Arbitration Agreements Disclosure and Reporting Requirements - 12 CFR part 1040

Forms and Documents

Document Name	Status
PRA Supporting Statement for Arbitration Final Rule-final.pdf Supporting Statement A	2017-07-18

IC Document Collections

IC ID	Document Title	Status
221641	Disclosure and Reporting Requirements	Modified

ICR Details

OMB Control No: 3170-0064	ICR Reference No: 201707-3170-001
Status: Historical Inactive	Previous ICR Reference No: 201605-3170-012
Agency/Subagency: CFPB	Agency Tracking No:
Title: Arbitration Agreements Disclosure and Reporting Requirements - 12 CFR part 1040
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Withdrawn	Conclusion Date: 11/20/2017
	Date Received in OIRA: 07/19/2017
Terms of Clearance: 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
Expiration Date		36 Months From Approved
Responses	0	0	0
Time Burden (Hours)	0	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: 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.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 1028(b) Name of Law: Dodd–Frank Wall Street Reform and Consumer Protection Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3170-AA51	Final or interim final rulemaking	82 FR 33210	07/19/2017

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Disclosure and Reporting Requirements

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Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: New information collection requirements.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 07/19/2017

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