[Federal Register Volume 84, Number 116 (Monday, June 17, 2019)]
[Notices]
[Pages 28052-28054]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-12694]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is adopting 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.
FOR FURTHER INFORMATION CONTACT:
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.
Office of Management and Budget (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.
SUPPLEMENTARY INFORMATION: On June 15, 1984, the 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. Board-approved
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collections of information are incorporated into the official OMB
inventory of currently approved collections of information. Copies of
the PRA Submission, supporting statements, and approved collection of
information instrument(s) are placed into OMB's public docket files.
The Board may not conduct or sponsor, and the respondent is not
required to respond to, an information collection that has been
extended, revised, or implemented on or after October 1, 1995, unless
it displays a currently valid OMB control number.
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, Without Revision, of 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 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 (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 sections 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
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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) also may 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)).
Current actions: On March 19, 2019, the Board published a notice in
the Federal Register (84 FR 10070) requesting public comment for 60
days on the extension, without revision, of the Recordkeeping and
Disclosure Requirements Associated with Regulation V (Fair Credit
Reporting) (FR V). The comment period for this notice expired on May
20, 2019. The Board did not receive any comments.
Board of Governors of the Federal Reserve System, June 11, 2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-12694 Filed 6-14-19; 8:45 am]
BILLING CODE 6210-01-P