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Monday, November 12, 2012

ABA: Generic Clearance Inappropriate for CFPB Data Collection

ABA filled a joint comment letter with the Consumer Bankers Association (CBA) to the CFPB regarding generic clearance for the collection of information on compliance costs and other effects of regulation.
[T]he Associations support and encourage the Bureau’s effort to gather information and data on compliance costs and other effects of existing and proposed regulations.

However, we reiterate our concerns about the use of an expedited, “generic” clearance.
The Associations have previously shared their concerns regarding the inappropriateness of a generic clearance for the collection of such information as the data collected will be fundamental to substantive rulemaking in the future.

Read the full comment letter.

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