[Federal Register Volume 77, Number 83 (Monday, April 30, 2012)]
[Notices]
[Pages 25437-25438]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-10282]


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BUREAU OF CONSUMER FINANCIAL PROTECTION


Submission for OMB Review; Comment Request

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice and request for comments.

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SUMMARY: The Bureau of Consumer Financial Protection (Bureau), 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 proposed and/or continuing information 
collections, as required by the Paperwork Reduction Act of 1995, Public 
Law 104-13 (44 U.S.C. 3507(a)(1)(D)). The Bureau is soliciting comments 
regarding the information collection requirements relating to the Equal 
Credit Opportunity Act that have been submitted to the Office of 
Management and Budget for review and approval. A copy of the submission 
may be obtained by contacting the agency contact listed below.

DATES: Written comments are encouraged and must be received on or 
before May 30, 2012 to be assured of consideration.

ADDRESSES: You may submit comments, identified by OMB number 3170-0013, 
by any of the following methods:
     Agency Contact: Consumer Financial Protection Bureau 
(Attention: PRA Office), 1700 G Street NW., Washington, DC 20552: (202) 
435-7741: [email protected].
     OMB Reviewer: Shagufta Ahmed, Office of Management and 
Budget, New Executive Office Building, Room 10235, Washington, DC 
20503; (202) 395-7873.

FOR FURTHER INFORMATION CONTACT: Requests for additional information 
should be directed to Joseph Durbala, (202) 435-7893, at the Consumer 
Financial Protection Bureau, (Attention: Joseph Durbala, PRA Office) 
1700 G Street NW., Washington, DC 20552, or through the internet at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Equal Credit Opportunity Act (Regulation B) 12 CFR Part 
1002.
    OMB Number: 3170-0013.
    Abstract: Federal and state enforcement agencies and private 
litigants use recordkeeping information to, for example, compare 
accepted and rejected applicants or the terms and conditions of 
accepted applicants in order to determine whether applicants are 
treated less favorably on the basis of race, sex, age, or other 
prohibited bases under the Equal Credit Opportunity Act (ECOA). 
Information derived from these records provides an important piece of 
evidence of law violations in ECOA enforcement actions brought by 
Federal agencies. Self-testing records (including for corrective 
action) are used by creditors to identify potential violations and 
reflect their efforts to correct the problem. Absent the Regulation B 
requirement that creditors retain monitoring information, the CFPB's 
and other agencies' ability to detect unlawful discrimination and 
enforce the ECOA would be significantly impaired. The CFPB, other 
agencies, and private litigants use adverse action notices, appraisal 
reports, and other information in the application file to compare 
applicants in order to determine whether any applicants are 
discriminated against on the basis of race/national origin, sex, 
marital status, age, or other prohibited bases under the ECOA. The 
adverse action notice requirement apprises applicants of their rights 
under the ECOA and of the basis for a creditor's decision. Applicants 
use their copy of the appraisal to review (and possibly challenge) the 
accuracy

[[Page 25438]]

and/or fairness of the information contained within, and to determine 
the role that the appraisal played in the credit decision. Applicants 
use the self-testing disclosure to facilitate understanding of 
creditors' information collection, including its optionality.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses or other for profits.
    Estimated Number of Responses: 500,500.
    Estimated Time per Response: 3 Hours.
    Estimated Total Annual Burden Hours: 1,502,000.

    Dated: April 6, 2012.
Chris Willey,
Chief Information Officer, Bureau of Consumer Financial Protection.
[FR Doc. 2012-10282 Filed 4-27-12; 8:45 am]
BILLING CODE 4810-AM-P