Regulation B, among other things,
requires entities that regularly extend credit to retain records
sufficient to show compliance with the Regulation, to provide
applicants with information about adverse credit actions, and to
give notice to mortgage credit applicants regarding appraisal
reports. Given their generally shared enforcement jurisdiction for
Regulation B under the Dodd-Frank Act, the Bureau of Consumer
Financial Protection (“BCFP”) and the Federal Trade Commission
("FTC") have divided the FTC’s previously cleared PRA burden
between them, except that the FTC has wholly assumed all of the
burden estimates associated with motor vehicle dealers and is also
doing so, when appropriate, regarding estimated burden for
state-chartered credit unions. This clearance renewal request
reflects these considerations in addition to updating the FTC
estimates based on evolving market conditions.
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.