[Federal Register Volume 87, Number 141 (Monday, July 25, 2022)]
[Notices]
[Pages 44115-44116]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-15816]


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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 the CFPB's 
and the Board's Regulations V (FR V; OMB No. 7100-0308).

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.
    Office of Management and Budget (OMB) Desk Officer for the Federal 
Reserve Board, 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, OMB delegated to the Board 
authority under the Paperwork Reduction Act (PRA) to approve and assign 
OMB control numbers to collections of information conducted or 
sponsored by the Board. Board-approved collections of information are 
incorporated into the official OMB inventory of currently approved 
collections of information. The OMB inventory, as well as copies of the 
PRA Submission, supporting statements, and approved collection of 
information instrument(s) are available at https://www.reginfo.gov/public/do/PRAMain. These documents are also available on

[[Page 44116]]

the Federal Reserve Board's public website at https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested 
from the agency clearance officer, whose name appears above.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, Without Revision, of the Following Information Collection

    Collection title: Recordkeeping and Disclosure Requirements 
Associated with the CFPB's and the Board's Regulations V.
    Collection identifier: FR V.
    OMB control number: 7100-0308.
    Frequency: Annually.
    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 Regulation V and (2) 
with $10 billion or less in assets and any affiliates thereof, for all 
other provisions.\1\
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    \1\ See 12 U.S.C. 5515 and footnote 7.
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    Estimated number of respondents: Negative information notice, 
1,361; Affiliate marketing notices: notices to consumers, 1,300; 
Affiliate marketing notices: consumer opt-out response, 267,860; 
Identity theft red flags, 2,495; Address discrepancies, 1,361; Risk 
based pricing notice to consumers, 1,361; Duties of furnishers of 
information: policies and procedures, 1,361; and Duties of furnishers 
of information: notices of frivolous disputes to consumers, 1,361.
    Estimated average hours per response: Negative information notice, 
0.25; Affiliate marketing notices: notices to consumers, 18; Affiliate 
marketing notices: consumer opt-out response, 0.08; Identity theft red 
flags, 37; Address discrepancies, 4; Risk based pricing notice to 
consumers, 5; Duties of furnishers of information: policies and 
procedures, 40; and Duties of furnishers of information: notices of 
frivolous disputes to consumers, 0.23.
    Estimated annual burden hours: Negative information notice, 340; 
Affiliate marketing notices: notices to consumers, 23,400; Affiliate 
marketing notices: consumer opt-out response, 21,429; Identity theft 
red flags, 92,315; Address discrepancies, 5,444; Risk based pricing 
notice to consumers, 81,660; Duties of furnishers of information: 
policies and procedures, 54,440; and Duties of furnishers of 
information: notices of frivolous disputes to consumers, 132,099.
    General description of report: The Consumer Financial Protection 
Bureau's (CFPB) Regulation V \2\ and the Board's Regulation V \3\ 
(collectively ``FR V Regulations'') implement in part the Fair Credit 
Reporting Act (FCRA), which was enacted in 1970 based on a 
Congressional finding that the banking system is dependent on fair and 
accurate credit reporting.\4\ The FCRA was enacted to ensure consumer 
reporting agencies exercise their responsibilities with fairness, 
impartiality, and a respect for the consumer's right to privacy. 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.\5\
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    \2\ 12 CFR part 1022.
    \3\ 12 CFR part 222.
    \4\ 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.
    \5\ See 15 U.S.C. 1681.
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    Legal authorization and confidentiality: The FR V is authorized by 
sections 1025 and 1088(a)(2) and (10) of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (Dodd-Frank Act). Under the FCRA, 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 CFPB's FCRA regulations \6\ 
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.\7\ 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 \8\ for 
institutions identified in 15 U.S.C. 1681s(b)(1)(A)(ii) of any size.\9\ 
The obligation to comply with the FR V is mandatory, except for the 
consumer opt-out responses, which consumers are required to submit in 
order to obtain a benefit.
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    \6\ Appendix B to 12 CFR part 1022; and 12 CFR 1022.20-.27, 
1022.40-.43, 1022.70-.75, and 1022.82.
    \7\ See 15 U.S.C. 1681s(b); 12 U.S.C. 5515.
    \8\ 12 CFR 222.90-.91.
    \9\ See 15 U.S.C. 1681m(e), and 1681s(b) and (e).
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    The notices, records, and disclosures included in the FR V are not 
provided to the Federal Reserve, but are maintained at Board-supervised 
institutions. As such, no issue of confidentiality generally arises 
under the Freedom of Information Act (FOIA). In the event such notices, 
records, or disclosures are obtained by the Board as part of an 
examination or supervision of a financial institution, this information 
may be 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.\10\ In 
addition, certain information (such as direct dispute notices regarding 
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.'' \11\
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    \10\ 5 U.S.C. 552(b)(8).
    \11\ 5 U.S.C. 552(b)(6).
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    Current actions: On February 14, 2022, the Board published a notice 
in the Federal Register (87 FR 8246) requesting public comment for 60 
days on the extension, without revision, of the FR V. The comment 
period for this notice expired on April 15, 2022. The Board did not 
receive any comments.

    Board of Governors of the Federal Reserve System, July 19, 2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-15816 Filed 7-22-22; 8:45 am]
BILLING CODE 6210-01-P