[Federal Register Volume 81, Number 31 (Wednesday, February 17, 2016)]
[Notices]
[Pages 8052-8053]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-03246]


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BUREAU OF CONSUMER FINANCIAL PROTECTION

[Docket No: CFPB-2016-0003]


Agency Information Collection Activities: Submission for OMB 
Review; 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 proposing 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 March 18, 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.
     OMB: Office of Management and Budget, New Executive Office 
Building, Room 10235, Washington, DC 20503 or fax to (202) 395-5806. 
Mailed or faxed comments to OMB should be to the attention of the OMB 
Desk Officer for the Bureau of Consumer Financial Protection.
    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

[[Page 8053]]

available at www.reginfo.gov (this link active on the day following 
publication of this notice). Select ``Information Collection Review,'' 
under ``Currently under review, use the dropdown menu ``Select Agency'' 
and select ``Consumer Financial Protection Bureau'' (recent submissions 
to OMB will be at the top of the list). The same documentation is also 
available at http://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 email box.

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 an existing information 
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: The Bureau issued a 60-day Federal Register 
notice on November 25th 2015, 80 FR 73734. Comments were solicited and 
continue to be 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: February 10, 2016.
Darrin A. King,
Paperwork Reduction Act Officer, Bureau of Consumer Financial 
Protection.
[FR Doc. 2016-03246 Filed 2-16-16; 8:45 am]
BILLING CODE 4810-AM-P