Voglio sapere a riguardo di…

Federal Register / Vol. 86, No. 174 / Monday, September 13, 2021 / Rules and Regulations motor vehicle dealers is more easily understood than an abbreviation and declines to make this change.
The amendment to section 642.2 adds a definition of motor vehicle dealer that defines motor vehicle dealers as entities excluded from CFPB
jurisdiction as described in the DoddFrank Act.15
The amendments also reinstate the model prescreen opt-out notice that was rescinded in 2019 on the basis that motor vehicle dealers could use the CFPB-provided model form.16 The model notice, Appendix C to Part 698, remains largely unchanged from the one previously provided except, as noted below, the model now includes a reference to the consumer reporting agencies opt-out website. The amendments also revise section 698.2 to include Appendix C in the list of model notices. The amendments make no substantive changes to the Rule.
The South Carolina Department of Consumer Affairs the Department stated that there is a continuing need for the Prescreen Opt-Out Notice Rule and it benefits consumers by informing them their information has been shared for a prescreen offer and educating them of their rights to opt out of such offers.17
The Department also suggested that the Commission amend the Rule to require companies to provide the URL for the consumer reporting agencies opt-out website, www.optoutprescreen.com.
Although the Commission agrees that the opt-out website is a valuable resource for consumers, it declines to change the Rule to require dealers to include it. Changing the Rule in this way would cause the Commissions Rule to differ substantively from the CFPBs rule, which applies much more broadly. The Commission believes that consumers and businesses are better served by uniformity in the rules.
However, because the Commission agrees that including the address for the optoutprescreen.com site would be helpful to consumers who choose to opt 15 12

U.S.C. 5519.
FR 23471 May 22, 2019.
17 The Department also argued the Commission should issue regulations that would modify prescreened offers of credit under the FCRA by: 1
Limiting the information motor vehicle dealers can obtain for prescreened offers to that which is necessary for determining eligibility for the prescreened offer, 2 requiring motor vehicle dealers to extend the prescreened offer within a specified time frame after they receive the information from the consumer reporting agency;
and 3 requiring all information related to a prescreened offer be deleted after the offer has expired. We welcome the Departments suggestions on these issues. As the Department recognized in its comment, however, these changes would require changes to statutory provisions not at issue in this rulemaking.

lotter on DSK11XQN23PROD with RULES1

16 84

VerDate Sep<11>2014

16:20 Sep 10, 2021

Jkt 253001

out, the Commission has revised the model notice to include a reference to the optoutprescreen.com website. While motor vehicle dealers are not required to use the model notice, the Commission believes that many will choose to do so.18 The Commission has consulted with the CFPB concerning this change to the Commissions model notice.
IV. Paperwork Reduction Act Under the Paperwork Reduction Act of 1995 PRA,19 federal agencies are generally required to seek Office of Management and Budget OMB
approval for information collection requirements prior to implementation.
The Final Rule amends 16 CFR part 642 and 698. The Rule does not contain information collection requirements as defined by the PRA. The rule requires certain motor vehicle dealers using consumer report to provide consumers with opt-out notices and the amendments include a model notice that motor vehicle dealers may use. The public disclosure of information originally supplied by the Federal Government for the purpose of disclosure to the public is not included within the definition of the collection of information.20 Therefore, the Commission does not believe that the amendments will add any collections of information as defined by the PRA.
V. Regulatory Flexibility Act The Regulatory Flexibility Act RFA, as amended by the Small Business Regulatory Enforcement Fairness Act of 1996, requires an agency to either provide an Initial Regulatory Flexibility Analysis IRFA with a proposed rule, or certify that the proposed rule will not have a significant impact on a substantial number of small entities.21 The Commission published an Initial Regulatory Flexibility Analysis in order to inquire into the impact of the proposed Rule on small entities.22 The Commission received no responsive comments.
18 The South Carolina Department of Consumer Affairs also suggests that the Commission revise the model notice so that the fictional offer of credit in the notice is being sent from a motor vehicle dealer rather than a credit card company. The Commission understands this change would further the goal of making clear that the Commissions Rule applies only to motor vehicle dealers. However, as much of the notices content is dummy text, it is clear the model notice is meant to illustrate the formatting and content of the Rules required disclosures, and there is value in maintaining consistency with the CFPBs Rule. Accordingly, the Commission declines to make this change.
19 44 U.S.C. 3501 et seq.
20 See 5 CFR 1320.3c2.
21 5 U.S.C. 603605.
22 85 FR 59226, 59228 Sept. 21, 2020.

PO 00000

Frm 00013

Fmt 4700

Sfmt 4700

50849

The Commission does not believe that these amendments have the threshold impact on small entities. The amendments effectuate changes to the Dodd-Frank Act and will not impose costs on small motor vehicle dealers because the amendments are for clarification purposes and will not result in any increased burden on any motor vehicle dealer. Thus, a small entity that complies with current law need not take any different or additional action under the Final Rule. Although the Final Rule adopts a slightly revised model notice, motor vehicle dealers are not obligated to use the model notice.
Therefore, the Commission certifies that amending the Prescreen Opt-Out Notice Rule will not have a significant economic impact on a substantial number of small businesses.
Although the Commission certifies under the RFA that the Final Rule will not have a significant impact on a substantial number of small entities, and hereby provides notice of that certification to the Small Business Administration, the Commission nonetheless has determined that publishing a final regulatory flexibility analysis FRFA is appropriate to ensure that the impact of the rule is fully addressed. Therefore, the Commission has prepared the following analysis:
A. Need for and Objectives of the Final Rule To address the Dodd-Frank Acts changes to the Commissions rulemaking authority, the amendments clarify that the Rule applies only to motor vehicle dealers and reinstate a model form.
B. Significant Issues Raised in Public Comments in Response to the IRFA
The Commission did not receive any comments that addressed the burden on small entities. In addition, the Commission did not receive any comments filed by the Chief Counsel for Advocacy of the Small Business Administration SBA.
C. Estimate of Number of Small Entities to Which the Final Rule Will Apply The Commission anticipates that many covered motor vehicle dealers may qualify as small businesses according to the applicable SBA size standards. As explained in the IRFA, however, determining a precise estimate of the number of small entities is not readily feasible. No commenters addressed this issue. Nonetheless, as discussed above, these amendments do not add any additional burdens on any covered small businesses.

E:FRFM13SER1.SGM

13SER1