Report of Terms of Credit Card Plans (FR 2572)

Forms and Documents

Document Name	Status
Form FR-2572 Report of Terms of Credit Card Plans Form	Modified
3170-0001 (TCCP) Supporting Statement 30 day FRN OMB.pdf Supporting Statement A	2019-05-29

IC Document Collections

IC ID	Document Title	Status
36266	Report of Terms of Credit Card Plans Form	Modified

ICR Details

OMB Control No: 3170-0001	ICR Reference No: 201905-3170-004
Status: Active	Previous ICR Reference No: 201602-3170-001
Agency/Subagency: CFPB	Agency Tracking No:
Title: Report of Terms of Credit Card Plans (FR 2572)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 08/05/2019
	Date Received in OIRA: 05/29/2019
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2022	36 Months From Approved	08/31/2019
Responses	490	0	300
Time Burden (Hours)	63	0	75
Cost Burden (Dollars)	0	0	0

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Abstract: Form FR 2572 collects data on credit card pricing and availability from a sample of at least 150 financial institutions that offer credit cards. The data enable the Bureau of Consumer Financial Protection (Bureau) to present information to the public on terms of credit card plans. The Bureau has introduced an online channel for submission that has driven down burden costs for participating institutions.

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Authorizing Statute(s): PL: Pub.L. 100 - 583 5 Name of Law: Fair Credit and Charge Card Disclosure Act of 1988, as amended
   PL: Pub.L. 111 - 203 1100A Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
   US Code: 15 USC 1646(b) Name of Law: Truth in Lending Act
  

Citations for New Statutory Requirements: None

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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:
	84 FR 10301	03/20/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 24764	05/29/2019
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Report of Terms of Credit Card Plans	FR-2572	REPORT OF TERMS OF CREDIT CARD PLANS

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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	490	300	0	140	50	0
Annual Time Burden (Hours)	63	75	0	-12	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	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: Yes

Burden Reduction Due to: Changing Forms

Short Statement: As discussed in section 12 of the Supporting Statement, in order for the Bureau to obtain the statutorily mandated 150 responses, it sends out at least 175 surveys. Therefore, the Bureau requests enough annual burden to send the survey to 175 respondents semi-annually. The Bureau estimates that the introduction of Collect will lower the total industry burden by 11 hours per year. There is a net burden reduction of approximately 12 hours; however, 2 hours are added due to adding a nominal one-time burden for registering for the Collect system. The Bureau expects that those respondents who use the Collect system will save about 5 minutes per response (e.g., 15 minutes per response for the paper form verses about 10 minutes per response when using the Collect system).

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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: 05/29/2019

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