Report of Terms of Credit Card Plans (FR 2572)

ICR 201905-3170-004

OMB: 3170-0001

Federal Form Document

Forms and Documents
IC Document Collections
IC ID
Document
Title
Status
36266 Modified
ICR Details
3170-0001 201905-3170-004
Active 201602-3170-001
CFPB
Report of Terms of Credit Card Plans (FR 2572)
Revision of a currently approved collection   No
Regular
Approved without change 08/05/2019
Retrieve Notice of Action (NOA) 05/29/2019
  Inventory as of this Action Requested Previously Approved
08/31/2022 36 Months From Approved 08/31/2019
490 0 300
63 0 75
0 0 0

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.

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
  
None

Not associated with rulemaking

  84 FR 10301 03/20/2019
84 FR 24764 05/29/2019
Yes

1
IC Title Form No. Form Name
Report of Terms of Credit Card Plans FR-2572 REPORT OF TERMS OF CREDIT CARD PLANS

  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
No
Yes
Changing Forms
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).

$0
No
    No
    No
No
Yes
No
Uncollected
Darrin King 202-693-4129 King.Darrin@dol.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.
05/29/2019


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