[Federal Register Volume 80, Number 227 (Wednesday, November 25, 2015)]
[Notices]
[Pages 73734-73735]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-29910]


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BUREAU OF CONSUMER FINANCIAL PROTECTION

[Docket No: CFPB-2015-0049]


Agency Information Collection Activities: Comment Request

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice and request for comment.

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SUMMARY: In accordance with the Paperwork Reduction Act of 1995 (PRA), 
the Consumer Financial Protection Bureau (Bureau) is requesting to 
renew the Office of Management and Budget (OMB) approval for an 
existing information collection titled, ``Equal Credit Opportunity Act 
(Regulation B) 12 CFR 1002.''

DATES: Written comments are encouraged and must be received on or 
before January 25, 2016 to be assured of consideration.

ADDRESSES: You may submit comments, identified by the title of the 
information collection, OMB Control Number (see below), and docket 
number (see above), by any of the following methods:
     Electronic: http://www.regulations.gov. Follow the 
instructions for submitting comments.
     Mail: Consumer Financial Protection Bureau (Attention: PRA 
Office), 1700 G Street NW., Washington, DC 20552.
     Hand Delivery/Courier: Consumer Financial Protection 
Bureau (Attention: PRA Office), 1275 First Street NE., Washington, DC 
20002.

[[Page 73735]]

    Please note that comments submitted after the comment period will 
not be accepted. In general, all comments received will become public 
records, including any personal information provided. Sensitive 
personal information, such as account numbers or social security 
numbers, should not be included.

FOR FURTHER INFORMATION CONTACT: Documentation prepared in support of 
this information collection request is available at 
www.regulations.gov. Requests for additional information should be 
directed to the Consumer Financial Protection Bureau, (Attention: PRA 
Office), 1700 G Street NW., Washington, DC 20552, (202) 435-9575, or 
email: [email protected]. Please do not submit comments to this mailbox.

SUPPLEMENTARY INFORMATION: 
    Title of Collection: Equal Credit Opportunity Act (Regulation B) 12 
CFR 1002.
    OMB Control Number: 3170-0013.
    Type of Review: Extension without change of a currently approved 
collection.
    Affected Public: Private sector.
    Estimated Number of Respondents: 514,000.
    Estimated Total Annual Burden Hours: 1,450,250.
    Abstract: The Equal Credit Opportunity Act (``ECOA'') was enacted 
to ensure that credit is made available to all creditworthy applicants 
without discrimination on the basis of sex, marital status, race, 
color, religion, national origin, age, or other prohibited bases under 
the ECOA. The ECOA allows for creditors to collect information for 
self-testing against these criteria, while not allowing creditors to 
use this information in making credit decisions of applicants. For 
certain mortgage applications, the ECOA requires creditors to ask for 
some of the prohibited information for monitoring purposes. In 
addition, for certain mortgage applications, creditors are required to 
send a copy of any appraisal or written valuation used in the 
application process to the applicant in a timely fashion.
    The ECOA also prescribes creditors to inform applicants of 
decisions made on credit applications. In particular, where creditors 
make adverse actions on credit applications or existing accounts, 
creditors must inform consumers as to why the adverse action was taken, 
such that credit applicants can challenge errors on their accounts or 
learn how to become more creditworthy. Creditors must retain all 
application information for 25 months, including notices sent and any 
information related to adverse actions.
    Finally, the ECOA requires creditors who furnish applicant 
information to a consumer credit bureau to reflect participation of the 
applicant's spouse, if the spouse if permitted to use or contractually 
liable on the account.
    Request for Comments: Comments are invited on: (a) Whether the 
collection of information is necessary for the proper performance of 
the functions of the Bureau, including whether the information will 
have practical utility; (b) The accuracy of the Bureau's estimate of 
the burden of the collection of information, including the validity of 
the methods and the assumptions used; (c) Ways to enhance the quality, 
utility, and clarity of the information to be collected; and (d) Ways 
to minimize the burden of the collection of information on respondents, 
including through the use of automated collection techniques or other 
forms of information technology. Comments submitted in response to this 
notice will be summarized and/or included in the request for OMB 
approval. All comments will become a matter of public record.

    Dated: November 17, 2015.
Darrin A. King,
Paperwork Reduction Act Officer, Bureau of Consumer Financial 
Protection.
[FR Doc. 2015-29910 Filed 11-24-15; 8:45 am]
BILLING CODE 4810-AM-P