CFPB State Official Notification Rule

ICR 201107-1505-003

OMB: 1505-0237

Federal Form Document

Forms and Documents
Document
Name
Status
No forms / supporting documents in this ICR. Check IC Document Collections.
IC Document Collections
IC ID
Document
Title
Status
198537
New
ICR Details
1505-0237 201107-1505-003
Historical Inactive
TREAS/DO
CFPB State Official Notification Rule
New collection (Request for a new OMB Control Number)   No
Emergency 07/22/2011
Preapproved 07/21/2011
Retrieve Notice of Action (NOA) 07/21/2011
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
01/31/2012 6 Months From Approved
1 0 0
1 0 0
0 0 0

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).
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.

PL: Pub.L. 111 - 203 xxx Name of Law: Dodd–Frank Wall Street Reform and Consumer Protection Act
  
PL: Pub.L. 111 - 203 xxx Name of Law: Dodd–Frank Wall Street Reform and Consumer Protection Act

3170-AA02 Final or interim final rulemaking

No

1
IC Title Form No. Form Name
State Notifications

  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
No
No
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.

No
No
No
Yes
No
Uncollected
Lea Mosena 202 435-7152

  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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
07/21/2011


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