Student Loan Servicing Market Monitoring

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
3170-XXXX_Student_Loan_StatementA-OMB.pdf	Supporting Statement A	Uploaded 2017-08-24	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
227943	Reporting Requirements	Other-Student Loan 1022 Order (Template)	New

ICR Details

OMB Control No:	ICR Reference No: 201708-3170-001
Status: Historical Inactive	Previous ICR Reference No:
Agency/Subagency: CFPB	Agency Tracking No:
Title: Student Loan Servicing Market Monitoring
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Withdrawn	Conclusion Date: 11/19/2020
	Date Received in OIRA: 09/06/2017
Terms of Clearance: This ICR is being withdrawn pursuant to a request from the Consumer Financial Protection Bureau on 11/18/2020.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date		36 Months From Approved
Responses	0	0	0
Time Burden (Hours)	0	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The Consumer Financial Protection Bureau ( Bureau) will require quarterly data collection on aggregated student loan servicing metrics and borrower outcomes from student loan servicers. This collection is intended to help the Bureau carry out its market monitoring goals and is pursuant to the Bureau’s market monitoring authority under Section 1022(c)(4) of the Dodd- Frank Wall Street and Consumer Protection Act.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 1021 Name of Law: Dodd-Frank Wall Street Reform and Consumer Financial Protection Act of 2010 (Dodd Frank Act)
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 11440	02/23/2017
30-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 42082	09/06/2017
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
Reporting Requirements	N/A	Student Loan Reporting Template

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Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This is a new information collection request; therefore, the entire burden is considered a program change.

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 09/06/2017

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