The FTC, OCC, Board, FDIC, OTS, and
NCUA (Agencies) have published final regulations and guidelines to
implement the accuracy and integrity provisions in section 312 of
the Fair and Accurate Credit Transactions Act of 2003 (FACT Act).
The regulations and guidelines implement the requirement that the
Agencies issue guidelines for use by furnishers regarding the
accuracy and integrity of the information about consumers that they
furnish to consumer reporting agencies and prescribe regulations
requiring furnishers to establish reasonable policies and
procedures for implementing the guidelines.
In actuality, estimated burden
hours have increased from the proposed regulations to the final
regulations, not on account of increased requirements, but, rather,
having factored in public comments about the prior estimates. For
the ICs pertaining to the proposed regulations, the FTC previously
estimated 67,935 hours, and those ICs were attributable to the Fair
and Accurate Credit Transactions Act of 2003 ("FACT Act")
amendments to the Fair Credit Reporting Act of 1970 ("FCRA"). For
the final rule, the FTC's estimates were increased to 95,039 hours.
As before, the ICs tie to the FACT Act amendments to the FCRA.
Moreover, for the final regulations, we have reorganized in ROCIS
the LOBs reflective of the new regulation sections to which they
pertain (16 CFR sections 660.3 and 660.4). Thus, notwithstanding
the ROCIS forced mathematical results appearing above under the
"ICR Summary of Burden" that show decreases under "Agency
Discretion," the reality is that the ICs have been partially
reorganized and reclassified for the final rule and any changes in
estimates have been to increase, not decrease, them (specifically,
average time per respondent and average time per notice). As
demonstrated further in the Supporting Statement, the average
burden per respondent to implement written procedures under 16 CFR
660.3 to ensure accuracy of information is increased to 9.33 hours
from the prior 8.33 hour estimate (25 hrs. per respondent
annualized over a projected 3 year PRA clearance) for the proposed
regulations. For the NPRM submission, however, we then paired that
estimate with an estimate for the separate section 660.4
requirement to amend procedures to handle disputes received
directly from consumers in the same manner as disputes received
from CRAs. Thus, the comparison in ROCIS somewhat misleadingly
becomes 9.33 hours for the final regulations versus 9.67 hours,
instead of 9.33 versus 8.33. It is more appropriate, however, to
keep these sections separate in fashioning appropriate ICs, as we
now do in presenting them in this instant submission. Moreover, the
estimate for that separate section 660.4 requirement to amend
procedures to handle direct disputes in the same manner as disputes
received from CRAs has actually increased, from 1.33 hours per
respondent (annualized over a projected 3-year PRA clearance) to
2.67 hours. To the same effect, the estimate for implementing the
new dispute notice requirement, also under section 660.4, has been
increased from 1.33 hours per respondent to 2.67 hours. Finally, in
response to public comment, the FTC has also increased its estimate
of the time to prepare a notice to consumers that a dispute is
frivolous or irrelevant. Previously, that estimate per notice was 5
minutes; now it is 14 minutes. The bases behind these estimates and
their increases are further detailed in the Supporting
Statement.
$15,750
No
No
No
Uncollected
No
Uncollected
Pavneet Singh
2023263015
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
FACTA 312 Supplemental SS for Final Rule_mtd.pdf
Time to prepare a sec.660.4 notice of frivolous or irrelevant dispute