Pursuant to 5
CFR 1320.11(c), OMB files this comment on this information
collection request (ICR. The agency shall examine public comment in
response to the NPRM and will describe in the supporting statement
of its next collection any public comments received regarding the
collection as well as why (or why it did not) incorporate the
commenter’s recommendation. The next submission to OMB must include
the draft final rule.
Inventory as of this Action
Requested
Previously Approved
36 Months From Approved
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0
0
0
0
0
0
0
0
Pursuant to section 1028(b) of the
Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub. L.
111-203), the Bureau of Consumer Financial Protection (Bureau) is
proposing to establish 12 CFR part 1040, which would contain
regulations governing the use of agreements providing for
arbitration of future disputes (hereinafter, arbitration
agreements) by persons providing or offering covered consumer
financial products or services who are not eligible for an
exemption in the proposed rule (hereinafter, providers). In
general, the proposal would prohibit providers from relying upon an
arbitration agreement in a class litigation case concerning a
covered consumer financial product or service. Relatedly, the
proposal would include two types of information collections: (1) a
mandatory contractual provision using language specified by the
Bureau (with an alternative to send consumer notices in certain
specified circumstances); and (2) submission of certain arbitral
records to the Bureau. These information collections are described
below.
New disclosure and reporting
requirements contained in proposed rule for 12 CFR part 1040 which
would contain regulations governing the use of agreements providing
for arbitration of future disputes by persons providing or offering
covered consumer financial products or services who are not
eligible for an exemption in the proposed rule.
$0
No
No
No
Yes
No
Uncollected
Darrin King 202-693-4129
King.Darrin@dol.gov
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:
(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.