Arbitration Agreements Disclosure and Reporting Requirements - Notice of Proposed Rulemaking for 12 CFR part 1040

ICR 201605-3170-012

OMB: 3170-0064

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2016-05-24
IC Document Collections
IC ID
Document
Title
Status
221641
New
ICR Details
3170-0064 201605-3170-012
Historical Inactive
CFPB
Arbitration Agreements Disclosure and Reporting Requirements - Notice of Proposed Rulemaking for 12 CFR part 1040
New collection (Request for a new OMB Control Number)   No
Regular
Comment filed on proposed rule 07/28/2016
Retrieve Notice of Action (NOA) 05/24/2016
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
0 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.

PL: Pub.L. 111 - 203 1028(b) Name of Law: Dodd–Frank Wall Street Reform and Consumer Protection Act
  
None

3170-AA51 Proposed rulemaking 81 FR 32829 05/24/2016

No

1
IC Title Form No. Form Name
Disclosure and Reporting Requirements

Yes
Changing Regulations
No
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.
05/24/2016


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