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Tuesday, August 14, 2012

ABA Opposes CFPB Generic Clearance for Collecting Compliance-Cost Info

ABA and the Consumer Bankers Association oppose the CFPB’s request to the Office of Management and Budget for a generic clearance to collect information on compliance costs and the other effects of regulations, the trade groups said yesterday in a comment letter.
Such an approach will be sure to leave important information off … the table and out of the necessary policy calculations.
ABA and the CBA explained that while they support the CFPB’s effort to gather information and data on compliance costs and the other effects of regulations, soliciting the information must follow a more structured, comprehensive, and transparent process.
It must enable interested industry members and representatives to identify and respond to the compliance cost inquiries in a timely and adequate way, enabling the bureau to conduct its cost and benefit analyses in a fulsome and transparent manner.

The information to be collected is fundamental to substantive rulemaking, and the industry must be afforded the opportunity to make a meaningful contribution to the collection across a range of formats and venues that will ensure accurate and representative data is collected.
Read the letter.

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