Regulation V, subpart N

Forms and Documents

Document Name	Status
Reg. V, Subpart N Supporting Statement - 2022 -FINAL.pdf Supporting Statement A	2022-02-18

IC Document Collections

IC ID	Document Title	Status
204734	Instructions to consumers	Modified
204733	Automated redirects to accompany mail requests with identifying info	Modified
204732	Requesting an annual file through U.S. postal service mail	Modified
204730	Annual file disclosures provided via Internet	Modified
204729	Annual file disclosures processed by automated phone requests	Modified
204724	Negotiating contracts for services to handle phone requests	Modified
204723	Negotiating contracts for services to handle internet requests	Modified

ICR Details

OMB Control No: 3084-0128	ICR Reference No: 202202-3084-002
Status: Received in OIRA	Previous ICR Reference No: 201811-3084-001
Agency/Subagency: FTC	Agency Tracking No:
Title: Regulation V, subpart N
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 02/24/2022

	Requested	Previously Approved
Expiration Date	36 Months From Approved	02/28/2022
Responses	32,792,650	31,209,475
Time Burden (Hours)	192,721	176,359
Cost Burden (Dollars)	6,227,100	5,677,650

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Abstract: The FTC seeks renewed three-year clearance for the FTC's shared enforcement with the Consumer Financial Protection Bureau of the disclosure requirements in subpart N of Regulation V.

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Authorizing Statute(s): Statute at Large: 123 Stat. 1734 Name of Statute: Credit Card Accountability Responsibility and Disclosure Act of 2009
   US Code: 16 USC 1681 Name of Law: Fair Credit Reporting Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 1029 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:
	86 FR 63387	11/16/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 10365	02/24/2022
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 7

IC Title	Form No.	Form Name
Annual file disclosures processed by automated phone requests
Annual file disclosures provided via Internet
Automated redirects to accompany mail requests with identifying info
Instructions to consumers
Negotiating contracts for services to handle internet requests
Negotiating contracts for services to handle phone requests
Requesting an annual file through U.S. postal service mail

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ICR Summary of Burden

	Total Request	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	32,792,650	31,209,475	0	0	1,583,175	0
Annual Time Burden (Hours)	192,721	176,359	0	0	16,362	0
Annual Cost Burden (Dollars)	6,227,100	5,677,650	0	0	549,450	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: The updated burden estimates present increases of 16,362 hours and $512,046 in labor costs over the currently cleared FTC burden totals, after the halving for shared interagency enforcement. The modest increase in hours and labor costs are attributable to an increase of the projected number of requests for free annual file disclosures and an increase in hourly labor rates. The non-labor/capitol costs would rise by $549,450 because the number of requests for free file disclosures is expected to rise based on population increases.

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Annual Cost to Federal Government: $95,000

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? No

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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: 02/24/2022

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