View Information Collection Request (ICR) Package

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: 3170-0071	ICR Reference No: 202007-3170-001
Status: Historical Active	Previous ICR Reference No: 201902-3170-002
Agency/Subagency: CFPB	Agency Tracking No: NFRM
Title: Payday, Vehicle Title, and Certain High-Cost Installment Loans (12 CFR Part 1041)
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: 09/24/2020
	Date Received in OIRA: 07/08/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2023	36 Months From Approved
Responses	366,296,507	0	0
Time Burden (Hours)	3,189,587	0	0
Cost Burden (Dollars)	11,188,035	0	0

ICR Summary of Burden

	Total Approved	Change Due to Agency Discretion
Annual Number of Responses	366,296,507	366,296,507
Annual Time Burden (Hours)	3,189,587	3,189,587
Annual Cost Burden (Dollars)	11,188,035	11,188,035

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: Since this is a new information collection request associated with a new rulemaking, all the burden considered in this request is considered to be a program change. However, this Final Rule (RIN 3170-AA80) would substantially reduce the burdens associated with the current rule for 12 CFR part 1041 for which an information collection request is currently still pending at OMB under OMB number 3170-0065. This final rule could result in a burden reduction of 5, 010,232 hours (from 8,199,819 to 3,189,587) and 89,656,332 cost burden (from $100,844,367 to $11,188,035) from what the Bureau estimated for the burdens associated with the 2017 Final Rule.

Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination. No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination. 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? No

Agency Contact: Darrin King 202-693-4129 King.Darrin@dol.gov

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