ABA Urges OIRA to Reject CFPB Junk Fee Information Collection Request
The American Bankers Association ("ABA") and several other trade associations urged the White House's Office of Information and Regulatory Affairs ("OIRA") to reject the CFPB's request for approval of its "Junk Fees Timing Study" information collection.
In a comment letter addressed to the CFPB and OIRA, the ABA asserted that the CFPB information collection request is not within the limited uses OIRA permits for a generic clearance. The ABA said the information collection request does not fall under any of the following categories identified by OIRA as appropriate for expedited review: (i) customer satisfaction surveys, (ii) focus group tests, or (iii) website usability surveys.
The ABA stated that the CFPB's request "strongly suggests" that it will use the collected data for on-going policy efforts to restrict "junk" fees. The ABA asked that OIRA reject the request under the generic clearance process and require the CFPB to resubmit its request through the "full [Paperwork Reduction Act] process."
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