43680 Federal Register / Vol. 83, No. 166 / Monday, August 27, 2018 / Notices 

NOTIFICATION PROCEDURES: 

Direct inquiries as whether this 

system contains a record pertaining to 

an individual to the Privacy Act Officer, 

Federal Housing Finance Agency, 400 

7th Street SW, Washington, DC 20219, 

or privacy@fhfa.gov in accordance with 

the procedures set forth in 12 CFR part 

1204. 

EXEMPTIONS PROMULGATED FOR THE SYSTEM: 

None. 

HISTORY: 

The Reasonable Accommodation 

Information System (FHFA–18) system 

of records was last published in the 

Federal Register on August 9, 2012 (77 

FR 47641, 47646). 

Dated: August 21, 2018. 

Melvin L. Watt, 

Director, Federal Housing Finance Agency. 

[FR Doc. 2018–18411 Filed 8–24–18; 8:45 am] 

BILLING CODE 8070–01–P 

FEDERAL RESERVE SYSTEM 

Proposed Agency Information 

Collection Activities; Comment 

Request 

AGENCY: Board of Governors of the 

Federal Reserve System. 

ACTION: Notice, request for comment. 

SUMMARY: The Board of Governors of the 

Federal Reserve System (Board) invites 

comment on a proposal to implement a 

new information collection, the Report 

of Institution-to-Aggregate Granular 

Data on Assets and Liabilities on an 

Immediate Counterparty Basis (FR 

2510)(OMB No. 7100-to be assigned). 

DATES: Comments must be submitted on 

or before October 26, 2018. 

ADDRESSES: You may submit comments, 

identified by FR 2510, by any of the 

following methods: 

• Agency website: http://

www.federalreserve.gov. Follow the 

instructions for submitting comments at 

http://www.federalreserve.gov/apps/ 

foia/proposedregs.aspx. 

• Federal eRulemaking Portal: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. 

• Email: regs.comments@

federalreserve.gov. Include OMB 

number in the subject line of the 

message. 

• Fax: (202) 452–3819 or (202) 452– 

3102. 

• Mail: Ann E. Misback, Secretary, 

Board of Governors of the Federal 

Reserve System, 20th Street and 

Constitution Avenue NW, Washington, 

DC 20551. 

All public comments are available from 

the Board’s website at http://

www.federalreserve.gov/apps/foia/ 

proposedregs.aspx as submitted, unless 

modified for technical reasons. 

Accordingly, your comments will not be 

edited to remove any identifying or 

contact information. Public comments 

may also be viewed electronically or in 

paper form in Room 3515, 1801 K Street 

(between 18th and 19th Streets NW) 

Washington, DC 20006 between 9:00 

a.m. and 5:00 p.m. on weekdays. For 

security reasons, the Board requires that 

visitors make an appointment to inspect 

comments. You may do so by calling 

(202) 452–3684. Upon arrival, visitors 

will be required to present valid 

government-issued photo identification 

and to submit to security screening in 

order to inspect and photocopy 

comments. 

Additionally, commenters may send a 

copy of their comments to the OMB 

Desk Officer—Shagufta Ahmed—Office 

of Information and Regulatory Affairs, 

Office of Management and Budget, New 

Executive Office Building, Room 10235, 

725 17th Street NW, Washington, DC 

20503 or by fax to (202) 395–6974. 

FOR FURTHER INFORMATION CONTACT: A 

copy of the PRA OMB submission, 

including the proposed reporting form 

and instructions, supporting statement, 

and other documentation will be placed 

into OMB’s public docket files, once 

approved. These documents will also be 

made available on the Board’s public 

website at: http://

www.federalreserve.gov/apps/ 

reportforms/review.aspx or may be 

requested from the agency clearance 

officer, whose name appears below. 

Federal Reserve Board Clearance 

Officer—Nuha Elmaghrabi—Office of 

the Chief Data Officer, Board of 

Governors of the Federal Reserve 

System, Washington, DC 20551, (202) 

452–3829. Telecommunications Device 

for the Deaf (TDD) users may contact 

(202) 263–4869, Board of Governors of 

the Federal Reserve System, 

Washington, DC 20551. 

SUPPLEMENTARY INFORMATION: On June 

15, 1984, the Office of Management and 

Budget (OMB) delegated to the Board 

authority under the Paperwork 

Reduction Act (PRA) to approve and 

assign OMB control numbers to 

collection of information requests and 

requirements conducted or sponsored 

by the Board. In exercising this 

delegated authority, the Board is 

directed to take every reasonable step to 

solicit comment. In determining 

whether to approve a collection of 

information, the Board will consider all 

comments received from the public and 

other agencies. 

Request for Comment on Information 

Collection Proposal 

The Board invites public comment on 

the following information collection, 

which is being reviewed under 

authority delegated by the OMB under 

the PRA. Comments are invited on the 

following: 

a. Whether the proposed collection of 

information is necessary for the proper 

performance of the Board’s functions; 

including whether the information has 

practical utility; 

b. The accuracy of the Board’s 

estimate of the burden of the proposed 

information collection, including the 

validity of the methodology and 

assumptions used; 

c. Ways to enhance the quality, 

utility, and clarity of the information to 

be collected; 

d. Ways to minimize the burden of 

information collection on respondents, 

including through the use of automated 

collection techniques or other forms of 

information technology; and 

e. Estimates of capital or startup costs 

and costs of operation, maintenance, 

and purchase of services to provide 

information. 

At the end of the comment period, the 

comments and recommendations 

received will be analyzed to determine 

the extent to which the Board should 

modify the proposal prior to giving final 

approval. 

Proposal under OMB delegated 

authority to implement the following 

report: 

Report title: Report of Institution-toAggregate Granular Data on Assets and 

Liabilities on an Immediate 

Counterparty Basis. 

Agency form number: FR 2510. 

OMB control number: 7100-to be 

assigned. 

Frequency: Quarterly, beginning with 

the reporting period ending on March 

31, 2019. 

Reporters: Bank holding companies 

headquartered in the United States that 

are global systemically important bank 

holding companies (U.S. G–SIBs) under 

the Board’s rules. 

Estimated annual reporting hours: 

One-time implementation: 8,000 hours; 

ongoing: 18,176 hours. 

Estimated average hours per response: 

One-time implementation: 1,000 hours; 

ongoing: 568 hours. 

Number of respondents: 8 

General description of report: The 

proposed FR 2510 would collect 

granular exposure data on the assets, 

liabilities, and off-balance sheet 

holdings of U.S. G–SIBS, providing 


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Federal Register / Vol. 83, No. 166 / Monday, August 27, 2018 / Notices 43681 

1The instructions to the FFIEC 009 state that 

‘‘[t]he obligor on an immediate-counterparty basis 

is the entity that issued the security or otherwise 

incurred the liability. The obligor of a claim on an 

ultimate-risk basis is any person, business, 

institution, or instrument that provides any of the 

types of credit protection described in Section II.F, 

‘Required Risk Transfers’ and Section II.H 

‘Reporting Credit Derivatives.’ ’’ 

breakdowns by instrument, currency, 

maturity, and sector. The FR 2510 

would also collect data covering 

detailed positions for the top 35 

countries of exposure, broken out by 

instrument and counterparty sector, 

with limited further break outs by 

remaining maturity, subject to a $2 

billion minimum threshold for country 

exposure, on an immediate-counterparty 

basis, as reported in the consolidated 

Country Exposure Report of the Federal 

Financial Institutions Examination 

Council (FFIEC 009). Further, the report 

would collect information on financial 

derivatives by instrument type and 

foreign exchange derivatives by 

currency. The FR 2510 supports a more 

complete balance sheet analysis with 

richer details regarding common or 

correlated exposures and funding 

dependencies by providing more 

information about U.S. G–SIBs’ 

consolidated exposures and funding 

positions to different countries 

according to instrument, counterparty 

sector, currency, and remaining 

maturity. 

Proposed Information Collection: The 

proposed FR 2510 would implement in 

the U.S. an internationally-agreed 

common data template for G–SIBs 

(global I–A template) designed to 

facilitate the aggregation and analysis of 

consistent and comparable data from G– 

SIBs based in different jurisdictions. 

The FR 2510 would consist of three 

schedules that each U.S. G–SIB would 

submit quarterly. The schedules would 

include consolidated balance sheet 

information about the U.S. G–SIB, 

including the G–SIB’s foreign country 

exposures, broken out by instrument, 

currency, remaining maturity, 

counterparty country, and counterparty 

sector. The FR 2510 also would capture 

information on notional and fair-value 

amounts for financial derivatives and 

foreign exchange derivatives across 

underlying instruments and currencies. 

In implementing this internationallyagreed template for U.S. G–SIBs, the FR 

2510 is intended to build on, and 

complement, two existing data 

collections: the FFIEC 009 and the 

Consolidated Financial Statements for 

Holding Companies (FR Y 9C). Relative 

to the FFIEC 009 and FR Y–9C, the FR 

2510 would provide significantly more 

detail regarding the balance sheet and 

derivatives exposures of U.S. G–SIBs. 

This information would facilitate 

supervisory monitoring and analysis of 

common or correlated exposures and 

funding dependencies across G–SIBs. In 

doing so, the FR 2510 (together with 

corresponding collections in other 

jurisdictions) would provide valuable 

systemic information to supervisors and 

policymakers and a heightened focus on 

improving firms’ ability to aggregate and 

report their exposures and positions in 

a consistent, timely, and accurate 

manner. 

The proposed data collection has been 

developed in cooperation with the 

Financial Stability Board (FSB). 

Implementation is being coordinated 

with respective host-country 

jurisdictions for non-U.S. G–SIBs under 

the aegis of the Multilateral Framework, 

a memorandum of understanding that 

governs the provision and reporting of 

confidential G–SIB data under tight 

security to the International Data Hub 

(IDH) hosted by the Bank for 

International Settlements (BIS). Through 

this mechanism, data collected via the 

FR 2510 would be gathered and 

transmitted securely to the IDH. These 

data would be combined by the IDH 

with corresponding data from other 

jurisdictions, and would be used by the 

IDH to produce analytical reports that 

would provide unique and authoritative 

aggregation and comparison of these 

banks’ positions. 

For example, from a supervisory 

perspective, IDH reports would provide 

important comparative information 

across G–SIBs, detailed information on 

G–SIB exposures to central 

counterparties (CCPs) and fuller 

information than is otherwise available 

on how foreign banking organizations 

(FBOs) fund their U.S. operations. From 

a financial stability perspective, IDH 

reports help to reveal risks associated 

with key common counterparties (e.g., 

sovereign exposures) among G–SIBs, 

and illuminate volumes and patterns by 

which non-U.S. G–SIBs manage their 

dollar-based funding (and which in turn 

can have implications for dollar-based 

funding markets). The global I–A 

template would enhance that value by 

providing, for example, more detail on 

potential currency and maturity 

mismatches between assets and funding 

at the G–SIBs, which in turn could 

reveal emerging risk management needs 

at the individual institutions as well as 

the extent to which a crisis in a given 

currency might propagate through bank 

balance sheets. 

The global I–A template, which the 

FR 2510 would implement for U.S. G– 

SIBs, thus facilitates the compilation of 

consistent and comparable data from G– 

SIBs based in different jurisdictions. 

This template (and thus the FR 2510) 

was developed as a more detailed 

extension of, and complement to, 

existing aggregate data collections 

conducted by the BIS from national 

regulatory authorities for use in its 

Consolidated Banking Statistics (CBS). 

In the United States, these existing 

aggregated data are based on 

information collected using the FFIEC 

009. The Board presently transmits data 

it collects through the FFIEC 009 at the 

consolidated bank holding company 

level from the U.S. G–SIBs to the IDH. 

The proposal would expand this 

existing process to encompass a larger 

set of more granular data items. 

As noted, the FFIEC 009 and FR Y– 

9C regulatory reports provide limited 

information about the foreign exposures 

and foreign exchange risk of U.S. 

banking organizations. The FFIEC 009 

requires certain banks, savings 

associations, bank holding companies, 

savings and loan holding companies, 

and U.S. intermediate holding 

companies of foreign banks to report 

aggregate foreign exposure information 

on both an immediate-counterparty 

basis (on the basis of the country of 

residence of the borrower) and ultimaterisk basis (on the basis of the country of 

residence of any guarantor or collateral). 

The information reported on the FFIEC 

009 is broken out by counterparty 1 type, 

country, and sector, but without 

detailed information on the category of 

financial instrument. Rather, the 

information reported on the FFIEC 009 

represents a respondent’s aggregate 

exposure to all counterparties of a 

particular type in a jurisdiction, 

regardless of the form of the exposure. 

In addition, the FFIEC 009 only collects 

liabilities of respondents’ foreign 

domiciled offices and subsidiaries. The 

FR Y–9C requires bank holding 

companies to report more detailed 

balance sheet information than the 

FFIEC 009; however, the data reported 

on the FR Y 9C includes only limited 

break-outs of data by maturity and no 

break-outs of data by currency. 

The proposed FR 2510 represents 

significant simplifications compared to 

the previous draft versions shared with 

the industry (in 2012, 2013, 2014, and 

2015), including the removal of certain 

highly granular criteria that resulted in 

empty or not meaningful data. These 

revisions reflect lessons learned from 

the study itself, as well as feedback on 

costs and challenges received from the 

reporting G–SIBs, including through an 

industry meeting held in May 2015, and 

on expected benefits provided by 

potential users in July 2015. 


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43682 Federal Register / Vol. 83, No. 166 / Monday, August 27, 2018 / Notices 

Data collected in the FR 2510 would 

facilitate the aggregation and analysis of 

data from G–SIBs based in different 

jurisdictions. Key examples of tangible 

near-term products that the Federal 

Reserve, other U.S. supervisors, and the 

IDH would be able to produce with the 

data from the FR 2510 include: 

• Aggregate and comparative reports 

across G–SIBs showing potential 

currency or maturity imbalances 

covering the full balance sheet (except 

derivatives); 

• An assessment of G–SIBs’ funding 

needs; and 

• An assessment of the concentration 

at the country, sector, or instrument 

level. 

Such products would provide 

significant value, both for supervision of 

U.S. G–SIBs and for broader analysis of 

the global financial system. 

Detailed Discussion of Proposed FR 

2510 Report 

Relative to existing data sources, the 

FR 2510 report would support a more 

complete balance-sheet analysis of 

common or correlated exposures and 

funding dependencies by providing 

more information about reporting 

banking organizations’ consolidated 

exposures to, and funding positions 

with, different countries according to 

instrument, counterparty sector, 

currency, and remaining maturity. The 

FR 2510 would be used in conjunction 

with other regulatory and statistical 

reports. Definitions and structure of the 

FR 2510, to the extent possible, have 

been aligned for U.S. implementation 

with these other U.S. regulatory and 

statistical reports to minimize reporting 

burden on U.S. respondents and to 

maximize analytical consistency with 

existing U.S. reports. These other 

reports include the FFIEC 009, the FR 

Y–9C, the Banking Organization 

Systemic Risk Report (FR Y–15), the 

Complex Institution Liquidity 

Monitoring Report (FR 2052a), and the 

Semiannual Report of Derivatives 

Activity (FR 2436). 

The FR 2510 would be comprised of 

three schedules that would give a full 

view of the reporting banking 

organization’s operations and risks. An 

overview of the proposed information 

that would be collected in these three 

schedules is provided below. 

(1) The I–A Immediate Counterparty 

Schedule 

The I–A Immediate Counterparty 

schedule (I–A IC) would be the report’s 

main schedule. This draft schedule 

would capture information on banking 

organizations’ asset positions, liability 

positions, and contingent liabilities on a 

combination of the following five 

dimensions: 

(1) Instrument, 

(2) Currency, 

(3) Remaining maturity, 

(4) Counterparty country, and 

(5) Counterparty sector. 

The I–A IC positions are allocated to 

the country and sector where the 

immediate counterparty resides. 

Immediate-counterparty positions 

would be reported in Tables 1 and 2. 

Table 1 is a consolidated balance sheet 

of the granular portfolio with total 

positions broken out by the following 

seven different currencies: 

(1) U.S. Dollar, 

(2) Euro, 

(3) Japanese Yen, 

(4) British Pound, 

(5) Swiss Franc, 

(6) Yuan Renminbi, and 

(7) Other currencies. 

The currencies would be broken out 

into four remaining maturity categories, 

as follows: 

(1) Non-maturity instruments, 

(2) Overnight to less than three 

months, 

(3) 3 months to less than 1 year, and 

(4) 1 year and over. 

Table 2 would be a consolidated 

balance sheet showing I–A exposures by 

instrument and counterparty sector to 

countries above the de minimis 

threshold of $2 billion, with banking 

organizations completing a table for 

each country above the threshold, with 

total positions by counterparty sector 

and by remaining maturity. At the time 

the global I–A template was developed, 

it was estimated that these de mimimis 

rules would nonetheless cover 97 

percent of total claims extended to 

counterparties in 79 countries (based on 

BIS CBS). Maximum coverage would be 

provided for advanced economies (99 

percent), while lower percentages 

would result for Africa and Middle East 

(65 percent) and Emerging Europe (85 

percent). 

Positions would be reported along the 

following counterparty sectors: 

(1) Banks, 

(2) Non-bank financial institutions, 

(3) Non-financial corporations, 

(4) Households, 

(5) Government, and 

(6) Unallocated by sector. 

Positions would be broken out into 

the following three remaining maturity 

categories: 

(1) Non-maturity instruments, 

(2) Less than 1 year, and 

(3) 1 year and over. 

(2) Financial Derivatives Schedule 

The Financial Derivatives schedule 

would capture details on the gross fairvalue (mark-to-market) and notional 

amounts of financial derivatives broken 

out according to certain subcategories of 

derivative instruments. Information 

regarding gross fair values (mark-tomarket) and notional amounts would 

facilitate cross-country comparisons and 

overcome substantially different offset 

requirements for derivatives between 

the accounting standards applied by 

reporting banking organizations. 

Derivatives would be reported along the 

following three categories: 

(1) Exchange-traded derivatives, 

(2) Centrally cleared over-the-counter 

(OTC) derivatives, and 

(3) Bilateral/uncleared OTC 

derivatives. Derivatives are reported 

according to the following six categories 

of risk: 

(1) Equity derivatives, 

(2) Interest rate derivatives, 

(3) Foreign exchange derivatives, 

(4) Credit derivatives, 

(5) Commodity derivatives, and 

(6) Other derivatives. 

(3) Foreign Exchange Derivatives 

Schedule 

The Foreign Exchange Derivatives 

schedule would capture gross notional 

currency derivative positions (separated 

into short and long positions) for a 

limited number of foreign exchange 

derivatives, with details on remaining 

maturity and currency, but no detail 

concerning counterparty country and 

sector. The scope of foreign exchange 

derivatives would include the 

following: 

(1) Currency forwards, 

(2) Foreign exchange swaps, 

(3) Currency swaps, and 

(4) Cross-currency interest rate swaps. 

For each derivative type, the 

contract’s remaining maturity would be 

broken out into the following maturity 

buckets: 

(1) Non-maturity instruments (ondemand and open positions), 

(2) Overnight to less than 3 months, 

(3) 3 months to less than 1 year, and 

(4) 1 year and over. 

Legal authorization and 

confidentiality: The information 

collection is authorized under section 5 

of the Bank Holding Company Act (12 

U.S.C. 1844). The information collected 

in the FR 2510 would be collected as 

part of the Board’s supervisory process, 

and therefore may be afforded 

confidential treatment pursuant to 

exemption 8 of the Freedom of 

Information Act (FOIA) (5 U.S.C. 

552(b)(8)). In addition, individual 

respondents may request that certain 

data be afforded confidential treatment 

pursuant to exemption 4 of FOIA if the 

data has not previously been publically 


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Federal Register / Vol. 83, No. 166 / Monday, August 27, 2018 / Notices 43683 

1Subpart N sets forth the former FTC’s Free 

Annual File Disclosures Rule that appeared under 

16 CFR parts 610 and 698. Rulemaking authority for 

this and several other FCRA rules was transferred 

to the CFBP under Title X of the Dodd-Frank Wall 

Street Reform and Consumer Protection Act, Public 

Law 111–203, 124 Stat. 1376 (2010). Title X 

comprises sections 1001–100H (collectively, the 

‘‘Consumer Financial Protection Act of 2010’’). 

2See Consumer Financial Protection Bureau 

Report to Congress, The Impact of Differences 

Between Consumer- and Creditor-Purchased Credit 

Scores, at 9 (July 19, 2011), available at https://

files.consumerfinance.gov/f/2011/07/Report_

20110719_CreditScores.pdf. 

disclosed and the release of the data 

would likely cause substantial harm to 

the competitive position of the 

respondent (5 U.S.C. 552(b)(4)). 

Determinations of confidentiality based 

on exemption 4 of FOIA would be made 

on a case-by-case basis. 

Consultation Outside the Agency: The 

Federal Reserve consulted with the 

Office of the Comptroller of the 

Currency as well as with potential 

respondent institutions in developing 

this proposed report. Several outreach 

meetings took place to help refine the 

data items in the proposed schedules 

and clarify the accompanying 

instructions. 

Board of Governors of the Federal Reserve 

System, August 21, 2018. 

Ann Misback, 

Secretary of the Board. 

[FR Doc. 2018–18430 Filed 8–24–18; 8:45 am] 

BILLING CODE 6210–01–P 

FEDERAL TRADE COMMISSION 

Agency Information Collection 

Activities; Proposed Collection; 

Comment Request 

AGENCY: Federal Trade Commission 

(FTC or Commission). 

ACTION: Notice. 

SUMMARY: The information collection 

requirements described below will be 

submitted to the Office of Management 

and Budget (OMB) for review, as 

required by the Paperwork Reduction 

Act (PRA). The FTC seeks public 

comments on the agency’s shared 

enforcement with the Consumer 

Financial Protection Bureau (‘‘CFPB’’) of 

the information collection requirements 

in subpart N of the CFPB’s Regulation 

V (‘‘Rule’’). That clearance expires on 

November 30, 2018. 

DATES: Comments must be received on 

or before October 26, 2018. 

ADDRESSES: Interested parties may file a 

comment online or on paper by 

following the instructions in the 

Request for Comments part of the 

SUPPLEMENTARY INFORMATION section 

below. Write ‘‘Paperwork Reduction 

Act: FTC File No. P072108’’ on your 

comment, and file your comment online 

at https://ftcpublic.commentworks.com/ 

ftc/regulationVsubpartNpra by 

following the instructions on the webbased form. If you prefer to file your 

comment on paper, mail or deliver your 

comment to the following address: 

Federal Trade Commission, Office of the 

Secretary, 600 Pennsylvania Avenue 

NW, Suite CC–5610 (Annex J), 

Washington, DC 20580, or deliver your 

comment to the following address: 

Federal Trade Commission, Office of the 

Secretary, Constitution Center, 400 7th 

Street SW, 5th Floor, Suite 5610 (Annex 

J), Washington, DC 20024. 

FOR FURTHER INFORMATION CONTACT: 

Requests for copies of the collection of 

information and supporting 

documentation should be addressed to 

Ryan Mehm, Attorney, Bureau of 

Consumer Protection, (202) 326–2918, 

Federal Trade Commission, 600 

Pennsylvania Ave. NW, Washington, DC 

20580. 

SUPPLEMENTARY INFORMATION: 

Proposed Information Collection 

Activities 

Under the Paperwork Reduction Act 

(PRA), 44 U.S.C. 3501–3520, federal 

agencies must get OMB approval for 

each collection of information they 

conduct, sponsor, or require. 

‘‘Collection of information’’ means 

agency requests or requirements to 

submit reports, keep records, or provide 

information to a third party. 44 U.S.C. 

3502(3); 5 CFR 1320.3(c). As required by 

section 3506(c)(2)(A) of the PRA, the 

FTC is providing this opportunity for 

public comment before requesting that 

OMB extend the existing PRA clearance 

for FTC’s portion of the estimated 

burden for the information collection 

requirements associated with the 

CFPB’s subpart N of Regulation V, 12 

CFR 1022.130–1022.138 (OMB Control 

Number 3084–0128). 

The FTC invites comments on: (1) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information will have practical utility; 

(2) the accuracy of the agency’s estimate 

of the burden of the proposed collection 

of information, including the validity of 

the methodology and assumptions used; 

(3) ways to enhance the quality, utility, 

and clarity of the information to be 

collected; and (4) ways to minimize the 

burden of the collection of information 

on those who are to respond. All 

comments must be received on or before 

October 26, 2018. 

I. Overview of the Rule 

The FTC shares enforcement authority 

with the CFPB for subpart N of 

Regulation V.1 Subpart N requires 

nationwide consumer reporting agencies 

and nationwide consumer specialty 

reporting agencies to provide to 

consumers, upon request, one free file 

disclosure within any 12-month period. 

Generally, it requires the nationwide 

consumer reporting agencies, as defined 

in Section 603(p) of the Fair Credit 

Reporting Act (‘‘FCRA’’), 15 U.S.C. 

1681a(p), to create and operate a 

centralized source that provides 

consumers with the ability to request 

their free annual file disclosures from 

each of the nationwide consumer 

reporting agencies through a centralized 

internet website, toll-free telephone 

number, and postal address. Subpart N 

also requires the nationwide consumer 

reporting agencies to establish a 

standardized form for internet and mail 

requests for annual file disclosures, and 

provides a model standardized form that 

may be used to comply with that 

requirement. It additionally requires 

nationwide specialty consumer 

reporting agencies, as defined in Section 

603(w) of the FCRA, 15 U.S.C. 1681a(w), 

to establish a streamlined process for 

consumers to request annual file 

disclosures. This streamlined process 

must include a toll-free telephone 

number for consumers to make such 

requests. 

II. Burden Statement 

Because the FTC shares enforcement 

authority with the CFPB for subpart N, 

the two agencies split between them the 

related estimate of PRA burden for firms 

under their co-enforcement jurisdiction. 

Estimated PRA burden, excluding the 

halving (to be shown at the conclusion 

of this analysis), are as follows: 

A. Requests per Year From Consumers 

for Free Annual File Disclosures 

The Consumer Data Industry 

Association estimated that in 2011, the 

nationwide consumer reporting agencies 

provided approximately 30 million free 

annual file disclosures through the 

centralized internet website, toll-free 

telephone number, and postal address 

required to be established by the FACT 

Act and subpart N.2 When it last sought 

clearance renewal for the Rule, the FTC 

had been unable to obtain, through 

public comment or otherwise, updated 

information on request volume. As a 

proxy, it then assumed a volume of 35 

million requests per year. We expect 

that the number of requests for free 

annual credit reports will rise over the 


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