2019-16919. Agency Information Collection Activities: Submission for OMB Review; Comment Request

AGENCY:

Bureau of Consumer Financial Protection.

ACTION:

Notice and request for comment.

SUMMARY:

In accordance with the Paperwork Reduction Act of 1995 (PRA), the Bureau of Consumer Financial Protection (Bureau) is proposing to renew with change the Office of Management and Budget (OMB) approval for an existing information collection titled, “Policy On No-Action Letters and Compliance Assistance Sandbox Policy.”

DATES:

Written comments are encouraged and must be received on or before September 5, 2019 to be assured of consideration.

ADDRESSES:

Comments in response to this notice are to be directed towards OMB and to the attention of the OMB Desk Officer for the Bureau of Consumer Financial Protection. You may submit comments, identified by the title of the information collection, OMB Control Number (see below), and docket number (see above), by any of the following methods:

• Electronic: http://www.regulations.gov. Follow the instructions for submitting comments.
• Email: [e-mail].
• Fax: [phone].
• Mail: Office of Management and Budget, New Executive Office Building, Room 10235, Washington, DC 20503.

In general, all comments received will become public records, including any personal information provided. Sensitive personal information, such as account numbers or Social Security numbers, should not be included.

FOR FURTHER INFORMATION CONTACT:

Documentation prepared in support of this information collection request is available at www.reginfo.gov (this link becomes active on the day following publication of this notice). Select “Information Collection Review,” under “Currently under review, use the dropdown menu “Select Agency” and select “Consumer Financial Protection Bureau” (recent submissions to OMB will be at the top of the list). The same documentation is also available at http://www.regulations.gov. Requests for additional information should be directed to Darrin King, PRA Officer, at [phone], or email: [e-mail]. If you require this document in an alternative electronic format, please contact [e-mail]. Please do not submit comments to these email boxes.

SUPPLEMENTARY INFORMATION:

Title of Collection: Policy on No-Action Letters and Compliance Assistance Sandbox Policy.

OMB Control Number: 3170-0059.

Type of Review: Revision of a currently approved collection.

Affected Public: Private Sector.

Estimated Number of Respondents: 9.

Estimated Total Annual Burden Hours: 1,200.

Abstract: The Bureau is revising its initial 2016 Policy on No-Action Letters (Policy). The revised Policy will govern the process for persons to apply for Bureau no-action letters for proposed conduct, subject to specified conditions and limitations. Issuance of no-action letters under the 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 no-action letters from the Bureau. The information will be used by the Bureau to determine whether issuance of a no-action letter 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 approvals, subject to specified conditions and limitations. 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.

Request for Comments: The Bureau issued a 60-day Federal Register notice on December 13, 2018, 83 FR 64036, Docket Number: CFPB-2018-0042. Comments were solicited and continue to be invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the Bureau, including whether the information will have practical utility; (b) The accuracy of the Bureau's estimate of the burden of the collection of information, including the validity of the methods and the assumptions used; (c) Ways to enhance the quality, utility, and clarity of the information to be collected; and (d) Ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Comments submitted in response to this notice will be reviewed by OMB as part of its review of this request. All comments will become a matter of public record.

Dated: August 2, 2019.

Mary McLeod,

General Counsel, Bureau of Consumer Financial Protection.