[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