The CFPB has published another notice in the Federal Register regarding its plans for collecting information on compliance costs. Last month, we reported on the notice published by the CFPB about its collection of information on the compliance costs associated with the mortgage servicing proposals under development. Now, the CFPB seeks comments on its overall plans “to collect qualitative information from industry participants regarding the compliance costs and other effects on providers and consumers, both as to existing regulations in force as well as to proposed new regulations.”
The new notice references the CFPB’s request for comments on streamlining inherited regulations and states that the information the CFPB gathers through “this generic information collection will further enhance the Bureau’s understanding of how existing regulations are affecting providers.” As it did in its notice relating to its mortgage servicing proposals, the CFPB states in its new notice that it intends to obtain cost information through structured interviews, focus groups, conference calls, written questionnaires, and online surveys. The CFPB also states that because it recognizes that burdens are not the same for all institutions or all products and services offered, it will attempt to sample providers “that are representative of markets affected by a proposed rule, or are already under the authority of existing regulations.” Comments are due by August 13, 2012.