Disclosure Requirements Associated with Regulation V

Forms and Documents

Document Name	Status
RegV_R1300.FACTA312_20090720.omb.doc Supporting Statement A	2009-07-22
RegV_R1300.FACTA312_20071129.pr.pdf Supplementary Document	2008-09-05

IC Document Collections

IC ID	Document Title	Status
36366	Reg V - CRA notice (Section 217)	Unchanged
186454	Reg V - CRA Irrelevant dispute notices (Section 312)	New
186453	Reg V - CRA Policy & procedures (Section 312)	New
183354	Reg V - Identity Theft Red Flags and Address Discrepancies (Sections 114 and 315)	Unchanged
182766	Reg V - Affiliate Marketing Consumer Response (Section 214)	Unchanged
182765	Reg V - Affiliate Marketing Financial Institution opt-out notice (Section 214)	Unchanged

ICR Details

OMB Control No: 7100-0308	ICR Reference No: 200809-7100-002
Status: Historical Active	Previous ICR Reference No: 200801-7100-004
Agency/Subagency: FRS	Agency Tracking No: Reg V FACTA 312 (R-1300)
Title: Disclosure Requirements Associated with Regulation V
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/22/2009
	Date Received in OIRA: 07/22/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2010	11/30/2010	11/30/2010
Responses	1,285,309	0	672,171
Time Burden (Hours)	345,564	0	155,892
Cost Burden (Dollars)	0	0	0

---

Abstract: On December 13, 2007, the Federal Reserve published a joint notice of proposed rulemaking (72 FR 70944) to implement the provisions in section 312 of the Fair and Accurate Credit Transactions Act (FACT Act) of 2003, which amends the FCRA. As required by section 312, the agencies are proposing guidelines for use by entities that furnish information about consumers to a CRA regarding the accuracy and integrity of the information that they furnish. The agencies are also proposing regulations that would require each entity that furnishes information to a CRA to establish reasonable policies and procedures for implementing the guidelines. The comment period for this notice expired on February 11, 2008. The agencies received four comments from industry groups that specifically addressed paperwork burden. In general, the commenters asserted that the hourly estimate of the cost of compliance should be considerably higher than the agencies projected. The commenters did not provide specific estimates of additional burden hours that would result from the proposal. In response to those comments, the agencies increased the burden estimate attributable to updating respondent’s policy and procedures discussed in the estimate of respondent burden section below. As discussed in the supplemental information section of the final rulemaking, the agencies recognized that a ‘‘one-size-fits all’’ approach for implementing the guidelines is inappropriate. The final rule specifies that a furnisher’s policies and procedures must be appropriate to the nature, size, complexity, and scope of the furnisher’s activities. The agencies expect that the written policies and procedures for a small retail entity will differ substantially from, and be significantly less complex than, those of a multi-billion dollar financial services company. On July 1, 2009, a joint notice of final rulemaking was published in the Federal Register adopting the amendments largely as proposed, with mandatory compliance by July 1, 2010 (74 FR 31484).

---

Authorizing Statute(s): PL: Pub.L. 108 - 159 Secs 3 and 214 Name of Law: Fair Credit Reporting Act
   US Code: 15 USC 1681 Name of Law: Fair Credit Reporting Act
  

Citations for New Statutory Requirements: US Code: 15 USC 1681 Name of Law: Fair Credit Reporting Act

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AD18	Final or interim final rulemaking	74 FR 31484	07/01/2009

---

Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? Yes

---

Number of Information Collection (IC) in this ICR: 6

IC Title	Form No.	Form Name
Reg V - Affiliate Marketing Financial Institution opt-out notice (Section 214)
Reg V - Affiliate Marketing Consumer Response (Section 214)
Reg V - CRA Irrelevant dispute notices (Section 312)
Reg V - CRA notice (Section 217)
Reg V - Identity Theft Red Flags and Address Discrepancies (Sections 114 and 315)
Reg V - CRA Policy & procedures (Section 312)

---

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	1,285,309	672,171	613,138	0	0	0
Annual Time Burden (Hours)	345,564	155,892	189,672	0	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: No

Burden Reduction Due to:

Short Statement:

---

Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

---

Common Form ICR:  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:

(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: 07/22/2009

---