Policy On No-Action Letters and Compliance Assistance Sandbox Policy

Forms and Documents

Document	Type	Status	Availability

No forms / supporting documents in this ICR. Check IC Document Collections.

IC Document Collections

IC ID	Collection	Type	Status	Form
218690	Application and Reporting		Modified

ICR Details

OMB Control No: 3170-0059	ICR Reference No: 201812-3170-001
Status: Active	Previous ICR Reference No: 201510-3170-004
Agency/Subagency: CFPB	Agency Tracking No:
Title: Policy On No-Action Letters and Compliance Assistance Sandbox Policy
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 09/06/2019
	Date Received in OIRA: 08/06/2019
Terms of Clearance: Updated supporting statement during review.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2022	36 Months From Approved	09/30/2019
Responses	12	0	3
Time Burden (Hours)	1,200	0	300
Cost Burden (Dollars)	0	0	0

---

Abstract: The Bureau of Consumer Financial Protection (“CFPB” or “Bureau”) is revising its initial Policy on No-Action Letters (“NAL”) (“2016 Policy”). A NAL is an exercise of the Bureau’s discretionary authority not to make a supervisory finding or not bring a supervisory or enforcement action in the face of statutory or regulatory uncertainty with respect to a product or service. The revised Policy (“NAL Policy”) will govern the process for persons to apply for Bureau NALs in connection with proposed conduct, subject to specified conditions and limitations. Issuance of NALs under this Policy will be discretionary on the part of the Bureau. The information will be collected from persons, primarily businesses or other for-profit entities, who apply for NALs from the Bureau. The information will be used by the Bureau to determine whether issuance of a NAL is warranted. The Bureau is also finalizing its Compliance Assistance Sandbox Policy (“CASP”). The CASP will govern the process for persons to apply for Bureau statutory “approvals,” subject to specified conditions and limitations. Approvals pursuant to this policy are offered to a regulated entity that confronts statutory or regulatory uncertainty with the binding assurance from Bureau that specific aspects of a product or service are compliant with specified legal provisions. Issuance of approvals will be discretionary on the part of the Bureau. The information will be collected from persons, primarily businesses or other for-profit entities, who apply for approvals from the Bureau. The information will be used by the Bureau to determine whether issuance of an approval is warranted.

---

Authorizing Statute(s): PL: Pub.L. 111 - 203 1022(c)(4)(A) Name of Law: Dodd–Frank Wall Street Reform and Consumer Protection Act
  

Citations for New Statutory Requirements: None

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking
	Other Documents for OIRA Review

---

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 64036	12/13/2018
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 38247	08/06/2019
Did the Agency receive public comments on this ICR? Yes

---

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

IC Title	Form No.	Form Name
Application and Reporting	N/A, N/A

---

ICR Summary of Burden

	Total Approved	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	12	3	0	9	0	0
Annual Time Burden (Hours)	1,200	300	0	900	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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: The information collection is being changed in a number of ways in connection with the revision of the 2016 Policy and the finalization of the CASP. A number of the application elements in the 2016 Policy are not included in either the NAL Policy or the CASP. Several others have been streamlined. Each of the NAL Policy and the CASP include an application element regarding requests for the Bureau to coordinate with other regulators, which was not included in the 2016 Policy. And the CASP includes several other application elements not included in the 2016 Policy. The Bureau estimates that due to its revised NAL Policy and its new CASP it will receive a greater number of applications than it received under its 2016 NAL Policy. This accounts for the increase in burden vis-à-vis the 2016 Policy.

---

Annual Cost to Federal Government: $0

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? Uncollected

---

Common Form ICR:  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:

(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: 08/06/2019

---