ABA urged the CFPB to withdraw a request for a generic clearance under the Paperwork Reduction Act, arguing that the request covers “substantial policy issues” that should be subject to public review and comment.
The Paperwork Reduction Act requires agencies’ data and information collections to go through a clearance process with the Office of Management and Budget in order to protect businesses and customers from undue regulatory burden. The CFPB sought a generic clearance for “information collections” -- intake forms, questionnaires and other documents -- related to its consumer complaint system.
“We understand that compliance with the PRA process adds additional challenge to this process,” ABA said, “but we believe that the substantive and policy issues presented mandate a level of public engagement and accountability not available pursuant to a generic clearance process.”
Read the letter.