[Federal Register Volume 77, Number 87 (Friday, May 4, 2012)]
[Notices]
[Pages 26605-26606]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-10806]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Proposed Information
Collection; Comment Request
AGENCY: Office of the Comptroller of the Currency, Treasury.
ACTION: Notice and request for comment.
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SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites the general public and other Federal
agencies to take this opportunity to comment on a continuing
information collection, as required by the Paperwork Reduction Act of
1995. An agency may not conduct or sponsor, and a respondent is not
required to respond to, an information collection unless it displays a
currently valid OMB control number. The OCC is soliciting comment
concerning its information collection titled, ``Procedures to Enhance
the Accuracy and Integrity of Information Furnished to Consumer
Reporting Agencies under Section 312 of the Fair and Accurate Credit
Transactions Act (FACT Act).''
DATES: Comments must be received by July 3, 2012.
ADDRESSES: Communications Division, Office of the Comptroller of the
Currency, Public Information Room, Mailstop 2-3, Attention: 1557-0238,
250 E Street SW., Washington, DC 20219. In addition, comments may be
sent by fax to (202) 874-5274, or by electronic mail to
regs.comments@occ.treas.gov. You may personally inspect and photocopy
comments at the OCC, 250 E Street SW., Washington, DC 20219. For
security reasons, the OCC requires that visitors make an appointment to
inspect comments. You may do so by calling (202) 874-4700. 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, you should send a copy of your comments to OCC Desk
Officer, 1557-0238, by mail to U.S. Office of Management and Budget,
725, 17th Street NW., 10235, Washington, DC 20503, or by fax
to (202) 395-6974.
FOR FURTHER INFORMATION CONTACT: You can request additional information
or a copy of the collection from Mary H. Gottlieb, OCC Clearance
Officer, (202) 874-5090, Legislative and Regulatory Activities
Division, Office of the Comptroller of the Currency, 250 E Street SW.,
Washington, DC 20219.
SUPPLEMENTARY INFORMATION: The OCC is requesting extension of OMB
approval for this information collection titled, ``Procedures to
Enhance the Accuracy and Integrity of Information Furnished to Consumer
Reporting Agencies under Section 312 of the Fair and Accurate Credit
Transactions Act (FACT Act).'' There have been no changes to the
requirements of the regulations; however, the regulations have been
transferred to the Bureau of Consumer Financial Protection (CFPB)
pursuant to title X of the Dodd-Frank Wall Street Reform and Consumer
Protection Act, Public Law 111-203, 124 Stat. 2036, July 21, 2010
(Dodd-Frank Act), and republished as CFPB regulations (76 FR 79308
(December 21, 2011)). The burden estimates have been revised to remove
the burden for OCC-regulated institutions with over $10 billion in
assets, now carried by CFPB pursuant to section 1025 of the Dodd-Frank
Act, and to remove the initial start-up burden. The OCC retains
enforcement authority for its institutions with $10 billion in total
assets or less.
Title: Procedures to Enhance the Accuracy and Integrity of
Information Furnished to Consumer Reporting Agencies under Section 312
of the Fair and Accurate Credit Transactions Act (FACT Act).
OMB Number: 1557-0238.
[[Page 26606]]
Description: Section 312 of the Fair and Accurate Credit
Transactions Act of 2003 (FACT Act) required the issuance of guidelines
for use by furnishers regarding the accuracy and integrity of the
information about consumers that they furnish to consumer reporting
agencies and to prescribe regulations requiring furnishers to establish
reasonable policies and procedures for implementing the guidelines.
Section 312 also required the issuance of regulations identifying the
circumstances under which a furnisher must reinvestigate disputes about
the accuracy of information contained in a consumer report based on a
direct request from a consumer.
Twelve CFR 1022.42(a) requires furnishers to establish and
implement reasonable written policies and procedures regarding the
accuracy and integrity of information relating to consumers that they
provide to a consumer reporting agency (CRA). Furnishers' accuracy and
integrity policies and procedures may include their existing policies
and procedures that are relevant and appropriate.
Section 1022.43(a) permits consumers to initiate disputes directly
with the furnishers in certain circumstances. Furnishers are required
to have procedures to ensure that disputes received directly from
consumers are handled in a substantially similar manner to those
complaints received through CRAs.
Section 1022.43(f)(2) incorporates the statutory requirement that a
furnisher must notify a consumer by mail or other means (if authorized
by the consumer) not later than five business days after making a
determination that a dispute is frivolous or irrelevant. Section
1022.43(f) incorporates the statute's content requirements for the
notices.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals; Businesses or other for-profit.
Estimated Number of Respondents: 1,918.
Estimated Total Annual Burden: 185,523 hours.
Comments submitted in response to this notice will be summarized,
included in the request for OMB approval, and become a matter of public
record. Comments are invited on:
(a) Whether the collection of information is necessary for the
proper performance of the functions of the OCC, including whether the
information has practical utility;
(b) The accuracy of the OCC's estimate of the burden of the
collection of information;
(c) Ways to enhance the quality, utility, and clarity of the
information to be collected;
(d) Ways to minimize the burden of the collection on respondents,
including through the use of automated collection techniques or other
forms of information technology; and
(e) Estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
Dated: April 30, 2012.
Michele Meyer,
Assistant Director, Legislative and Regulatory Activities Division.
[FR Doc. 2012-10806 Filed 5-3-12; 8:45 am]
BILLING CODE 4810-33-P