[Federal Register Volume 85, Number 192 (Friday, October 2, 2020)]
[Notices]
[Page 62281]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-21812]



[[Page 62281]]

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BUREAU OF CONSUMER FINANCIAL PROTECTION


Agency Information Collection Activities: Notice of Office of 
Management and Budget Approval of Information Collection Requirements

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice of approval of information collection requirements.

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SUMMARY: In accordance with the Paperwork Reduction Act of 1995 (PRA), 
the Bureau of Consumer Financial Protection (Bureau) is announcing 
Office of Management and Budget (OMB) approval of new information 
collection requirements contained in a final rule published in the 
Federal Register on July 22, 2020 (85 FR 44382), regarding Payday, 
Vehicle Title, and Certain High-Cost Installment Loans. See the 
SUPPLEMENTARY INFORMATION section below for additional information 
about this OMB approval.

FOR FURTHER INFORMATION CONTACT: Documentation prepared in support of 
these information collection requests is available at www.reginfo.gov. 
Requests for additional information should be directed to Darrin King, 
PRA Officer, at (202) 435-9575, or email: [email protected]. If you 
require this document in an alternative electronic format, please 
contact [email protected].

SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501 et seq.) the 
Bureau may not conduct or sponsor, and, notwithstanding any other 
provision of law, a respondent is not required to respond to, an 
information collection unless it displays a currently valid OMB control 
number. On July 22, 2020, the Bureau published a final rule in the 
Federal Register titled ``Payday, Vehicle Title, and Certain High-Cost 
Installment Loans.'' The final rule to amend its regulations governing 
payday, vehicle title, and certain high-cost installment loans. 
Specifically, the final rule revokes provisions of those regulations 
that: Provide that it is an unfair and abusive practice for a lender to 
make a covered short-term or longer-term balloon-payment loan, 
including payday and vehicle title loans, without reasonably 
determining that consumers have the ability to repay those loans 
according to their terms; prescribe mandatory underwriting requirements 
for making the ability-to-repay determination; exempt certain loans 
from the mandatory underwriting requirements; and establish related 
definitions, reporting, recordkeeping, and compliance date 
requirements. The Bureau's OMB control number for 12 CFR part 1041 is 
3170-0071. Pursuant to 5 CFR 1320.11(h), the Bureau submitted the final 
rule with an information collection request (ICR) to OMB on July 8, 
2020, and OMB approved this ICR on September 24, 2020. In accordance 
with the PRA and 5 CFR 1320.11(k), the Bureau hereby announces OMB 
approval of the revised information collection requirements as 
contained in the subject final rule which will be effective October 20, 
2020.

    Dated: September 29, 2020.
Darrin King,
Paperwork Reduction Act Officer, Bureau of Consumer Financial 
Protection.
[FR Doc. 2020-21812 Filed 10-1-20; 8:45 am]
BILLING CODE 4810-AM-P