In subsection 1032(e) of the
Dodd-Frank Act, 12 U.S.C. 5532(e), Congress gave the Bureau
authority to provide certain legal protections to companies to
conduct trial disclosure programs. This authority can be used to
help further the Bureau's statutory objective, stated in subsection
1021(b)(5) of the Act, to "facilitate access and innovation" in the
"markets for consumer financial products and services." There are
two main purposes for the use of these eligibility criteria. First,
the specific criteria are intended to help the Bureau identify
trial disclosure proposals that hold the potential to demonstrate
improvements in disclosure to consumers, while controlling
appropriately for risks to consumers. Second, by using standardized
criteria across all submitters, the Bureau will be better placed to
assess the merits of different proposals relative to each
other.
US Code:
15
USC 5532(e) Name of Law: The Dodd Frank Wall Street Reform and
Consumer Protection Act of 2010
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:
(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;
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.