[Federal Register Volume 87, Number 100 (Tuesday, May 24, 2022)]
[Notices]
[Pages 31538-31539]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-11142]


-----------------------------------------------------------------------

BUREAU OF CONSUMER FINANCIAL PROTECTION

[Docket No. CFPB-2022-0032]


Agency Information Collection Activities: Comment Request

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice and request for comment.

-----------------------------------------------------------------------

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

DATES: Written comments are encouraged and must be received on or 
before July 25, 2022 to be assured of consideration.

ADDRESSES: You may submit comments, identified by the title of the 
information

[[Page 31539]]

collection, OMB Control Number (see below), and docket number (see 
above), by any of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     Email: [email protected]. Include Docket No. CFPB-
2022-0032 in the subject line of the email.
     Mail/Hand Delivery/Courier: Comment Intake, Consumer 
Financial Protection Bureau (Attention: PRA Office), 1700 G Street NW, 
Washington, DC 20552. Please note that due to circumstances associated 
with the COVID-19 pandemic, the Bureau discourages the submission of 
comments by mail, hand delivery, or courier. 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 Anthony May, PRA Officer, at (202) 435-7278, or email: 
[email protected]. If you require this document in an alternative 
electronic format, please contact [email protected]. Please 
do not submit comments to these email boxes.

SUPPLEMENTARY INFORMATION: 
    Title of Collection: Equal Credit Opportunity Act (Regulation B).
    OMB Control Number: 3170-0013.
    Type of Review: Extension of a currently approved information 
collection.
    Affected Public: Private sector: businesses or other for-profits.
    Estimated Number of Respondents: 82,666,000.
    Estimated Total Annual Burden Hours: 1,220,992.
    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. 
Additionally, 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 must inform applicants of 
decisions made on credit applications. Particularly 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 or learn how to become 
more creditworthy. Creditors must retain all application information 
for 25 months including notices that they sent, and any information 
related to adverse actions. The ECOA requires creditors who furnish 
applicant information to a consumer reporting agency to reflect 
participation of the applicant's spouse if the spouse is permitted to 
use or is 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.

Anthony May,
Paperwork Reduction Act Officer, Consumer Financial Protection Bureau.
[FR Doc. 2022-11142 Filed 5-23-22; 8:45 am]
BILLING CODE 4810-AM-P