The required disclosures under Regulation O assist prospective purchasers of MARS in making well-informed decisions and avoiding deceptive and unfair acts and practices.
The information that must be kept under Regulation O's recordkeeping requirements is used by the CFPB and other relevant agencies for enforcement purposes and to ensure compliance by MARS providers with Regulation O. The information is requested only on a case-by-case basis.
The Bureau of Consumer Financial Protection (CFPB) respectfully requests emergency processing and approval of the collection of information discussed below because the use of normal clearance procedures is reasonably likely to prevent and disrupt an existing collection of information.
The Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. 111-203, Section 1097, 124 Stat. 1376, 2102 (2010) (Dodd-Frank Act) transferred rulemaking authority for Mortgage Assistance Relief Services (MARS) pursuant to Section 626 of the 2009 Omnibus Appropriations Act, Pub. L. 111-8, 123 Stat. 524, 678 (2009) (Omnibus Appropriations Act), as clarified by Section 511 of the Credit Card Accountability and Responsibility and Disclosure Act of 2009, Pub. L.111-24, 123 Stat. 1734, 1763 (2009) (Credit CARD Act), and as amended by the Dodd-Frank Act, to the CFPB on July 21, 2011. In addition to the transfer of rulemaking authority under the Dodd-Frank Act, the CFPB received certain enforcement authorities with respect to MARS.
The CFPB is in the process of publishing for public comment an interim final rule establishing a new regulation in 12 CFR Part 1015 (Regulation O). Regulation O was originally submitted for OMB review by the Federal Trade Commission (FTC) as a final rule (FTC Final Rule) on November 24, 2010. This interim final rule substantially replicates the FTC Final Rule, and will not impose any new substantive obligations on regulated entities or any new information collection requirements.
As the CFPB now has enforcement authority over certain populations that have been under the jurisdiction of another agency, the CFPB is requesting approval of a new OMB control number for its collection activities under Regulation O. To prevent a disruption of an approved information collection, the CFPB is requesting emergency processing and approval of the following information collection request. Upon receipt of emergency approval from the Office of Management and Budget, the CFPB will begin a standard approval process for this collection and will seek public input at that time.
PL:
Pub.L. 111 - 203 X
Name of Law: Wall Street Reform and Consumer Protection Act
PL: Pub.L. 111 - 203 X Name of Law: Wall Street Reform and Consumer Protection Act
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.
Supporting Statement for Regulation O 20111020 v2.docx
Recordkeeping