[Federal Register Volume 80, Number 227 (Wednesday, November 25, 2015)]
[Notices]
[Pages 73734-73735]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-29910]
-----------------------------------------------------------------------
BUREAU OF CONSUMER FINANCIAL PROTECTION
[Docket No: CFPB-2015-0049]
Agency Information Collection Activities: Comment Request
AGENCY: Bureau of Consumer Financial Protection.
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
SUMMARY: In accordance with the Paperwork Reduction Act of 1995 (PRA),
the Consumer Financial Protection Bureau (Bureau) is requesting to
renew the Office of Management and Budget (OMB) approval for an
existing information collection titled, ``Equal Credit Opportunity Act
(Regulation B) 12 CFR 1002.''
DATES: Written comments are encouraged and must be received on or
before January 25, 2016 to be assured of consideration.
ADDRESSES: You may submit comments, identified by the title of the
information collection, OMB Control Number (see below), and docket
number (see above), by any of the following methods:
Electronic: http://www.regulations.gov. Follow the
instructions for submitting comments.
Mail: Consumer Financial Protection Bureau (Attention: PRA
Office), 1700 G Street NW., Washington, DC 20552.
Hand Delivery/Courier: Consumer Financial Protection
Bureau (Attention: PRA Office), 1275 First Street NE., Washington, DC
20002.
[[Page 73735]]
Please note that comments submitted after the comment period will
not be accepted. In general, all comments received will become public
records, including any personal information provided. Sensitive
personal information, such as account numbers or social security
numbers, should not be included.
FOR FURTHER INFORMATION CONTACT: Documentation prepared in support of
this information collection request is available at
www.regulations.gov. Requests for additional information should be
directed to the Consumer Financial Protection Bureau, (Attention: PRA
Office), 1700 G Street NW., Washington, DC 20552, (202) 435-9575, or
email: [email protected]. Please do not submit comments to this mailbox.
SUPPLEMENTARY INFORMATION:
Title of Collection: Equal Credit Opportunity Act (Regulation B) 12
CFR 1002.
OMB Control Number: 3170-0013.
Type of Review: Extension without change of a currently approved
collection.
Affected Public: Private sector.
Estimated Number of Respondents: 514,000.
Estimated Total Annual Burden Hours: 1,450,250.
Abstract: The Equal Credit Opportunity Act (``ECOA'') was enacted
to ensure that credit is made available to all creditworthy applicants
without discrimination on the basis of sex, marital status, race,
color, religion, national origin, age, or other prohibited bases under
the ECOA. The ECOA allows for creditors to collect information for
self-testing against these criteria, while not allowing creditors to
use this information in making credit decisions of applicants. For
certain mortgage applications, the ECOA requires creditors to ask for
some of the prohibited information for monitoring purposes. In
addition, for certain mortgage applications, creditors are required to
send a copy of any appraisal or written valuation used in the
application process to the applicant in a timely fashion.
The ECOA also prescribes creditors to inform applicants of
decisions made on credit applications. In particular, where creditors
make adverse actions on credit applications or existing accounts,
creditors must inform consumers as to why the adverse action was taken,
such that credit applicants can challenge errors on their accounts or
learn how to become more creditworthy. Creditors must retain all
application information for 25 months, including notices sent and any
information related to adverse actions.
Finally, the ECOA requires creditors who furnish applicant
information to a consumer credit bureau to reflect participation of the
applicant's spouse, if the spouse if permitted to use or contractually
liable on the account.
Request for Comments: Comments are invited on: (a) Whether the
collection of information is necessary for the proper performance of
the functions of the Bureau, including whether the information will
have practical utility; (b) The accuracy of the Bureau's estimate of
the burden of the collection of information, including the validity of
the methods and the assumptions used; (c) Ways to enhance the quality,
utility, and clarity of the information to be collected; and (d) Ways
to minimize the burden of the collection of information on respondents,
including through the use of automated collection techniques or other
forms of information technology. Comments submitted in response to this
notice will be summarized and/or included in the request for OMB
approval. All comments will become a matter of public record.
Dated: November 17, 2015.
Darrin A. King,
Paperwork Reduction Act Officer, Bureau of Consumer Financial
Protection.
[FR Doc. 2015-29910 Filed 11-24-15; 8:45 am]
BILLING CODE 4810-AM-P