulation for institutions supervised by the Board.
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.
FRB_20250124_omb.pdf
Recordkeeping Section 1002.12 Record retention for applications, actions, prescreened solicitations, self-testing, and self-correction