[Federal Register Volume 87, Number 30 (Monday, February 14, 2022)]
[Notices]
[Pages 8246-8248]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-03126]


=======================================================================
-----------------------------------------------------------------------

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 extend for three years, without 
revision, the Recordkeeping and Disclosure Requirements Associated with 
the CFPB's and the Board's Regulations V (FR V; OMB No. 7100-0308).

DATES: Comments must be submitted on or before April 15, 2022.

ADDRESSES: You may submit comments, identified by FR V, by any of the 
following methods:
    <bullet> Agency website: https://www.federalreserve.gov/. Follow 
the instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
    <bullet> Email: <a href="/cdn-cgi/l/email-protection#12607775613c717d7f7f777c6661527477767760737e607761776064773c757d64"><span class="__cf_email__" data-cfemail="3c4e595b4f125f5351515952484f7c5a5958594e5d504e594f594e4a59125b534a">[email protected]</span></a>. Include the OMB 
number or FR number in the subject line of the message.
    <bullet> Fax: (202) 452-3819 or (202) 452-3102.
    <bullet> 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 
https://www.federalreserve.gov/apps/foia/proposedregs.aspx as 
submitted, unless modified for technical reasons or to remove 
personally identifiable information at the commenter's request. 
Accordingly, comments will not be edited to remove any confidential 
business information, identifying information, or contact information. 
Public comments may also be viewed electronically or in paper in Room 
M-4365A, 2001 C St NW, Washington, DC 20551, 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

[[Page 8247]]

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 
Office of Management and Budget (OMB) Desk Officer for the Federal 
Reserve Board, 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: 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.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the Paperwork Reduction Act (PRA) to approve and assign 
OMB control numbers to collections of information 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.
    During the comment period for this proposal, a copy of the proposed 
PRA OMB submission, including the draft reporting form and 
instructions, supporting statement, and other documentation, will be 
made available on the Board's public website at https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested 
from the agency clearance officer, whose name appears above. Final 
versions of these documents will be made available at https://www.reginfo.gov/public/do/PRAMain, if approved.

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.
    Proposal Under OMB Delegated Authority To Extend for Three Years, 
Without Revision, the Following Information Collection:
    Report title: Recordkeeping and Disclosure Requirements Associated 
with the CFPB's and the Board's Regulations V.
    Agency form number: FR V.
    OMB control number: 7100-0308.
    Frequency: Annually.
    Respondents: Depository institutions identified in 15 U.S.C. 
1681s(b)(1)(A)(ii): (1) Regardless of size, with respect to the 
identity theft red flags provisions of the Board's Regulation V and (2) 
with $10 billion or less in assets and any affiliates thereof, for all 
other provisions.\1\
---------------------------------------------------------------------------

    \1\ See 12 U.S.C. 5515 and footnote 7.
---------------------------------------------------------------------------

    Estimated number of respondents: Negative information notice, 
1,361; Affiliate marketing notices: Notices to consumers, 1,300; 
Affiliate marketing notices: Consumer opt-out response, 267,860; 
Identity theft red flags, 2,495; Address discrepancies, 1,361; Risk 
based pricing notice to consumers, 1,361; Duties of furnishers of 
information: Policies and procedures, 1,361; and Duties of furnishers 
of information: Notices of frivolous disputes to consumers, 1,361.
    Estimated average hours per response: Negative information notice, 
0.25; Affiliate marketing notices: Notices to consumers, 18; Affiliate 
marketing notices: Consumer opt-out response, 0.08; Identity theft red 
flags, 37; Address discrepancies, 4; Risk based pricing notice to 
consumers, 5; Duties of furnishers of information: Policies and 
procedures, 40; and Duties of furnishers of information: Notices of 
frivolous disputes to consumers, 0.23.
    Estimated annual burden hours: Negative information notice, 340; 
Affiliate marketing notices: Notices to consumers, 23,400; Affiliate 
marketing notices: Consumer opt-out response, 21,429; Identity theft 
red flags, 92,315; Address discrepancies, 5,444; Risk based pricing 
notice to consumers, 81,660; Duties of furnishers of information: 
Policies and procedures, 54,440; and Duties of furnishers of 
information: Notices of frivolous disputes to consumers, 132,099.
    General description of report: The Consumer Financial Protection 
Bureau's (CFPB) Regulation V \2\ and the Board's Regulation V \3\ 
(collectively ``FR V Regulations'') implement in part the Fair Credit 
Reporting Act (FCRA), which was enacted in 1970 based on a 
Congressional finding that the banking system is dependent on fair and 
accurate credit reporting.\4\ The FCRA was enacted to ensure consumer 
reporting agencies exercise their responsibilities with fairness, 
impartiality, and a respect for the consumer's right to privacy. The 
FCRA requires consumer reporting agencies to adopt reasonable 
procedures that are fair and equitable to the consumer with regard to 
the confidentiality, accuracy, relevancy, and proper utilization of 
consumer information.\5\
---------------------------------------------------------------------------

    \2\ 12 CFR part 1022.
    \3\ 12 CFR part 222.
    \4\ The FCRA is one part of the Consumer Credit Protection Act, 
which also includes the Truth in Lending Act, Equal Credit 
Opportunity Act, and Fair Debt Collection Practices Act. See 15 
U.S.C. 1601 et seq.
    \5\ See 15 U.S.C. 1681.
---------------------------------------------------------------------------

    Legal authorization and confidentiality: The FR V is authorized by 
sections 1025 and 1088(a)(2) and (10) of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (Dodd-Frank Act). Under the FCRA, as 
amended by sections 1025 and 1088(a)(10) of the Dodd-Frank Act, the 
Board is authorized to enforce compliance with the information 
collection requirements contained in the CFPB's FCRA regulations \6\ 
applicable to institutions identified in 15 U.S.C. 1681s(b)(1)(A)(ii) 
with $10 billion or less in assets, and applicable to consumers of 
these institutions.\7\ Additionally, pursuant to section 1088(a)(2) and 
(10) of the Dodd-Frank Act, the Board retained authority under the FCRA 
to prescribe and enforce the information collection requirements in the 
Board's FCRA regulations relating to identity theft red flags \8\ for 
institutions identified in 15 U.S.C. 1681s(b)(1)(A)(ii) of any size.\9\ 
The obligation to comply with FR V is mandatory, except for the 
consumer opt-out responses, which

[[Page 8248]]

consumers are required to submit in order obtain a benefit.
---------------------------------------------------------------------------

    \6\ Appendix B to 12 CFR part 1022; and 12 CFR 1022.20-.27, 
1022.40-.43, 1022.70-.75, and 1022.82.
    \7\ See 15 U.S.C. 1681s(b); 12 U.S.C. 5515.
    \8\ 12 CFR 222.90-.91.
    \9\ See 15 U.S.C. 1681m(e), and 1681s(b) and (e).
---------------------------------------------------------------------------

    The notices, records, and disclosures included in the FR V are not 
provided to the Federal Reserve, but are maintained at Board-supervised 
institutions. As such, no issue of confidentiality generally arises 
under the Freedom of Information Act (FOIA). In the event such notices, 
records, or disclosures are obtained by the Board as part of an 
examination or supervision of a financial institution, this information 
may be considered confidential pursuant to exemption 8 of the FOIA, 
which protects information contained in ``examination, operating, or 
condition reports'' obtained in the bank supervisory process.\10\ In 
addition, certain information (such as direct dispute notices regarding 
a consumer) may also be withheld under exemption 6 of the FOIA, which 
protects from disclosure information that ``would constitute a clearly 
unwarranted invasion of personal privacy.'' \11\
---------------------------------------------------------------------------

    \10\ 5 U.S.C. 552(b)(8).
    \11\ 5 U.S.C. 552(b)(6).

    Board of Governors of the Federal Reserve System, February 9, 
2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-03126 Filed 2-11-22; 8:45 am]
BILLING CODE 6210-01-P


</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>