Alert October 16, 2012

CFPB Seeks Information on Impact of Regulations

The CFPB solicited comments on proposed information collections designed to provide the CFPB with qualitative data on the compliance activities, financial burdens and other economic costs associated with its regulations.  These information collections will ask financial services providers about their compliance systems and processes and how regulations and regulatory changes impact different aspects of their business operations.  According to the CFPB, these information collections would “aid the Bureau in determining what rules prove to be unduly burdensome on [providers of financial services] and to identify the costs of such burdens.”  The CFPB is soliciting comments addressing whether the proposed information collections are necessary and, if so, what information should be collected to give the CFPB an accurate picture of the compliance costs it imposes on the industry, as well as how to reduce the burden of the information collections on respondents.  The deadline to comment is November 9, 2012.