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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
1505-0237
ICR Reference No:
201107-1505-003
Status:
Historical Inactive
Previous ICR Reference No:
Agency/Subagency:
TREAS/DO
Agency Tracking No:
Title:
CFPB State Official Notification Rule
Type of Information Collection:
New collection (Request for a new OMB Control Number)
Common Form ICR:
No
Type of Review Request:
Emergency
Approval Requested By:
07/22/2011
OIRA Conclusion Action:
Preapproved
Conclusion Date:
07/21/2011
Retrieve Notice of Action (NOA)
Date Received in OIRA:
07/21/2011
Terms of Clearance:
Pre-approval contingent upon no substantive changes to this collection after adoption of the final rule. Otherwise this collection should be re-submitted to OMB for review.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
01/31/2012
6 Months From Approved
Responses
1
0
0
Time Burden (Hours)
1
0
0
Cost Burden (Dollars)
0
0
0
Abstract:
Section 1042 of the Act, 12 U.S.C. § 5552, gave authority to certain state officials to enforce the Act and regulations prescribed thereunder. Section 1042 also requires that the CFPB issue a rule establishing how states are to provide notice to the CFPB before taking action to enforce the Act (or, in emergency situations, immediately after taking such an action). In accordance with the requirements of the Act, the CFPB has proposed interim final rule establishing that notice should be provided at least 10 days before the filing of an action, with certain exceptions, and setting forth a limited set of information which is to be provided with the notice (which substantially tracks the statutory language).
Emergency Justfication:
The Department of the Treasury (Treasury), on behalf of itself and the Bureau of Consumer Financial Protection (CFPB), respectfully requests emergency processing and approval of the collection of information related to the State Official Notification Rules, which is to be issued by the Consumer Financial Protection Bureau (CFPB) pursuant to sections 1042(b) and (c) of the Consumer Financial Protection Act of 2010 (Act), Public Law No. 111-203, Title X (Act), 12 U.S.C. § 5552(b) and (c). On July 21, 2011, pursuant to section 1042(a) of the Act, 12 U.S.C. § 5552(a), certain state officials will be permitted to begin bringing actions to enforce the Act and regulations prescribed thereunder. Section 1042(b) of the Act requires states to provide notice to the CFPB (and relevant prudential regulators) before initiating any action to enforce the Act or regulations prescribed thereunder, and Section 1042(c) of the Act requires the Bureau to prescribe regulations to implement the notice requirement. The State Official Notification Rules fulfill this statutory mandate. In order to ensure that the CFPB is aware of all legal developments related to the Act and situated to take appropriate action in response (including consulting with state officials), it is necessary that the CFPB be informed of pending actions. The failure to promptly enact this rule as mandated by the Act will leave the CFPB without the necessary information to evaluate actions taken pursuant to the Act and determine an appropriate response, which may impair the efficiency and consistency with which the Act is enforced.
Authorizing Statute(s):
PL:
Pub.L. 111 - 203 xxx
Name of Law: DoddFrank Wall Street Reform and Consumer Protection Act
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 203 xxx Name of Law: DoddFrank Wall Street Reform and Consumer Protection Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3170-AA02
Final or interim final rulemaking
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
State Notifications
ICR Summary of Burden
Total Request
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
1
0
1
0
0
0
Annual Time Burden (Hours)
1
0
1
0
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
This is a new collection. The reported burden is for a single response, at 30 minutes (rounded up to one hour) as CFPB is not able to predict the annual response rate at this time. After the initial 6-month clearance, the agency will have sufficient data to estimate the full annual burden for subsequent ICRs.
Annual Cost to Federal Government:
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Yes
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Lea Mosena 202 435-7152
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
07/21/2011
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