[Federal Register Volume 87, Number 155 (Friday, August 12, 2022)]
[Notices]
[Pages 49810-49811]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-17362]


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

CONSUMER FINANCIAL PROTECTION BUREAU

[Docket No. CFPB-2022-0056]


Agency Information Collection Activities: Comment Request

AGENCY: Consumer Financial Protection Bureau.

ACTION: Notice and request for comment.

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

SUMMARY: In accordance with the Paperwork Reduction Act of 1995 (PRA), 
the Consumer Financial Protection Bureau (CFPB or Bureau) requests the 
extension of the Office of Management and Budget's (OMB's) approval of 
the existing information collection titled ``Equal Credit Opportunity 
Act (Regulation B)'' approved under OMB Control Number 3170-0013.

DATES: Written comments are encouraged and must be received on or 
before September 12, 2022 to be assured of consideration.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function. 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, Paperwork Reduction Act Officer, at (202) 841-
0544, 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: 188,800.
    Estimated Total Annual Burden Hours: 1,259,448.
    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: The Bureau published a 60-day Federal 
Register notice on 5/24/2022 (87 FR 31538) under Docket Number: CFPB-
2022-0032. The Bureau is soliciting comments on: (a) Whether the 
collection of information is necessary for the proper performance of 
the functions of

[[Page 49811]]

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 submitted to OMB as part of its review of this request. All 
comments will become a matter of public record.

Anthony May,
Paperwork Reduction Act Officer, Consumer Financial Protection Bureau.
[FR Doc. 2022-17362 Filed 8-11-22; 8:45 am]
BILLING CODE 4810-AM-P