Recordkeeping and Disclosure Requirements in Connection with Regulation B (Equal Credit Opportunity)

Forms and Documents

Document Name	Status
FR2-0085 Regulation B 82 FR 45285 September 28 2017.pdf Supplementary Document	2017-09-28
FR1-0085 Recordkeeping and Disclosure Requiremtns Regulation B 82 FR 31325 July 6 2017.pdf Supplementary Document	2017-09-19
SPST-0085 Reg B 2017 Extension.doc Supporting Statement A	2017-09-19

IC Document Collections

IC ID	Document Title	Status
31837	Recordkeeping and Disclosure Requirements in Connection with Regulation B (Equal Credit Opportunity)	Removed
228381	Record Retention (Self-Testing) (1002.12(b)(6))	New
228380	Record Retention (Applications, Actions, Pre-Screened Solicitations) (1002.12)	New
228378	Notice of Right to Appraisal (1002.14(a)(2))	New
228377	Disclosure of Information Collected for Monitoring Purposes (1002.13(c))	New
228376	Appraisal Report (1002.14(a)(1))	New
228374	Notification (1002.9)	New
228373	Disclosure for Optional Self-Test (1002.5)	New
228372	Demographic Information Collected for Monitoring Purposes (1002.13 (a) & (b))	New
228371	Credit Reporting History (1002.10)	New

ICR Details

OMB Control No: 3064-0085	ICR Reference No: 201702-3064-014
Status: Historical Active	Previous ICR Reference No: 201403-3064-007
Agency/Subagency: FDIC	Agency Tracking No:
Title: Recordkeeping and Disclosure Requirements in Connection with Regulation B (Equal Credit Opportunity)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/25/2017
	Date Received in OIRA: 09/28/2017
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2020	36 Months From Approved	11/30/2017
Responses	15,270,865	0	4,398
Time Burden (Hours)	495,113	0	602,389
Cost Burden (Dollars)	33,989,536	0	0

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Abstract: The requirements for this collection are contained in Regulation B – Equal Credit Opportunity, 12 C.F.R. Part 1202, issued by the Consumer Financial Protection Bureau (“CFPB”) pursuant to title VII (Equal Credit Opportunity Act) of the Consumer Credit Protection Act, as amended (15 U.S.C. 1601 et seq.). Section 1691(c) of the Equal Credit Opportunity Act (ECOA) designates the FDIC as having enforcement responsibilities in the case of state nonmember banks and state savings associations. ECOA and Regulation B prohibit discrimination in any aspect of a credit transaction because of race, color, religion, national origin, sex, martial status, age, receipt of public assistance, or having exercised a right under the Consumer Credit Protection Act. To aid in implementation of this prohibition, the statute and regulation also subject creditors to various mandatory disclosure requirements, notification provisions, credit history reporting, monitoring rules, and record keeping requirements. These requirements are triggered by specific events and disclosures must be provided within the time periods established by ECOA and the regulation.

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Authorizing Statute(s): US Code: 15 USC 1691(b) and (c) Name of Law: Equal Credit Opportunity Act
  

Citations for New Statutory Requirements: US Code: 12 USC 5301 et seq. Name of Law: Dodd-Frank Wall Street Reform And Consumer Protection Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 31325	07/06/2017
30-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 45285	09/28/2017
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 9

IC Title	Form No.	Form Name
Demographic Information Collected for Monitoring Purposes (1002.13 (a) & (b))
Record Retention (Applications, Actions, Pre-Screened Solicitations) (1002.12)
Credit Reporting History (1002.10)
Notification (1002.9)
Record Retention (Self-Testing) (1002.12(b)(6))
Notice of Right to Appraisal (1002.14(a)(2))
Disclosure for Optional Self-Test (1002.5)
Disclosure of Information Collected for Monitoring Purposes (1002.13(c))
Recordkeeping and Disclosure Requirements in Connection with Regulation B (Equal Credit Opportunity)
Appraisal Report (1002.14(a)(1))

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	15,270,865	4,398	0	0	15,266,467	0
Annual Time Burden (Hours)	495,113	602,389	0	0	-107,276	0
Annual Cost Burden (Dollars)	33,989,536	0	0	0	33,989,536	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 09/28/2017

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