[Federal Register Volume 81, Number 229 (Tuesday, November 29, 2016)]
[Notices]
[Pages 86021-86022]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-28659]
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NATIONAL CREDIT UNION ADMINISTRATION
Agency Information Collection Activities: Recordkeeping and
Disclosure Requirements Associated With the Fair Credit Reporting Act
(FCRA), 15 U.S.C. 1681 et seq., As Amended by the Fair and Accurate
Credit Transactions Act of 2003, Public Law 108-159, 117 Stat. 1952,
and as Implemented by Regulation V, 12 CFR 1022, and by 12 CFR 717;
Comment Request
AGENCY: National Credit Union Administration (NCUA).
ACTION: Notice and request for comment.
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SUMMARY: NCUA, as part of its continuing effort to reduce paperwork and
respondent burden, invites the general public and other Federal
agencies to comment on the submission for reinstatement of a previously
approved collection, as required by the Paperwork Reduction Act of 1995
(Pub. L. 104-13, 44 U.S.C. Chapter 35). NCUA is soliciting comment on
the reinstatement of the information collection described below.
DATES: Comments should be received on or before January 30, 2017 to be
assured consideration.
ADDRESSES: Interested persons are invited to submit written comments on
the information collection to Dawn Wolfgang, National Credit Union
Administration, 1775 Duke Street, Alexandria, Virginia 22314-3428; Fax
No. 703-548-2279; or Email at [email protected].
[[Page 86022]]
FOR FURTHER INFORMATION CONTACT: Requests for additional information
should be directed to the address above.
SUPPLEMENTARY INFORMATION:
OMB Number: 3133-0165.
Title: Recordkeeping and Disclosure Requirements Associated with
the Fair Credit Reporting Act (FCRA), 15 U.S.C. 1681 et seq., as
amended by the Fair and Accurate Credit Transactions Act of 2003,
Public Law 108-159, 117 Stat. 1952, and as implemented by Regulation V,
12 CFR 1022, and by 12 CFR 717.
Abstract: The Fair Credit Reporting Act (FCRA), sets standards for
the collection, communication, and use of information bearing on a
consumer's creditworthiness, credit standing, credit capacity,
character, general reputation, personal characteristics, or mode of
living. FCRA has been revised numerous times since it took effect,
notably by passage of the Consumer Credit Reporting Reform Act of 1996,
the Gramm-Leach-Bliley Act of 1999, and the Fair and Accurate Credit
Transactions Act of 2003 (FACTA). Historically, rulemaking authority
for FCRA has been divided among the Board of Governors of the Federal
Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC),
the Federal Trade Commission (FTC), NCUA, the Office of the Comptroller
of the Currency (OCC), and the Office of Thrift Supervision.
The Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA)
amended a number of consumer financial protection laws, including most
provisions of FCRA. In addition to substantive amendments, the DFA
transferred rulemaking authority for most provisions of FCRA to the
Consumer Financial Protection Bureau (CFPB). Pursuant to the DFA and
FCRA, as amended, CFPB promulgated Regulation V, 12 CFR 1022, to
implement those provisions of FCRA for which CFPB has rulemaking
authority.
Regulation V contains several requirements that impose information
collection requirements: The negative information notice; risk-based
pricing; the procedures to enhance the accuracy and integrity of
information furnished to consumer reporting agencies; the duties upon
notice of dispute from a consumer; the affiliate marketing opt-out
notice; and the prescreened consumer reports opt-out notice.
The DFA did not transfer certain rulemaking authority under FCRA.
Specifically, the DFA did not transfer to CFPB the authority to
promulgate: The requirement to properly dispose of consumer
information; the rules on identity theft red flags and corresponding
interagency guidelines on identity theft detection, prevention, and
mitigation; and the rules on the duties of card issuers regarding
changes of address.
These provisions are promulgated in NCUA's Fair Credit Reporting
regulation, 12 CFR 717, which applies to federal credit unions.
The collection of information pursuant to Parts 1022 and 717 is
triggered by specific events and disclosures and must be provided to
consumers within the time periods established under the regulation. To
ease the compliance cost (particularly for small credit unions), model
clauses and sample forms are appended to the regulations.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a
currently valid OMB control number.
Request for Comments: Comments submitted in response to this notice
will be summarized and included in the request for Office of Management
and Budget approval. All comments will become a matter of public
records. NCUA requests that you send your comments on the information
collection requirements to the locations listed in the addresses
section. Your comments should address: (a) The necessity of the
information collection for the proper performance of NCUA, including
whether the information will have practical utility; (b) the accuracy
of our estimate of the burden (hours and cost) of the collection of
information, including the validity of the methodology and assumptions
used; (c) ways we could enhance the quality, utility, and clarity of
the information to be collected; and (d) ways we could minimize the
burden of the collection of the information on the respondents such as
through the use of automated collection techniques or other forms of
information technology
Type of Review: Reinstatement of a previously approved collection.
Affected Public: Private Sector: Not-for-profit institutions;
Individuals or Households.
Estimated Number of Respondents: Federal credit unions: 3,765;
Consumer: 115,300.
Frequency of Response: Upon occurrence of triggering action.
Estimated Burden Hours per Response: Federal credit unions: 4.67;
Consumer: 0.08.
Estimated Total Annual Burden Hours: 303,546 (Federal credit
unions: 284,346; Consumer: 19,200).
By Gerard Poliquin, Secretary of the Board, the National Credit
Union Administration, on November 22, 2016.
Dated: November 23, 2016.
Dawn D. Wolfgang,
NCUA PRA Clearance Officer.
[FR Doc. 2016-28659 Filed 11-28-16; 8:45 am]
BILLING CODE 7535-01-P