Section 214(e) of the Fair and Accurate Credit Transaction Act requires the Federal Trade Commission, the federal banking agencies, and the National Credit Union Administration to “jointly conduct regular studies of the consumer information sharing practices by financial institutions and other persons that are creditors or users of consumer reports with their affiliates.” The Federal Register notice, which will be published today and is required by the Paperwork Reduction Act, will enable the FTC staff and the staff of the other agencies to conduct the survey.
As detailed in the notice, the agencies are seeking public comments on, among other things, 1) whether the information collection is necessary for the proper performance of the agencies’ functions, including whether the information has practical utility, 2) the accuracy of the agencies’ estimates of the burden of the information-collection process, 3) ways to enhance the quality, utility, and clarity of the information to be collected, and 4) ways to minimize the burden of information collection, including the use of automated collection techniques and methods. This is the second of two comment periods on the proposed collection, which was approved by the Commission in August 2006. Comments received in the first comment period were carefully considered and the survey was modified. The agencies are accepting public comments for 30 days. The notice contains contact information for all agencies participating in the information-collection process.
Copies can be found now on the FTC’s Web site. (FTC File No. P064802; the staff contact is Sandra F. McCarthy, Bureau of Consumer Protection, 202-326-2252).
The FTC works for the consumer to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, click http://www.ftc.gov/ftc/complaint.shtm or call 1-877-382-4357. The FTC enters Internet, telemarketing, identity theft, and other fraud-related complaints into Consumer Sentinel, a secure, online database available to more than 1,600 civil and criminal law enforcement agencies in the U.S. and abroad. For free information on a variety of consumer topics, click http://ftc.gov/bcp/consumer.shtm.