The Federal Trade Commission (FTC)
seeks renewed clearance for the information collection requirements
associated with the enforcement of the Consumer Financial
Protection Bureau's (CFPB) Regulation B. The Regulation, 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 CFPB
and the 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. In 2023, the CFPB amended Regulation
B, to create Subparts A and B, in implementing amendments mandated
by Section 1071 of the Dodd Frank Act, 12 U.S.C. 1691c-2,
pertaining to small business lending, including for small
businesses owned by women or minorities. As a result, Regulation B,
Subpart A, now contains the prior Regulation B requirements;
Regulation B, Subpart B, contains the new small business lending
requirements. There are no other changes in the recordkeeping or
disclosure requirements.
For Subpart A, the labor costs
are adjusted upward to reflect updated BLS wage data. Subpart B
information collections are the result of a program change required
by the Dodd-Frank Act, Section 1071, and the CFPB’s implementation
of amended Regulation B, which derives from those statutory
changes, as addressed in our responses to #1-2 and #12-13 in the
Supporting Statement.
$844,763
No
No
No
No
Yes
No
No
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.
Regulation B - SS - 2024 - FINAL.pdf
General recordkeeping for credit firms