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