[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]
BILLING CODE 4810-AM-P