Regulation B (Equal Credit Opportunity)

ICR 201803-3084-001

OMB: 3084-0087

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2018-07-19
ICR Details
3084-0087 201803-3084-001
Active 201504-3084-002
FTC
Regulation B (Equal Credit Opportunity)
Extension without change of a currently approved collection   No
Regular
Approved without change 09/11/2018
Retrieve Notice of Action (NOA) 07/26/2018
  Inventory as of this Action Requested Previously Approved
09/30/2021 36 Months From Approved 09/30/2018
158,570,227 0 177,895,318
1,797,798 0 1,879,423
0 0 0

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.

US Code: 15 USC 1691 et seq. Name of Law: Equal Credit Opportunity Act
   PL: Pub.L. 111 - 203 1024, 1029, 1061, 1100E Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
  
PL: Pub.L. 111 - 203 1024, 1029, 1061, 1085 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

Not associated with rulemaking

  83 FR 14273 04/03/2018
83 FR 35477 07/26/2018
No

  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 158,570,227 177,895,318 0 0 -19,325,091 0
Annual Time Burden (Hours) 1,797,798 1,879,423 0 0 -81,625 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$347,220
No
    No
    No
No
Yes
No
Uncollected
Carole Reynolds 202 326-3230 creynolds@ftc.gov

  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.
07/26/2018


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