The purpose of this data collection is
to help the Bureau identify priority areas for such streamlining.
The Bureau's effort to identify and address such priorities is and
will continue to be based in part on guidance provided by the
Office of Management and Budget Memorandum for the Heads of
Independent Regulatory Agencies, M-11-28, "Executive Order 13579,
'Regulation and Independent Regulatory Agencies'" (July 22, 2011).
That guidance discusses the importance of opportunities for public
participation in the development of any retrospective analysis
plan. Consistent with this guidance, the Bureau seeks to reach
interested parties through two mechanisms. The first mechanism is a
Federal Register notice. On December 5, 2011, a notice titled
"Streamlining Inherited Regulations" was published in the Federal
Register. The notice seeks comment in writing, or through the
regulations.gov website. The data collection for which the Bureau
now seeks approval would be the second mechanism. In order to reach
respondents that might not be inclined to respond to the Federal
Register notice, the Bureau seeks to collect input from interested
parties through a specialized web tool on the CFPB
website.
On July 21, 2010,
President Barack Obama signed into law the Dodd-Frank Wall Street
Reform and Consumer Protection Act, P.L. 111-203, 124 Stat. 1376
(2010) (Dodd-Frank Act). Under the Dodd-Frank Act, on July 21,
2011, rulemaking authority under Federal consumer financial laws
was transferred from seven other Federal agencies to the Consumer
Financial Protection Bureau (Bureau). Accordingly, the Bureau
assumed responsibility over various regulations that these agencies
had issued under this rulemaking authority. During the month of
December, through the course of fourteen Federal Register notices,
the Bureau republished the prior agencies regulations implementing
fourteen consumer laws (the inherited regulations) as regulations
of the Bureau. These republished regulations incorporate only
technical changes and do not impose substantive obligations. But
the Bureau believes there may be opportunities to streamline the
inherited regulations by updating, modifying, or eliminating
outdated, unduly burdensome, or necessary provisions. The purpose
of this data collection is to help the Bureau identify priority
areas for such streamlining. The Bureau respectfully requests
emergency processing and approval of the collection of information
discussed below in order that its information collection may take
place during the comment period for the related Federal Register
notice. The initial comment period for that notice ends on March 5,
2012. The notice provides an additional 30 days, until April 3,
2012, for the public to respond to previously submitted comments.
The concurrence between the proposed collection and the Federal
Register notice period will minimize confusion among respondents,
who might otherwise believe that the information collection is in
addition to (rather than a substitute for) the information sought
by the Federal Register notice. The standard approval procedures
would make such concurrence impossible.
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.
Reg analysis website supporting statement draft 1 31.docx
Streamlining Inherited Regulations - Web Tool