Arbitration Agreements Disclosure and Reporting Requirements - 12 CFR part 1040

ICR 201707-3170-001

OMB: 3170-0064

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2017-07-18
IC Document Collections
IC ID
Document
Title
Status
221641
Modified
ICR Details
3170-0064 201707-3170-001
Historical Inactive 201605-3170-012
CFPB
Arbitration Agreements Disclosure and Reporting Requirements - 12 CFR part 1040
New collection (Request for a new OMB Control Number)   No
Regular
Withdrawn 11/20/2017
Retrieve Notice of Action (NOA) 07/19/2017
As a result of Public Law 115-74, which nullifies CFPB's rule regarding arbitration agreements, CFPB is withdrawing this information collection request (ICR).
  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 (“the Bureau”) is establishing 12 CFR part 1040 (“the rule”), which contains regulations governing the use of agreements providing for arbitration of future disputes (“arbitration agreements”) by persons providing or offering covered consumer financial products or services who are not eligible for an exemption in the rule (“providers”). In general, the rule prohibits providers from relying upon an arbitration agreement entered into after the rule’s compliance date in a class action that concerns a covered consumer financial product or service. Relatedly, the rule includes two types of information collections: (1) a mandatory contractual provision using language specified by the Bureau (and with an alternative to send consumer notices in certain specified circumstances); and (2) submission of certain arbitral and arbitration-related court 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 Final or interim final rulemaking 82 FR 33210 07/19/2017

No

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

Yes
Changing Regulations
No
New information collection requirements.

$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.
07/19/2017


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