[Federal Register Volume 77, Number 87 (Friday, May 4, 2012)]
[Notices]
[Pages 26605-26606]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-10806]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Proposed Information 
Collection; Comment Request

AGENCY: Office of the Comptroller of the Currency, Treasury.

ACTION: Notice and request for comment.

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SUMMARY: The OCC, 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 a continuing 
information collection, as required by the Paperwork Reduction Act of 
1995. An agency may not conduct or sponsor, and a respondent is not 
required to respond to, an information collection unless it displays a 
currently valid OMB control number. The OCC is soliciting comment 
concerning its information collection titled, ``Procedures to Enhance 
the Accuracy and Integrity of Information Furnished to Consumer 
Reporting Agencies under Section 312 of the Fair and Accurate Credit 
Transactions Act (FACT Act).''

DATES: Comments must be received by July 3, 2012.

ADDRESSES: Communications Division, Office of the Comptroller of the 
Currency, Public Information Room, Mailstop 2-3, Attention: 1557-0238, 
250 E Street SW., Washington, DC 20219. In addition, comments may be 
sent by fax to (202) 874-5274, or by electronic mail to 
[email protected]. You may personally inspect and photocopy 
comments at the OCC, 250 E Street SW., Washington, DC 20219. For 
security reasons, the OCC requires that visitors make an appointment to 
inspect comments. You may do so by calling (202) 874-4700. Upon 
arrival, visitors will be required to present valid government-issued 
photo identification and to submit to security screening in order to 
inspect and photocopy comments.
    Additionally, you should send a copy of your comments to OCC Desk 
Officer, 1557-0238, by mail to U.S. Office of Management and Budget, 
725, 17th Street NW., 10235, Washington, DC 20503, or by fax 
to (202) 395-6974.

FOR FURTHER INFORMATION CONTACT: You can request additional information 
or a copy of the collection from Mary H. Gottlieb, OCC Clearance 
Officer, (202) 874-5090, Legislative and Regulatory Activities 
Division, Office of the Comptroller of the Currency, 250 E Street SW., 
Washington, DC 20219.

SUPPLEMENTARY INFORMATION: The OCC is requesting extension of OMB 
approval for this information collection titled, ``Procedures to 
Enhance the Accuracy and Integrity of Information Furnished to Consumer 
Reporting Agencies under Section 312 of the Fair and Accurate Credit 
Transactions Act (FACT Act).'' There have been no changes to the 
requirements of the regulations; however, the regulations have been 
transferred to the Bureau of Consumer Financial Protection (CFPB) 
pursuant to title X of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act, Public Law 111-203, 124 Stat. 2036, July 21, 2010 
(Dodd-Frank Act), and republished as CFPB regulations (76 FR 79308 
(December 21, 2011)). The burden estimates have been revised to remove 
the burden for OCC-regulated institutions with over $10 billion in 
assets, now carried by CFPB pursuant to section 1025 of the Dodd-Frank 
Act, and to remove the initial start-up burden. The OCC retains 
enforcement authority for its institutions with $10 billion in total 
assets or less.
    Title: Procedures to Enhance the Accuracy and Integrity of 
Information Furnished to Consumer Reporting Agencies under Section 312 
of the Fair and Accurate Credit Transactions Act (FACT Act).
    OMB Number: 1557-0238.

[[Page 26606]]

    Description: Section 312 of the Fair and Accurate Credit 
Transactions Act of 2003 (FACT Act) required the issuance of guidelines 
for use by furnishers regarding the accuracy and integrity of the 
information about consumers that they furnish to consumer reporting 
agencies and to prescribe regulations requiring furnishers to establish 
reasonable policies and procedures for implementing the guidelines. 
Section 312 also required the issuance of regulations identifying the 
circumstances under which a furnisher must reinvestigate disputes about 
the accuracy of information contained in a consumer report based on a 
direct request from a consumer.
    Twelve CFR 1022.42(a) requires furnishers to establish and 
implement reasonable written policies and procedures regarding the 
accuracy and integrity of information relating to consumers that they 
provide to a consumer reporting agency (CRA). Furnishers' accuracy and 
integrity policies and procedures may include their existing policies 
and procedures that are relevant and appropriate.
    Section 1022.43(a) permits consumers to initiate disputes directly 
with the furnishers in certain circumstances. Furnishers are required 
to have procedures to ensure that disputes received directly from 
consumers are handled in a substantially similar manner to those 
complaints received through CRAs.
    Section 1022.43(f)(2) incorporates the statutory requirement that a 
furnisher must notify a consumer by mail or other means (if authorized 
by the consumer) not later than five business days after making a 
determination that a dispute is frivolous or irrelevant. Section 
1022.43(f) incorporates the statute's content requirements for the 
notices.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals; Businesses or other for-profit.
    Estimated Number of Respondents: 1,918.
    Estimated Total Annual Burden: 185,523 hours.
    Comments submitted in response to this notice will be summarized, 
included in the request for OMB approval, and become a matter of public 
record. Comments are invited on:
    (a) Whether the collection of information is necessary for the 
proper performance of the functions of the OCC, including whether the 
information has practical utility;
    (b) The accuracy of the OCC's estimate of the burden of the 
collection of information;
    (c) Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    (d) Ways to minimize the burden of the collection on respondents, 
including through the use of automated collection techniques or other 
forms of information technology; and
    (e) Estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Dated: April 30, 2012.
Michele Meyer,
Assistant Director, Legislative and Regulatory Activities Division.
[FR Doc. 2012-10806 Filed 5-3-12; 8:45 am]
BILLING CODE 4810-33-P