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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 Generic ICR - OIRA Conclusion
OMB Control No:
3170-0032
ICR Reference No:
201205-3170-003
Status:
Historical Active
Previous ICR Reference No:
Agency/Subagency:
CFPB
Agency Tracking No:
Title:
Compliance Costs and Other Effects of Regulations
Type of Information Collection:
New collection (Request for a new OMB Control Number)
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved with change
Conclusion Date:
02/15/2013
Retrieve Notice of Action (NOA)
Date Received in OIRA:
10/15/2012
Terms of Clearance:
Supporting statements were revised to ensure CFPB generic collection request is within OMB guidelines.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
02/29/2016
36 Months From Approved
Responses
2,750
0
0
Time Burden (Hours)
9,008
0
0
Cost Burden (Dollars)
0
0
0
Abstract:
The Dodd-Frank Wall Street Reform and Consumer Protection Act requires or authorizes the CFPB to implement new consumer protections in certain sectors of financial markets, including the mortgage and remittance industries. The information collected is required in order to effectively incorporate information from providers concerning compliance costs and other effects of regulations into potential rulemakings.
Authorizing Statute(s):
None
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
77 FR 35658
06/14/2012
30-day Notice:
Federal Register Citation:
Citation Date:
77 FR 61579
10/10/2012
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
9
IC Title
Form No.
Form Name
Debt Collection Activities Study
CFPB Dodd-Frank Mortgage Rules Implementation Tracking Project
Compliance Cost Study Site Visit Guide
Compliance Officer Questionnaire
Home Mortgage Disclosure Act (HMDA), Regulation C As-Is Study
Prevalence of Pre-Dispute Arbitration Agreements in Consumer Contract in Certain Market for Consumer Financial Products and Services
Remittance Transfer Rule Implementation Case Studies
Remittance Transfer Rule Temporary Exception Experience Interviews
Web Post
ICR Summary of Burden
Total Approved
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
2,750
0
0
2,750
0
0
Annual Time Burden (Hours)
9,008
0
0
9,008
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Miscellaneous Actions
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
Congress created the Consumer Financial Protection Bureau ("CFPB" or "the Bureau") in July 2010 when the Dodd-Frank Wall Street Reform and Consumer Protection Act ("the Act" or "the Dodd-Frank Act") was enacted. The Act accords the Bureau responsibility for implementing, interpreting, and assuring compliance with various Federal consumer financial protection laws on the part of depository and non-depository providers of consumer financial products and services ("Providers"). In order to fully understand the implications of its regulations, the CFPB seeks approval to collect information on compliance costs, benefits, and other impacts of its existing rules and any new, potential rules the CFPB may promulgate. As outlined in the Act, among the Bureau's objectives is to identify regulations that are "outdated, unnecessary, or unduly burdensome" in order for the Bureau to reduce unwarranted regulatory burden. To help support this objective, the Bureau will seek to collect qualitative information on the costs and impacts of complying with various consumer protection laws on a Provider's businesses and operations. Such information would help the Bureau to determine what rules prove to be unduly burdensome on Providers and the causes of such burden. Most importantly, this information will help the Bureau develop potential policy solutions that will reduce undue regulatory burden on Providers, without sacrificing the benefits of regulations on both consumers and Providers.
Annual Cost to Federal Government:
$0
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:
Stacy Kane 202 754-0135 stacy.kane@cfpb.gov
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:
10/15/2012
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