The Consumer Financial Protection Bureauâs (CFPB) Regulation V and the Boardâs Regulation V (collectively FR V Regulations) implement in part the Fair Credit Reporting Act (FCRA), which was enacted in 1970 based on a Congressional finding that the banking system is dependent on fair and accurate credit reporting. The FCRA was enacted to ensure consumer reporting agencies exercise their responsibilities with fairness, impartiality, and a respect for the consumerâs 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.
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), enacted in 2010, transferred to the CFPB most, but not all, of the rulemaking authority for issuing regulations under the FCRA. The Board and other federal agencies retained rulemaking responsibility for the FCRA provisions regarding identity theft prevention programs and the duties of card issuers to validate consumersâ changes of address (hereinafter, identity theft red flags), as well as the disposal of consumer information, with respect to the entities that are subject to each agencyâs respective enforcement authority.
The Paperwork Reduction Act (PRA) classifies reporting, recordkeeping, or disclosure requirements of a regulation as an information collection. The Board continues to be responsible for renewing every three years the information collection requirements contained in the CFPBâs Regulation V for institutions with $10 billion or less in assets that are identified in 15 U.S.C. § 1681s(b)(1)(A)(ii) and for consumers of these institutions, as well as for the identity theft red flags provisions in the Boardâs Regulation V for institutions of any size that are identified in 15 U.S.C. § 1681s(b)(1)(A)(ii).
US Code:
12 USC 5515
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code:
15 USC 1681s(b)
Name of Law: Fair Credit Reporting Act
US Code:
15 USC 1681m(e)
Name of Law: Fair Credit Reporting Act
US Code:
15 USC 1681s(e)
Name of Law: Fair Credit Reporting Act
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.
FRV_20260423_omb.pdf
Recordkeeping Sections 222.90 - 222.91 Identity theft red flags