[Federal Register Volume 77, Number 196 (Wednesday, October 10, 2012)]
[Notices]
[Pages 61579-61580]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-24635]
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BUREAU OF CONSUMER FINANCIAL PROTECTION
Agency Information Collection Activities: Submission for OMB
Review; Comment Request
AGENCY: Bureau of Consumer Financial Protection.
ACTION: Notice and request for comment.
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SUMMARY: The Bureau of Consumer Financial Protection (Bureau), as part
of its continuing effort to reduce paperwork and respondent burden,
invites the general public and other Federal agencies to take this
opportunity to comment on proposed information collections, as required
by the Paperwork Reduction Act of 1995. The Bureau is soliciting
comments concerning its proposed information collections titled,
``Generic Clearance for Collection of Information on Compliance Costs
and Other Effects of Regulations.'' A proposed collection has been
submitted to the Office of Management and Budget (OMB) for review and
approval. A copy of the submission, including copies of a proposed
collection and supporting documentation, may be obtained by contacting
the agency contact listed below.
DATES: Written comments are encouraged and must be received on or
before November 9, 2012 to be assured of consideration.
ADDRESSES: You may submit comments, identified by agency name and
Generic Clearance for Collection of Information on Compliance Costs and
Other Effects of Regulations, to:
Agency: Consumer Financial Protection Bureau (Attention:
PRA Office), 1700 G Street NW., Washington, DC 20552; (202) 435-9011;
and [email protected].
OMB: Shagufta Ahmed, Office of Management and Budget, New
Executive Office Building, Room 10235, Washington, DC 20503; (202) 395-
7873.
FOR FURTHER INFORMATION CONTACT: Requests for additional information
should be directed to Consumer Financial Protection Bureau (Attention:
PRA Office), 1700 G Street NW., Washington, DC 20552, (202) 435-9011,
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.
Type of Review: New generic collection.
Abstract: Congress created the Bureau in July 2010 through the
Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law
111-203, Title X (the Dodd-Frank Act), and the Bureau assumed certain
rulemaking authorities in July 2011. The Dodd-Frank Act accords the
Bureau responsibility for implementing, interpreting, and assuring
compliance with various Federal consumer financial protection products
and services. As outlined in the Dodd-Frank Act, among the Bureau's
objectives is to identify regulations that are ``outdated, unnecessary,
or unduly burdensome'' in order to reduce unwarranted regulatory
burdens. In order to help support this objective, the Bureau must fully
understand the implications of its regulations. Therefore, the Bureau
seeks to collect qualitative information on compliance costs and other
impacts of existing consumer financial regulations and any new
potential rules the Bureau may propose.
The collections seek qualitative information on the impact of
regulations on providers of consumer financial products and services
(Providers). The Bureau seeks to better understand the compliance
activities, burdens, and other economic costs and benefits associated
with its potential rules and existing regulations. Additional input
from Providers would give the Bureau a more nuanced understanding of
costs, which it can use to provide solutions for reducing undue
regulatory burden on Providers. To that end, the Bureau anticipates
seeking to use the information from these collections to:
Inform the Bureau's various rulemaking initiatives
announced in the Bureau's regulatory agenda, most of which concern the
mortgage industry; \1\
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\1\ Consumer Financial Protection Bureau, ``Fall 2011 Statement
of Regulatory Priorities,'' (available at http://www.consumerfinance.gov/regulations/fall-2011-statement-of-regulatory-priorities/); Consumer Financial Protection Bureau,
``Spring 2012 Regulatory Agenda,'' (available at http://files.consumerfinance.gov/f/201204_cfpb_semiannual-regulatory-agenda_2012-spring.pdf).
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[[Page 61580]]
Inform other rulemakings specifically required or
authorized by the Dodd-Frank Act;
Inform the Bureau's perspective on the appropriate
approach to regulation of various industries in its jurisdiction;
Supplement available information used for mandated
analyses that the Bureau is required to perform for potential new
rules, such as analyses required under section 1022 of the Act, the
Regulatory Flexibility Act, and the Paperwork Reduction Act;
Review impacts of the rules the Bureau inherited from
other agencies;
Perform reviews of significant new rules the Bureau
adopts, as the Bureau is generally required to do within five years;
and
Develop new tools and solutions that can help Providers
more easily implement and maintain compliance systems for consumer
financial regulations.
These information collections will ask Providers of various sizes
and mixes of business activity about their compliance systems and
processes and how regulations and regulatory changes impact different
aspects of their business operations. Collection methods may include
structured interviews, focus groups, conference calls, and written
questionnaires--delivered via email or administered through an online
survey. In some cases, the Bureau may also conduct case studies to
gather more in-depth and granular information from a targeted sample of
institutions.
The information and data collected would aid the Bureau in
determining what rules prove to be unduly burdensome on Providers and
to identify the causes of such burden. In doing so, the Bureau would be
better positioned to develop potential policy solutions that will
reduce burden on Providers, without sacrificing the benefits of
regulations on both consumers and Providers.
Affected Public: U.S. depository and non-depository financial
institutions.
Estimated Number of Responses: Up to 2,750 respondents. This
estimate includes 600 structured interview respondents, 75 focus group
respondents, 2,000 written questionnaire respondents, and 75 case study
respondents.
Estimated Time per Respondent: Structured interviews and focus
groups may take up to 1.5 hours per session, with up to an additional
1.5 hours of preparation. Written questionnaires may take up to 1 hour
per collection, with up to 1 hour of preparation. Case studies may take
up to 16 hours for collections, with up to an additional 16 hours of
preparation.
Estimated Total Annual Burden Hours: Up to 9,008 hours.
An agency may not conduct or sponsor, and a respondent is not
required to respond to, an information collection unless the
information collection displays a currently valid OMB control number.
The Bureau published a 60-day Federal Register notice on June 14,
2012 (77 FR 35658). Comments were solicited and continue to be invited
on: (a) Whether the collection of information is necessary for the
proper performance of the functions of the Bureau, including whether
the information shall have practical utility; (b) the accuracy of the
Bureau'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: October 1, 2012.
Chris Willey,
Chief Information Officer, Bureau of Consumer Financial Protection.
[FR Doc. 2012-24635 Filed 10-9-12; 8:45 am]
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