[Federal Register Volume 77, Number 115 (Thursday, June 14, 2012)]
[Notices]
[Pages 35658-35659]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-14592]
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BUREAU OF CONSUMER FINANCIAL PROTECTION
Proposed Collection; Comment Request
AGENCY: Bureau of Consumer Financial Protection.
ACTION: Notice and request for public comment.
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SUMMARY: The Bureau of Consumer Financial Protection (the ``CFPB'' or
the ``Bureau''), as part of its continuing effort to reduce paperwork
and respondent burden, invites the general public and other federal
agencies to comment on a proposed information collection, as required
by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, the Bureau is soliciting comments concerning
the information collection requirements relating to gather information
from various depository and non-depository providers of consumer
financial products and services (``providers'') regarding the
compliance costs and other effects of proposed and existing
regulations, pursuant to the Bureau's authorities under the Dodd-Frank
Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''),
Public Law 111-203.
DATES: Written comments are encouraged and must be received on or
before August 13, 2012 to be assured of consideration.
ADDRESSES: You may submit comments by any of the following methods:
Electronic: [email protected].
Mail/Hand Delivery/Courier: Direct all written comments to
Consumer Financial Protection Bureau (Attention: PRA Office), 1700 G
Street NW., Washington, DC 20552.
Instructions: Submissions should include the agency name and
collection title. Comments will be available for public inspection and
copying at 1700 G Street NW., Washington, DC 20552 on official business
days between the hours of 10 a.m. and 5 p.m. Eastern Time. You can make
an appointment to inspect comments by telephoning (202) 435-7275. All
comments, including attachments and other supporting materials, will
become part of the public record and subject to public disclosure. You
should only submit information that you wish to make available
publicly.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the documents contained under this approval number should be
directed to the Consumer Financial Protection Bureau, (Attention: PRA
Office), 1700 G Street NW., Washington, DC 20552, or through the
Internet at [email protected].
SUPPLEMENTARY INFORMATION:
Title: Generic Clearance for Collection of Information on
Compliance Costs and Other Effects of Regulations.
OMB Control Number: 3170-XXXX.
Abstract: Under the Dodd-Frank Act, the Bureau has the
responsibility for rulemaking, supervision, and enforcement with
respect to various Federal consumer financial protection laws. Among
other things, the Dodd-Frank Act directs the Bureau to promulgate rules
regulating various aspects of consumer financial protection and
establishing supervisory authority over certain non-depository
providers of consumer financial products and services. For many of
these directives there is a corresponding statutory deadline for a
proposed or final rule.
A number of Federal laws require agencies to consider the benefits,
costs, and impacts of rulemaking actions, including the Regulatory
Flexibility Act and the Paperwork Reduction Act. Furthermore, Section
1022(b)(2)(A) of the Dodd-Frank Act calls for the Bureau to consider
the potential benefits and costs of certain rules to consumers and
``covered persons,'' including depository and non-depository providers
of consumer financial
[[Page 35659]]
products and services (``providers.'') This consideration includes an
assessment of the impacts of rules on consumers in rural areas and on
depository institutions and credit unions with total assets of $10
billion or less as described in section 1026 of the Dodd-Frank Act. As
part of its analysis of benefits and costs of certain rulemakings, the
Bureau will consider, among other things, the potential ongoing costs
for a provider as well as the implementation costs the provider may
incur in order to comply with a regulation.
In order to fulfill the Bureau's rulemaking mandates, the Bureau
seeks to collect qualitative information from industry participants
regarding the compliance costs and other effects on providers and
consumers, both as to existing regulations in force as well as to
proposed new regulations. Through the collections under this generic
clearance, the Bureau aims to understand the effects of potential
regulations on providers and consumers, the ways in which providers may
comply with potential regulations, and the costs associated with
compliance.
The Bureau has already begun to review existing regulations through
a request for public comment on streamlining inherited regulations. The
information gathered on compliance costs and other effects through this
generic information collection will further enhance the Bureau's
understanding of how existing regulations are affecting providers.
In order to gather the information indicated above, the Bureau
intends to use structured interviews, focus groups, conference calls,
and written questionnaires--delivered via email or administered through
an online survey. The Bureau will seek different providers' estimates
of compliance burdens on their respective institutions. The Bureau
recognizes that burdens vary depending on the size and type of the
institution, as well as on the products and services offered.
Therefore, the collections of information will seek to sample providers
that are representative of markets affected by a proposed rule, or are
already under the authority of existing regulations.
Type of Review: New Generic Collection.
Affected Public: U.S. depository and non-depository financial
institutions.
Annual Burden Estimates: Below is a preliminary estimate of the
aggregate burden hours.
Estimated Number of Respondents: 1,500 institutions.
Estimated Time per Respondent: 90 minutes for questions
administered via focus groups, structured interviews, and conference
calls. 60 minutes for questions delivered via email or administered
through online survey.
Estimated Total Annual Burden Hours: 1,950 hours.
Request for Comments: Comments submitted in response to this notice
will be summarized and/or included in the request for OMB approval. All
comments will become a matter of public record. Comments are invited
on: (a) Whether the collection of information is necessary for the
proper performance of the functions of the agency, including whether
the information shall have practical utility; (b) the accuracy of the
agency's estimate of the burden of the collection of information,
including the validity of the methodology and the assumptions used; (c)
ways to enhance the quality, utility, and clarity of the information to
be collected; and (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated
collection techniques or other forms of information technology.
Dated: June 8, 2012.
Chris Willey,
Chief Information Officer, Bureau of Consumer Financial Protection.
[FR Doc. 2012-14592 Filed 6-13-12; 8:45 am]
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