Streamlining Inherited Regulations, 14700 [2012-5933]

Agencies

• BUREAU OF CONSUMER FINANCIAL PROTECTION

[Federal Register Volume 77, Number 49 (Tuesday, March 13, 2012)]
[Proposed Rules]
[Page 14700]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-5933]


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Proposed Rules
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains notices to the public of 
the proposed issuance of rules and regulations. The purpose of these 
notices is to give interested persons an opportunity to participate in 
the rule making prior to the adoption of the final rules.

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Federal Register / Vol. 77, No. 49 / Tuesday, March 13, 2012 / 
Proposed Rules

[[Page 14700]]



BUREAU OF CONSUMER FINANCIAL PROTECTION

12 CFR Chapter X

[Docket No. CFPB-2011-0039]


Streamlining Inherited Regulations

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice of streamlining project; request for information; 
extension of comment response period.

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SUMMARY: On December 5, 2011, the Bureau of Consumer Financial 
Protection (the Bureau) published in the Federal Register a notice and 
request for information requesting specific suggestions from the public 
for streamlining regulations it recently inherited from other Federal 
agencies (the Streamlining Notice) The Streamlining Notice provided for 
a two-stage comment process. Initial comments were due March 5, 2012. 
The Notice then allowed a 30-day period, closing on April 3, 2012, for 
submitting responses to the comments filed. Due to the likely number 
and complexity of the comments submitted in the first round and to 
allow parties more time to consider and craft their responses to those 
initial submissions, the Bureau has determined that an extension of the 
comment reply period until June 4, 2012, is appropriate. This action 
will allow interested persons more time to analyze the submitted 
comments and prepare their responses. However, the initial comment 
period is still closed as of March 5, 2012.

DATES: The comment reply period for the Streamlining Notice published 
December 5, 2011, at 76 FR 75825, is extended. Although initial 
comments on streamlining the inherited regulations must have been 
received on or before the original date of March 5, 2012, responses to 
those comments now must be received on or before June 4, 2012.

ADDRESSES: You may submit comments or responses by any of the methods 
identified in the Streamlining Notice. Please submit your comments or 
responses using only one method.

FOR FURTHER INFORMATION CONTACT: Jane Gell, Senior Counsel and Special 
Advisor; Joseph Devlin, Regulations Counsel, Research, Markets & 
Regulations Division, Bureau of Consumer Financial Protection, (202) 
435-7700.

SUPPLEMENTARY INFORMATION: On December 5, 2011, the Bureau published 
the Streamlining Notice in the Federal Register.\1\ The Streamlining 
Notice requested specific suggestions from the public for streamlining 
regulations the Bureau recently inherited from other Federal agencies. 
It asked commenters to identify provisions of the inherited regulations 
that the Bureau should make the highest priority for updating, 
modifying, or eliminating because they are outdated, unduly burdensome, 
or unnecessary. The Streamlining Notice also discussed several specific 
requirements that might warrant review, and sought suggestions for 
practical measures to make complying with the regulations easier. The 
Streamlining Notice provided for a two-stage comment process--an 
initial comment period followed by a period in which responses to the 
initial comments could be submitted. The initial comment period for the 
Notice was to close on March 5, 2012. The period for submitting 
responses to the comments was to close on April 3, 2012.
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    \1\ 76 FR 75825.
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    The Bureau received a joint request from several industry and 
consumer advocacy groups for an extension of the second stage of the 
Streamlining Notice comment process, the reply period.\2\ The joint 
request letter stated that a large number of first-round comments were 
anticipated and 30 days was not an adequate time period for responding 
to them. The letter pointed out that ``reviewing, assimilating, and 
thoughtfully responding to these comments will take time.'' The letter 
went on to suggest that ``providing adequate time during the reply 
period [might] encourage the identification and development of areas of 
consensus among consumer and industry groups that ultimately would 
facilitate and accelerate the Bureau's ability to execute on common 
concerns, and perhaps common solutions.''
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    \2\ Letter to David Silberman (Feb. 10, 2012), signed by 
representatives of the ABA Center for Regulatory Compliance, 
Consumer Bankers Assn., American Financial Services Assn., Consumer 
Mortgage Coalition, Center for Responsible Lending, Financial 
Services Roundtable, Clearing House Assn., Mortgage Bankers Assn., 
and National Consumer Law Center.
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    For the reasons described in the joint request for an extension, 
the Bureau is extending the period allotted for reply to initial 
comments received pursuant to the Streamlining Notice. The reply period 
will now close on June 4, 2012. The initial comment period is 
unchanged, with a close of March 5, 2012.

    Dated: March 6, 2012.
Richard Cordray,
Director, Bureau of Consumer Financial Protection.
[FR Doc. 2012-5933 Filed 3-12-12; 8:45 am]
BILLING CODE 3180-AM-P