Designated Transfer Date, 57252-57253 [2010-23487]

Download as PDF 57252 Federal Register / Vol. 75, No. 181 / Monday, September 20, 2010 / Notices jdjones on DSK8KYBLC1PROD with NOTICES Donation Programs is 36 hours per response. Respondents: U.S. private voluntary organizations, U.S. cooperatives, foreign governments, freight forwarders, ship owners and brokers, and survey companies. Estimated Number of Respondents: 301 per annum. Estimated Number of Responses per Respondent: 20 per annum. Estimated Total Annual Burden of Respondents: 141,989 hours. Copies of this information collection can be obtained from Tamoria Thompson-Hall, the Agency Information Collection Coordinator, by telephone at (202) 690–1690; or by e-mail at tamoria.thompson@fas.usda.gov. Request for comments: Send comments regarding (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; (b) the accuracy of the agency’s estimate of the burden of the proposed collection of information; (c) ways to enhance the quality, utility and clarity of the information to be collected; and (d) ways to minimize the burden of the collection of information on those who are to respond, including through the use of automated, electronic, mechanical, or other technological collection techniques or other forms of information technology. Comments may be sent to Ronald Croushorn, Director, Food Assistance Division, Foreign Agricultural Service, U. S. Department of Agriculture, Stop 1034, Washington, DC 20250–1034; or by e-mail at ron.croushorn@fas.usda.gov. Comments may also be sent to the Desk Officer for Agriculture, Office of Information and Regulatory Affairs, Office of Management and Budget (OMB), Washington, DC 20503. Persons with disabilities who require an alternative means for communication of information (e.g. Braille, large print, audiotape, etc.) should contact USDA’s Target Center at (202) 720–2600 (voice and TDD). All responses to this notice will be summarized and included in the request for OMB approval. All comments will also become a matter of public record. Signed at Washington, DC, on September 2, 2010. Suzanne Hale, Acting Administrator, Foreign Agricultural Service. [FR Doc. 2010–23339 Filed 9–17–10; 8:45 am] BILLING CODE 3410–10–P VerDate Mar<15>2010 15:00 Sep 17, 2010 Jkt 220001 Notice. DEPARTMENT OF AGRICULTURE ACTION: Forest Service Pursuant to the Consumer Financial Protection Act of 2010 (‘‘CFP Act’’),1 the Secretary of the Treasury designates July 21, 2011, as the date for the transfer of functions to the Bureau of Consumer Financial Protection (‘‘CFPB’’). On this ‘‘designated transfer date,’’ certain authorities will transfer from other agencies to the CFPB, and the CFPB will be able to exercise certain additional, new authorities under the CFP Act and other laws. After consulting with the heads of the agencies whose functions will transfer to the CFPB, as well as the Director of the Office of Management and Budget, the Secretary finds that designating July 21, 2011, as the transfer date will advance the mission of the CFPB and promote an orderly and organized startup. FOR FURTHER INFORMATION CONTACT: Wally Adeyemo, Office of the Chief of Staff, Department of the Treasury, 1500 Pennsylvania Avenue NW., Washington, DC 20220; telephone number: (202) 622–2000; e-mail address: CFPB_Transition@do.treas.gov. SUMMARY: Ravalli County Resource Advisory Committee Forest Service, USDA. Notice of meeting. AGENCY: ACTION: The Ravalli County Resource Advisory Committee will meet in Hamilton, Montana. The purpose of the meeting is assigning monitor’s contacts. DATES: The meeting will be held September 28, 2010. ADDRESSES: The meeting will be held at 1801 N. First Street. Written comments should be sent to Stevensville RD, 88 Main Street, Stevensville, MT 59870. Comments may also be sent via e-mail to dritter@fs.fed.us or via facsimile to 406–777–5461. All comments, including names and addresses when provided, are placed in the record and are available for public inspection and copying. The public may inspect comments received at 88 Main Street, Stevensville, MT 59870. Visitors are encouraged to call ahead to 406– 777–5461 to facilitate entry into the building. FOR FURTHER INFORMATION CONTACT: Dan Ritter or Nancy Trotter, 406–777–5461. Individuals who use telecommunication devices for the deaf (TDD) may call the Federal Information Relay Service (FIRS) at 1–800–877–8339 between 8 a.m. and 8 p.m., Eastern Standard Time, Monday through Friday. SUPPLEMENTARY INFORMATION: The meeting is open to the public. Council discussion is limited to Forest Service staff and Council members. However, persons who wish to bring matters to the attention of the Council may file written statements with the Council staff before or after the meeting. Public input sessions will be provided and individuals who made written requests by September 24, 2010 will have the opportunity to address the Council at those sessions. SUMMARY: Dated: September 13, 2010. Julie K. King, Forest Supervisor. [FR Doc. 2010–23302 Filed 9–17–10; 8:45 am] The designated transfer date shall be July 21, 2011. SUPPLEMENTARY INFORMATION: On July 21, 2010, the President signed into law the CFP Act, which is title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 1062 of the CFP Act, in relevant part, requires the Secretary to designate a single calendar date for the transfer of functions, under section 1061, to the CFPB. DATES: Consultation With Transferor Agencies Section 1062(a)(1) requires the Secretary to consult with the heads of the seven ‘‘transferor agencies’’ 2 and the Director of the Office of Management and Budget (‘‘OMB’’) and, in accordance with section 1062(c)(1), select a date between 6 and 12 months after the date of enactment of the CFP Act as the designated transfer date. Following enactment of the Act, the Secretary conducted a meeting with the heads of the transferor agencies and the OMB Director. Treasury staff, working on BILLING CODE M 1 Tit. X, Public Law 111–203. 1061(a)(2) of the CFP Act defines the terms ‘‘transferor agency’’ and ‘‘transferor agencies’’ to mean—‘‘(A) the Board of Governors (and any Federal reserve bank, as the context requires), the Federal Deposit Insurance Corporation, the Federal Trade Commission, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Department of Housing and Urban Development, and the heads of those agencies; and (B) the agencies listed in subparagraph (A), collectively.’’ 2 Section BUREAU OF CONSUMER FINANCIAL PROTECTION [Docket No.: CFPB–HQ–2010–1] Designated Transfer Date Bureau of Consumer Financial Protection. AGENCY: PO 00000 Frm 00002 Fmt 4703 Sfmt 4703 E:\FR\FM\20SEN1.SGM 20SEN1 Federal Register / Vol. 75, No. 181 / Monday, September 20, 2010 / Notices jdjones on DSK8KYBLC1PROD with NOTICES behalf of the Secretary and for the CFPB, also consulted with the transferor agencies and OMB to obtain additional input on issues relating to the transfer date. Functions of the CFPB On the designated transfer date, the ‘‘consumer financial protection functions’’ 3 currently carried out by the Federal banking agencies, as well as certain authorities currently carried out by the Department of Housing and Urban Development and the Federal Trade Commission, will be transferred to the CFPB. In particular, as of the designated transfer date, the CFPB will assume responsibility for consumer compliance supervision of very large depository institutions and their affiliates and promulgating regulations under various Federal consumer financial laws.4 The transfer of certain employees from six of those agencies to the CFPB must also occur within 90 days after the designated transfer date.5 New authorities of the CFPB under subtitle C of the Act, as well as other consumer protection provisions, will become effective on the designated transfer date as well.6 In the intervening period, the CFPB will lay the groundwork for an efficient transfer and prepare for consumer protection activities after July 21, 2011. For instance, prior to the designated transfer date, the CFPB will begin to conduct research relating to consumer financial products and services, develop its nationwide consumer complaint response center, plan and take steps to implement the risk-based supervision of nondepository covered persons, and prepare for the opening of outreach offices. Development of the supervision program for certain nondepository covered persons is particularly significant because no Federal agency previously has had the responsibility of supervising these entities, such as payday lenders, mortgage companies, debt collectors, and consumer reporting agencies.7 Prior to the designated transfer date, the CFPB will begin the significant task of building this supervision program, including hiring and training examination staff and making preparations necessary to begin a risk-based supervision program. The CFPB will also work during the intervening period to prepare for the 1061(a)(1). e.g., Section 1025(b); subtitles C and H. 5 Section 1064(b)(1). 6 See, e.g., section 1037. 7 Section 1024(b) (requiring the CFPB to implement a risk-based supervision program for covered persons described in section 1024(a)(1)). new authorities that will transfer or take effect as of the designated transfer date, for instance by planning the orderly integration of bank, thrift, and credit union examiners from five different Federal agencies and preparing for rulemakings required under the DoddFrank Wall Street Reform and Consumer Protection Act. For example, the CFPB is holding a roundtable to begin gathering public input regarding the merger of overlapping mortgage forms required by the Truth in Lending Act and Real Estate Settlement Procedures Act. Congress contemplated that the lead time for the ‘‘orderly implementation’’ of the CFPB’s functions could range between 6 to 18 months after the date of enactment.8 To fulfill the statutory goal of an ‘‘orderly and organized startup’’ of the new agency,9 the CFPB should be provided a reasonable period of time to develop its operations and organization prior to the transfer of functions and employees from other agencies. A transfer date of July 21, 2011, 12 months after the date of enactment, will provide the CFPB an appropriate period of time to hire and assign employees to support its new functions, as well as to plan and make important decisions necessary to build a strong foundation for the new agency. Designation For all of the reasons set forth in this notice and in light of the comments provided by the transferor agencies and the Director of OMB, the designated transfer date under section 1062(a) of the CFP Act shall be July 21, 2011. Timothy F. Geithner, Secretary of the Treasury. [FR Doc. 2010–23487 Filed 9–17–10; 4:15 pm] BILLING CODE 4810–25–P DEPARTMENT OF COMMERCE Submission for OMB Review; Comment Request The Department of Commerce will submit to the Office of Management and Budget (OMB) for clearance the following proposal for collection of information under the provisions of the Paperwork Reduction Act (44 U.S.C. chapter 35). Agency: U.S. Census Bureau. 3 Section 4 See, VerDate Mar<15>2010 15:00 Sep 17, 2010 Jkt 220001 8 Section 1062(c) (providing that the designated transfer date must be a date between 180 days and 12 months after the date of enactment of the CFP Act, subject to an extension of up to 18 months after the date of enactment). 9 See section 1067(a)(1). PO 00000 Frm 00003 Fmt 4703 Sfmt 4703 57253 Title: 2011 Field Test of the ReEngineered Survey of Income and Program Participation. OMB Control Number: 0607–0957. Form Number(s): SIPP 105(L)DR(2011) Director’s Letter; SIPP 105(L)(SP)DR(2011) Director’s Letter Spanish; SIPP 2011DR106(L); SIPP 2011DR107(L); SIPP/CAPI Automated Instrument. Type of Request: Reinstatement of an expired collection. Burden Hours: 5,681. Number of Respondents: 5,500. Average Hours per Response: 1 hour. Needs and Uses: The U.S. Census Bureau requests authorization from the Office of Management and Budget (OMB) to conduct the 2011 Field Test for the Re-engineered Survey of Income and Program Participation (SIPP). The Census Bureau’s SIPP CAPI interview will use an event history calendar (EHC) interviewing method and a 12-month, calendar-year reference period in place of the current SIPP questionnaire approach with a sliding 4month reference period. The Census Bureau is re-engineering the SIPP to accomplish several goals including improving the collection instrument and processing system, development of the EHC, use of the administrative records data, and increased stakeholder interaction. The SIPP represents a source of information for a wide variety of separate topics to be integrated to form a single and unified database in order to examine the interaction between tax, transfer, and other government and private policies. Government domestic policy formulators depend heavily upon the SIPP information to determine the effect of tax and transfer programs on the distribution of income received directly as money or indirectly as inkind benefits. They also need improved and expanded data on the income and general economic and financial situation of the U.S. population. The SIPP has provided these kinds of data on a continuing basis since 1983, by measuring levels of economic wellbeing and changes in these levels over time. The main objective of the SIPP has been to provide accurate and comprehensive information about the income and program participation of individuals and households in the United States. The survey’s mission is to provide a nationally representative sample for evaluating: (1) Annual and sub-annual income dynamics, (2) movements into and out of government transfer programs, (3) family and social context of individuals and households, and (4) interactions among these items. E:\FR\FM\20SEN1.SGM 20SEN1

Agencies

BUREAU OF CONSUMER FINANCIAL PROTECTION

[Federal Register Volume 75, Number 181 (Monday, September 20, 2010)]
[Notices]
[Pages 57252-57253]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-23487]


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BUREAU OF CONSUMER FINANCIAL PROTECTION

[Docket No.: CFPB-HQ-2010-1]


Designated Transfer Date

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice.

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SUMMARY: Pursuant to the Consumer Financial Protection Act of 2010 
(``CFP Act''),\1\ the Secretary of the Treasury designates July 21, 
2011, as the date for the transfer of functions to the Bureau of 
Consumer Financial Protection (``CFPB''). On this ``designated transfer 
date,'' certain authorities will transfer from other agencies to the 
CFPB, and the CFPB will be able to exercise certain additional, new 
authorities under the CFP Act and other laws. After consulting with the 
heads of the agencies whose functions will transfer to the CFPB, as 
well as the Director of the Office of Management and Budget, the 
Secretary finds that designating July 21, 2011, as the transfer date 
will advance the mission of the CFPB and promote an orderly and 
organized startup.
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    \1\ Tit. X, Public Law 111-203.

FOR FURTHER INFORMATION CONTACT: Wally Adeyemo, Office of the Chief of 
Staff, Department of the Treasury, 1500 Pennsylvania Avenue NW., 
Washington, DC 20220; telephone number: (202) 622-2000; e-mail address: 
_____________________________________-
CFPB_Transition@do.treas.gov.

DATES: The designated transfer date shall be July 21, 2011.

SUPPLEMENTARY INFORMATION: On July 21, 2010, the President signed into 
law the CFP Act, which is title X of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act. Section 1062 of the CFP Act, in relevant 
part, requires the Secretary to designate a single calendar date for 
the transfer of functions, under section 1061, to the CFPB.

Consultation With Transferor Agencies

    Section 1062(a)(1) requires the Secretary to consult with the heads 
of the seven ``transferor agencies'' \2\ and the Director of the Office 
of Management and Budget (``OMB'') and, in accordance with section 
1062(c)(1), select a date between 6 and 12 months after the date of 
enactment of the CFP Act as the designated transfer date. Following 
enactment of the Act, the Secretary conducted a meeting with the heads 
of the transferor agencies and the OMB Director. Treasury staff, 
working on

[[Page 57253]]

behalf of the Secretary and for the CFPB, also consulted with the 
transferor agencies and OMB to obtain additional input on issues 
relating to the transfer date.
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    \2\ Section 1061(a)(2) of the CFP Act defines the terms 
``transferor agency'' and ``transferor agencies'' to mean--``(A) the 
Board of Governors (and any Federal reserve bank, as the context 
requires), the Federal Deposit Insurance Corporation, the Federal 
Trade Commission, the National Credit Union Administration, the 
Office of the Comptroller of the Currency, the Office of Thrift 
Supervision, and the Department of Housing and Urban Development, 
and the heads of those agencies; and (B) the agencies listed in 
subparagraph (A), collectively.''
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Functions of the CFPB

    On the designated transfer date, the ``consumer financial 
protection functions'' \3\ currently carried out by the Federal banking 
agencies, as well as certain authorities currently carried out by the 
Department of Housing and Urban Development and the Federal Trade 
Commission, will be transferred to the CFPB. In particular, as of the 
designated transfer date, the CFPB will assume responsibility for 
consumer compliance supervision of very large depository institutions 
and their affiliates and promulgating regulations under various Federal 
consumer financial laws.\4\ The transfer of certain employees from six 
of those agencies to the CFPB must also occur within 90 days after the 
designated transfer date.\5\ New authorities of the CFPB under subtitle 
C of the Act, as well as other consumer protection provisions, will 
become effective on the designated transfer date as well.\6\
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    \3\ Section 1061(a)(1).
    \4\ See, e.g., Section 1025(b); subtitles C and H.
    \5\ Section 1064(b)(1).
    \6\ See, e.g., section 1037.
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    In the intervening period, the CFPB will lay the groundwork for an 
efficient transfer and prepare for consumer protection activities after 
July 21, 2011. For instance, prior to the designated transfer date, the 
CFPB will begin to conduct research relating to consumer financial 
products and services, develop its nationwide consumer complaint 
response center, plan and take steps to implement the risk-based 
supervision of nondepository covered persons, and prepare for the 
opening of outreach offices.
    Development of the supervision program for certain nondepository 
covered persons is particularly significant because no Federal agency 
previously has had the responsibility of supervising these entities, 
such as payday lenders, mortgage companies, debt collectors, and 
consumer reporting agencies.\7\ Prior to the designated transfer date, 
the CFPB will begin the significant task of building this supervision 
program, including hiring and training examination staff and making 
preparations necessary to begin a risk-based supervision program.
---------------------------------------------------------------------------

    \7\ Section 1024(b) (requiring the CFPB to implement a risk-
based supervision program for covered persons described in section 
1024(a)(1)).
---------------------------------------------------------------------------

    The CFPB will also work during the intervening period to prepare 
for the new authorities that will transfer or take effect as of the 
designated transfer date, for instance by planning the orderly 
integration of bank, thrift, and credit union examiners from five 
different Federal agencies and preparing for rulemakings required under 
the Dodd-Frank Wall Street Reform and Consumer Protection Act. For 
example, the CFPB is holding a roundtable to begin gathering public 
input regarding the merger of overlapping mortgage forms required by 
the Truth in Lending Act and Real Estate Settlement Procedures Act.
    Congress contemplated that the lead time for the ``orderly 
implementation'' of the CFPB's functions could range between 6 to 18 
months after the date of enactment.\8\ To fulfill the statutory goal of 
an ``orderly and organized startup'' of the new agency,\9\ the CFPB 
should be provided a reasonable period of time to develop its 
operations and organization prior to the transfer of functions and 
employees from other agencies. A transfer date of July 21, 2011, 12 
months after the date of enactment, will provide the CFPB an 
appropriate period of time to hire and assign employees to support its 
new functions, as well as to plan and make important decisions 
necessary to build a strong foundation for the new agency.
---------------------------------------------------------------------------

    \8\ Section 1062(c) (providing that the designated transfer date 
must be a date between 180 days and 12 months after the date of 
enactment of the CFP Act, subject to an extension of up to 18 months 
after the date of enactment).
    \9\ See section 1067(a)(1).
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Designation

    For all of the reasons set forth in this notice and in light of the 
comments provided by the transferor agencies and the Director of OMB, 
the designated transfer date under section 1062(a) of the CFP Act shall 
be July 21, 2011.

Timothy F. Geithner,
Secretary of the Treasury.
[FR Doc. 2010-23487 Filed 9-17-10; 4:15 pm]
BILLING CODE 4810-25-P

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