Daily Rules, Proposed Rules, and Notices of the Federal Government
The collections seek qualitative information on the impact of regulations on providers of consumer financial products and services (Providers). The Bureau seeks to better understand the compliance activities, burdens, and other economic costs and benefits associated with its potential rules and existing regulations. Additional input from Providers would give the Bureau a more nuanced understanding of costs, which it can use to provide solutions for reducing undue regulatory burden on Providers. To that end, the Bureau anticipates seeking to use the information from these collections to:
• Inform the Bureau's various rulemaking initiatives announced in the Bureau's regulatory agenda, most of which concern the mortgage industry;
• Inform other rulemakings specifically required or authorized by the Dodd-Frank Act;
• Inform the Bureau's perspective on the appropriate approach to regulation of various industries in its jurisdiction;
• Supplement available information used for mandated analyses that the Bureau is required to perform for potential new rules, such as analyses required under section 1022 of the Act, the Regulatory Flexibility Act, and the Paperwork Reduction Act;
• Review impacts of the rules the Bureau inherited from other agencies;
• Perform reviews of significant new rules the Bureau adopts, as the Bureau is generally required to do within five years; and
• Develop new tools and solutions that can help Providers more easily implement and maintain compliance systems for consumer financial regulations.
These information collections will ask Providers of various sizes and mixes of business activity about their compliance systems and processes and how regulations and regulatory changes impact different aspects of their business operations. Collection methods may include structured interviews, focus groups, conference calls, and written questionnaires—delivered via email or administered through an online survey. In some cases, the Bureau may also conduct case studies to gather more in-depth and granular information from a targeted sample of institutions.
The information and data collected would aid the Bureau in determining what rules prove to be unduly burdensome on Providers and to identify the causes of such burden. In doing so, the Bureau would be better positioned to develop potential policy solutions that will reduce burden on Providers, without sacrificing the benefits of regulations on both consumers and Providers.
An agency may not conduct or sponsor, and a respondent is not required to respond to, an information collection unless the information collection displays a currently valid OMB control number.
The Bureau published a 60-day