FTC Approves Federal Register Notice on Proposed Survey of Information Sharing Practices with Affiliates

Commission approval of Federal Register notice: The Commission has approved the publication of a Federal Register notice concerning the collection of information for a proposed survey on the sharing of consumer credit information among affiliated companies. Section 214(e) of the Fair and Accurate Credit Transaction Act (FACTA) required the FTC, along with 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. The agencies are accepting public comments for 60 days. The notice contains contact information for all agencies participating in the information-collection process.

The Commission vote to approve publication of the Federal Register notice was 5-0. Copies can be found now on the FTC’s Web site. (FTC File No. P064802; the staff contact is Sandra J. Farrington, Bureau of Consumer Protection, 202-326-2252.)

Copies of the documents mentioned in this release are available from the FTC’s Web site at http://www.ftc.gov and from the FTC’s Consumer Response Center, Room 130, 600 Pennsylvania Avenue, N.W., Washington, DC 20580. Call toll-free: 1-877-FTC-HELP.

Media Contact:

FTC Office of Public Affairs
202-326-2180

The Fair and Accurate Credit Transactions Act of 2003: Joint Notice and Request for Public Comments on Proposed Information Collection Concerning The "Survey of Information Sharing Practices with Affiliates"

• Text of the Federal Register Notice