Disclosure Requirements Associated with Regulation V

Forms and Documents

Document Name	Status
RegV.AM.R1203.20071228.ffr.correction.doc Supplementary Document	2007-12-28
RegV.AM.R1203.20071107.omb.doc Supporting Statement A	2007-12-27
RegV.AM.R1203.20071025.P.R.pdf Supplementary Document	2007-12-10

IC Document Collections

IC ID	Document Title	Status
36366	Reg V - (Section 217) CRA notice	Modified
182766	Reg V - (Section 214) A M Consumer Response	New
182765	Reg V - (Section 214) A M Financial Institution opt-out notice	New

ICR Details

OMB Control No: 7100-0308	ICR Reference No: 200711-7100-014
Status: Historical Active	Previous ICR Reference No: 200711-7100-006
Agency/Subagency: FRS	Agency Tracking No: Reg V (Affiliate Marketing R-1203)
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: 12/28/2007
	Date Received in OIRA: 12/28/2007
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2010	11/30/2010	11/30/2010
Responses	670,999	0	30,000
Time Burden (Hours)	107,840	0	7,500
Cost Burden (Dollars)	0	0	0

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Abstract: The Fair Credit Reporting Act, implementing by Regulation V, requires that consumer reporting agencies adopt reasonable procedures for meeting the needs of commerce for consumer crdit, personnel, insurance, and other information in a manner which is fair and equitable to the consumer, with regard to the confidentiality, accuracy, relevancy, and proper utilization of such information.

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Authorizing Statute(s): US Code: 15 USC 1681s-2(a)(7) Name of Law: Fair Credit Reporting Act
  

Citations for New Statutory Requirements: US Code: 15 USC 1681s-3(a)(2)(B) Name of Law: Fair and Accurate Credit Transactions Act of 200

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AC95	Final or interim final rulemaking	72 FR 62910	11/07/2007

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	69 FR 42502	07/15/2004
30-day Notice:	Federal Register Citation:	Citation Date:
	72 FR 62910	11/07/2007
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 3

IC Title	Form No.	Form Name
Reg V - (Section 217) CRA notice
Reg V - (Section 214) A M Financial Institution opt-out notice
Reg V - (Section 214) A M Consumer Response

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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	670,999	30,000	640,999	0	0	0
Annual Time Burden (Hours)	107,840	7,500	100,340	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: The Federal Reserve published a final rule to implement the affiliate marketing provisions in section 214 of the Fair and Accurate Credit Transactions Act of 2003, which amends the Fair Credit Reporting Act. The final rule generally prohibits a person from using information received from an affiliate to make a solicitation for marketing purposes to a consumer, unless the consumer is given notice and a reasonable opportunity and a reasonable and simple method to opt out of the making of such solicitations. This rule is effective January 1, 2008, with mandatory compliance by October 1, 2008.

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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)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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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: 12/28/2007

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