[Federal Register Volume 84, Number 53 (Tuesday, March 19, 2019)]
[Notices]
[Pages 10070-10071]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-05095]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice, request for comment.

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SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
invites comment on a proposal to extend for three years, without 
revision, the Recordkeeping and Disclosure Requirements Associated with 
Regulation V (Fair Credit Reporting) (FR V \1\; OMB No. 7100-0308).
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    \1\ The internal Agency Tracking Number previously assigned by 
the Board to this information collection was ``Reg V.'' The Board is 
changing the internal Agency Tracking Number for the purpose of 
consistency.

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DATES: Comments must be submitted on or before May 20, 2019.

ADDRESSES: You may submit comments, identified by FR V, by any of the 
following methods:
     Agency Website: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Email: [email protected]. Include OMB 
number in the subject line of the message.
     FAX: (202) 452-3819 or (202) 452-3102.
     Mail: Ann E. Misback, Secretary, Board of Governors of the 
Federal Reserve System, 20th Street and Constitution Avenue NW, 
Washington, DC 20551.
    All public comments are available from the Board's website at 
http://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted, 
unless modified for technical reasons. Accordingly, your comments will 
not be edited to remove any identifying or contact information. Public 
comments may also be viewed electronically or in paper in Room 146, 
1709 New York Avenue NW, Washington, DC 20006, between 9:00 a.m. and 
5:00 p.m. on weekdays. For security reasons, the Board requires that 
visitors make an appointment to inspect comments. You may do so by 
calling (202) 452-3684. 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, commenters may send a copy of their comments to the 
OMB Desk Officer--Shagufta Ahmed--Office of Information and Regulatory 
Affairs, Office of Management and Budget, New Executive Office 
Building, Room 10235, 725 17th Street NW, Washington, DC 20503, or by 
fax to (202) 395-6974.

FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission, 
including the proposed reporting form and instructions, supporting 
statement, and other documentation will be placed into OMB's public 
docket files, if approved. These documents will also be made available 
on the Board's public website at http://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested from the agency clearance 
officer, whose name appears below.
    Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of 
the Chief Data Officer, Board of Governors of the Federal Reserve 
System, Washington, DC 20551, (202) 452-3829. Telecommunications Device 
for the Deaf (TDD) users may contact (202) 263-4869, Board of Governors 
of the Federal Reserve System, Washington, DC, 20551.

SUPPLEMENTARY INFORMATION: On June 15, 1984, the Office of Management 
and Budget (OMB) delegated to the Board authority under the Paperwork 
Reduction Act (PRA) to approve and assign OMB control numbers to 
collection of information requests and requirements conducted or 
sponsored by the Board. In exercising this delegated authority, the 
Board is directed to take every reasonable step to solicit comment. In 
determining whether to approve a collection of information, the Board 
will consider all comments received from the public and other agencies.

Request for Comment on Information Collection Proposal

    The Board invites public comment on the following information 
collection, which is being reviewed under authority delegated by the 
OMB under the PRA. Comments are invited on the following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Board's functions, including whether the 
information has practical utility;
    b. The accuracy of the Board's estimate of the burden of the 
proposed information collection, including the validity of the 
methodology and assumptions used;
    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    d. Ways to minimize the burden of information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology; and
    e. Estimates of capital or startup costs and costs of operation, 
maintenance, and purchase of services to provide information.
    At the end of the comment period, the comments and recommendations 
received will be analyzed to determine the extent to which the Board 
should modify the proposal.

Proposal Under OMB Delegated Authority To Extend for Three Years, 
Without Revision, the Following Information Collection

    Report title: Recordkeeping and Disclosure Requirements Associated 
with Regulation V (Fair Credit Reporting).
    Agency form number: FR V.
    OMB control number: 7100-0308.
    Frequency: Annually, monthly, and on occasion.
    Respondents: Depository institutions identified in 15 U.S.C. 
1681s(b)(1)(A)(ii): (1) regardless of size, with respect to the 
identity theft red flags provisions of the Board's Fair Credit 
Reporting Act (FCRA) regulations; and (2) with $10 billion or less in 
assets and any affiliates thereof, and consumers of such institutions, 
with respect to enforcing the Consumer Financial Protection Bureau's 
(Bureau's) FCRA regulations.
    Estimated number of respondents: Negative information notice, 1,450 
respondents; Affiliate marketing: Notices to consumers, 1,381 
respondents, and Consumer opt-out response, 1,562,835 respondents; 
Identity theft red flags, 2,206 respondents; Address discrepancies, 
1,450 respondents; Risk-based pricing: Notice to consumers, 1,450 
respondents; Furnisher duties: Policies and procedures, 1,450 
respondents, and Notice of frivolous disputes to consumers, 1,450 
respondents.
    Estimated average hours per response: Negative information notice, 
0.25 hour; Affiliate marketing: Notices to consumers, 18 hours, and 
Consumer opt-out response, 0.08 hour; Identity theft red flags, 37 
hours; Address discrepancies, 4 hours; Risk-based pricing: Notice to 
consumers, 5 hours; Furnisher duties: Policies and procedures, 40 
hours, and Notice of

[[Page 10071]]

frivolous disputes to consumers, 0.23 hour.
    Estimated annual burden hours: Negative information notice, 363 
hours; Affiliate marketing: Notices to consumers, 24,858 hours, and 
Consumer opt-out response, 125,027 hours; Identity theft red flags, 
81,622 hours; Address discrepancies, 5,800 hours; Risk-based pricing: 
Notice to consumers, 87,000 hours; Furnisher duties: Policies and 
procedures, 58,000 hours, and Notice of frivolous disputes to 
consumers, 140,737 hours.
    General description of report: The FCRA was enacted in 1970 based 
on a Congressional finding that the banking system is dependent on fair 
and accurate credit reporting.\2\ 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.\3\ The Dodd-Frank Wall 
Street Reform and Consumer Protection Act (Dodd-Frank Act), enacted in 
2010, transferred to the Bureau most, but not all, of the rulemaking 
authority for issuing regulations under the FCRA.\4\ 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 consumers' 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 
agency's respective enforcement authority.\5\ The Board and Federal 
Trade Commission (FTC) also retained rulemaking authority for certain 
provisions of the FCRA applicable to motor vehicle dealers.\6\ In 
addition, the Board is authorized to enforce compliance with the 
information collection requirements contained in the Bureau's FCRA 
regulations applicable to institutions\7\ identified in 15 U.S.C. 
1681s(b)(1)(A)(ii) with $10 billion or less in assets, and applicable 
to consumers of these institutions.
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    \2\ The FCRA is one part of the Consumer Credit Protection Act, 
which also includes the Truth in Lending Act, Equal Credit 
Opportunity Act, and Fair Debt Collection Practices Act. See 15 
U.S.C. 1601 et seq.
    \3\ See 15 U.S.C. 1681.
    \4\ The Bureau and the Board each have issued regulations 
implementing the FCRA. On December 21, 2011, the Bureau published an 
interim final rule establishing a new Regulation V. See 76 FR 79308 
(Dec. 21, 2011), implementing the Bureau's FCRA regulations in 12 
CFR part 1022. The information collection provisions in the Bureau's 
FCRA regulations are contained in Appendix B to 12 CFR part 1022; 
and in 12 CFR 1022.20-.27, 1022.40-.43, 1022.70-.75, and 1022.82. 
The Board's FCRA regulations are implemented in the Board's 
Regulation V. See 12 CFR part 222. The information collection 
provisions in the Board's FCRA regulations applicable to 
institutions for which the Board has primary enforcement authority 
are contained in 12 CFR 222.90-.91.
    \5\ See section 1088(a)(10) of the Dodd-Frank Act, 15 U.S.C. 
1681s(b) & (e); see also 15 U.S.C. 1681m and 1681w.
    \6\ See section 1029 of the Dodd-Frank Act, 12 U.S.C. 5519(a) & 
(c), which provides generally that rulemaking authority for 
provisions of the federal consumer financial laws, including the 
FCRA, applicable to certain motor vehicle dealers are not within the 
Bureau's jurisdiction and must be implemented in regulations issued 
by the Board or the FTC. The FTC accounts for the PRA burden for 
motor vehicle dealers' compliance with the FCRA regulations. See, 
e.g., 78 FR 16265, 16266 n. 11 (Mar. 14, 2013).
    \7\ Pursuant to the Dodd-Frank Act, for certain federal consumer 
financial laws, the Bureau has primary enforcement authority over 
the Bureau's FCRA regulations with respect to, among other entities, 
insured depository institutions (banks and savings associations) 
with over $10 billion in assets and any affiliates thereof. See 12 
U.S.C. 5515; see also 12 U.S.C. 5514(a) and 5516. However, the Board 
retained enforcement authority over the Bureau's FCRA regulations 
with respect to depository institutions identified in 15 U.S.C. 
1681s(b)(1)(A)(ii) with $10 billion or less in assets and consumers 
of these institutions. See 15 U.S.C. 1681s(b); and 12 U.S.C. 5515.
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    Legal authorization and confidentiality:
    As amended by sections 1025 and 1088(a)(10) of the Dodd-Frank Act, 
the Board is authorized to enforce compliance with the information 
collection requirements contained in the Bureau's FCRA regulations 
(Appendix B to 12 CFR part 1022; and 12 CFR 1022.20-.27, 1022.40-.43, 
1022.70-.75, and 1022.82) applicable to institutions identified in 15 
U.S.C. 1681s(b)(1)(A)(ii) with $10 billion or less in assets, and 
applicable to consumers of these institutions (See 15 U.S.C. 1681s(b); 
12 U.S.C. 5515). Additionally, pursuant to section 1088(a)(2) and (10) 
of the Dodd-Frank Act, the Board retained authority under the FCRA to 
prescribe and enforce the information collection requirements in the 
Board's FCRA regulations relating to identity theft red flags (12 CFR 
222.90-.91) for institutions of any size, which are identified in 15 
U.S.C. 1681s(b)(1)(A)(ii) (See 15 U.S.C. 1681m(e), and 1681s(b) and 
(e)).
    The obligation to comply with the foregoing recordkeeping and 
disclosure requirements contained in the FCRA regulations prescribed by 
the Board and the FCRA regulations prescribed by the Bureau is 
mandatory, except for the consumer opt-out responses, which consumers 
are required to submit to affiliates of an institution in order to 
obtain a benefit (i.e., to stop receiving solicitations for marketing 
purposes). Because the records and disclosures required under the 
Board's FCRA regulations and the Bureau's FCRA regulations are not 
provided to the Board, and because all records are maintained at Board-
supervised institutions, no issue of confidentiality generally arises 
under the Freedom of Information Act (FOIA). In the event such records 
or disclosures are obtained by the Board as part of an examination or 
supervision of a financial institution, this information is considered 
confidential pursuant to exemption 8 of the FOIA, which protects 
information contained in ``examination, operating, or condition 
reports'' obtained in the bank supervisory process (5 U.S.C. 
552(b)(8)). In addition, certain information (such as records generated 
during the investigation of a direct dispute notice submitted by a 
consumer) may also be withheld under exemption 6 of the FOIA, which 
protects from disclosure information that ``would constitute a clearly 
unwarranted invasion of personal privacy'' (5 U.S.C. 552(b)(6)).

    Board of Governors of the Federal Reserve System, March 14, 
2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-05095 Filed 3-18-19; 8:45 am]
BILLING CODE 6210-01-P