Payday, Vehicle Title, and Certain High-Cost Installment Loans (12 CFR Part 1041)

Forms and Documents

Document Name	Status
3170-0071_PRA Supporting Statement NFRM RIN 3170-AA80 FINAL rev09242020.docx Supporting Statement A	2020-09-24

IC Document Collections

IC ID	Document Title	Status
234896	Recordkeeping and Disclosure Requirements	Modified

ICR Details

OMB Control No: 3170-0071	ICR Reference No: 202007-3170-001
Status: Active	Previous ICR Reference No: 201902-3170-002
Agency/Subagency: CFPB	Agency Tracking No: NFRM
Title: Payday, Vehicle Title, and Certain High-Cost Installment Loans (12 CFR Part 1041)
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: Approved with change	Conclusion Date: 09/24/2020
	Date Received in OIRA: 07/08/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2023	36 Months From Approved
Responses	366,296,507	0	0
Time Burden (Hours)	3,189,587	0	0
Cost Burden (Dollars)	11,188,035	0	0

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Abstract: The Bureau's regulation at 12 CFR 1041 applies to non-depository institutions and loan brokers engaged in consumer lending, credit intermediation activities, or activities related to credit intermediation, along with banks and credit unions that make loans that are subject to the rule. The purpose of this rule is to identify certain unfair and abusive acts or practices in connection with certain consumer credit transactions, to set forth requirements for preventing such acts or practices, and to provide certain partial conditional exemptions from aspects of this rule. This rule also contains requirements to ensure that the features of those consumer credit transactions are fully, accurately, and effectively disclosed to consumers.

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Authorizing Statute(s): US Code: 12 USC 5481 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3170-AA80	Final or interim final rulemaking	85 FR 44382	07/22/2020

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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

IC Title	Form No.	Form Name
Recordkeeping and Disclosure Requirements

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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	366,296,507	0	0	366,296,507	0	0
Annual Time Burden (Hours)	3,189,587	0	0	3,189,587	0	0
Annual Cost Burden (Dollars)	11,188,035	0	0	11,188,035	0	0

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

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to:

Short Statement: Since this is a new information collection request associated with a new rulemaking, all the burden considered in this request is considered to be a program change. However, this Final Rule (RIN 3170-AA80) would substantially reduce the burdens associated with the current rule for 12 CFR part 1041 for which an information collection request is currently still pending at OMB under OMB number 3170-0065. This final rule could result in a burden reduction of 5, 010,232 hours (from 8,199,819 to 3,189,587) and 89,656,332 cost burden (from $100,844,367 to $11,188,035) from what the Bureau estimated for the burdens associated with the 2017 Final Rule.

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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? 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: 07/08/2020

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