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Federal Register / Vol. 86, No. 178 / Friday, September 17, 2021 / Rules and Regulations credit score. The Commission agrees with East Bay that it is important to make it as easy as possible for consumers to find information to help them improve their credit. The Commission therefore is changing the link provided in the model notice from a general link to the FTC website. In order to better direct consumers to appropriate educational materials on the FTC website that relate specifically to this issue, the Commission is amending its model notice to change the address of the FTC website in the notice to ftc.gov/creditnotice.25 The Commission has consulted with the CFPB concerning this change to the Commissions model notice.
IV. Paperwork Reduction Act The Risk-Based Pricing Rule contains information collection requirements as defined by 5 CFR 1320.3c, the definitional provision within the Office of Management and Budget OMB
regulations that implement the Paperwork Reduction Act PRA. 44
U.S.C. 3501 et seq. OMB has approved the Rules existing information collection requirements through September 30, 2020 OMB Control No.
30840145. Under the existing clearance, the FTC has attributed to itself the estimated burden regarding all motor vehicle dealers and then shares equally the remaining estimated PRA
burden with the CFPB for other persons for which both agencies have enforcement authority regarding the Risk-Based Pricing Rule.
The Final Rule amends 16 CFR part 640 and Appendix A to part 698. The amendments do not modify or add to information collection requirements previously approved by OMB. The amendments make no substantive changes to the Rule, other than to clarify that the scope of the Rule is limited to motor vehicle dealers. The Rules OMB
clearance already reflects that scope.
Although the Final Rule slightly amends the model notice, motor vehicle dealers may continue to use existing notices and still comply with the Final Rule.
Therefore, the Commission does not believe the amendments substantially or materially modify any collections of information as defined by the PRA.
V. Regulatory Flexibility Act The Regulatory Flexibility Act RFA, as amended by the Small 25 The Commission recognizes the model notices for this Rule contain versions of the notice unlikely to be used by motor vehicle dealers, such as the version for credit secured by one to four units of residential real property. The Commission is retaining these models in order to remain consistent with the CFPBs models.

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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.26 The Commission published an Initial Regulatory Flexibility Analysis in order to inquire into the impact of the Proposed Rule on small entities.27 The Commission received no responsive comments.
The Commission does not believe this amendment has the threshold impact on small entities. The amendment effectuates 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. Although the Final Rule adopts a slightly revised model notice, motor vehicle dealers may continue to use any existing notices based on previous models and still comply with the Final Rule. Thus, a small entity that complies with current law need not take any different or additional action under the Final Rule. Therefore, the Commission certifies amending the Risk-Based Pricing Rule will not have a significant economic impact on a substantial number of small businesses.
Although the Commission certifies under the RFA 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 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.
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.
26 5

U.S.C. 603605.
FR 63462, 63465 October 8, 2020.

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C. Estimate of Number of Small Entities to Which the Final Rule Will Apply The Commission anticipates 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 will not add any additional burdens on any covered small businesses.
D. Projected Reporting, Recordkeeping, and Other Compliance Requirements, Including Classes of Covered Small Entities and Professional Skills Needed To Comply The amendments impose no new reporting, recordkeeping, or other compliance requirements.
E. Description of Steps Taken To Minimize Significant Economic Impact, if Any, on Small Entities, Including Alternatives The Commission did not propose any specific small entity exemption or other significant alternatives because the amendment will not increase reporting requirements and will not impose any new requirements or compliance costs.
VI. Other Matters Pursuant to the Congressional Review Act 5 U.S.C. 801 et seq., the Office of Information and Regulatory Affairs designated this rule as not a major rule, as defined by 5 U.S.C. 8042.
Final Rule Language List of Subjects in 16 CFR Part 640 and 698
Consumer protection, Credit, Trade practices.
For the reasons stated above, the Federal Trade Commission amends parts 640 and 698 of title 16 of the Code of Federal Regulations as follows:

1. Revise part 640 to read as follows:

PART 640DUTIES OF CREDITORS
REGARDING RISK-BASED PRICING
Sec.
640.1 Scope.
640.2 Definitions.
640.3 General requirements for risk-based pricing notices.
640.4 Content, form, and timing of riskbased pricing notices.
640.5 Exceptions.
640.6 Rules of Construction.
Authority: Pub. L. 108159, sec. 311; 15
U.S.C. 1681mh; 12 U.S.C. 5519d.

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