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The CFPB solicited comments on
proposed information collections designed to provide the CFPB
with qualitative data on the compliance activities, financial
burdens and other economic costs associated with its regulations.
These information collections will ask financial services providers
about their compliance systems and processes and how regulations
and regulatory changes impact different aspects of their business
operations. According to the CFPB, these information collections
would "aid the Bureau in determining what rules prove to be
unduly burdensome on [providers of financial services] and to
identify the costs of such burdens." The CFPB is soliciting
comments addressing whether the proposed information collections
are necessary and, if so, what information should be collected to
give the CFPB an accurate picture of the compliance costs it
imposes on the industry, as well as how to reduce the burden of the
information collections on respondents. The deadline to comment is
November 9, 2012.
Goodwin Procter LLP is one of the nation's leading law
firms, with a team of 700 attorneys and offices in Boston, Los
Angeles, New York, San Diego, San Francisco and Washington, D.C.
The firm combines in-depth legal knowledge with practical business
experience to deliver innovative solutions to complex legal
problems. We provide litigation, corporate law and real estate
services to clients ranging from start-up companies to Fortune 500
multinationals, with a focus on matters involving private equity,
technology companies, real estate capital markets, financial
services, intellectual property and products liability.
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