[Federal Register Volume 76, Number 139 (Wednesday, July 20, 2011)]
[Notices]
[Pages 43374-43375]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-18188]
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DEPARTMENT OF THE TREASURY
Proposed Collection; Comment Request
AGENCY: Department of the Treasury.
ACTION: Notice and request for comment.
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SUMMARY: The Department of the Treasury, on behalf of itself and the
Bureau of Consumer Financial Protection (CFPB), as part of its
continuing effort to reduce paperwork and respondent burden, invites
the general public and other Federal agencies to take this opportunity
to comment on proposed and/or continuing information collections, as
required by the Paperwork Reduction Act of 1995, Public Law 104-13.
Currently, the Department of the Treasury is soliciting comments
concerning a proposed generic information collection for development
and evaluation of integrated mortgage loan disclosures required by the
Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law
111-203.
DATES: Written comments are encouraged and must be received on or
before September 19, 2011 to be assured of consideration.
ADDRESSES: Direct all written comments to Pamela Blumenthal, Consumer
Financial Protection Bureau, 1801 L Street, NW., Washington, DC 20036.
FOR FURTHER INFORMATION CONTACT: Requests for additional information
should be directed to Pamela Blumenthal, Consumer Financial Protection
Bureau, 1801 L Street, NW., Washington, DC 20036; (202) 435-7167 or by
e-mail at [email protected].
SUPPLEMENTARY INFORMATION:
Title: Generic Clearance for Development and Qualitative Evaluation
of Integrated Mortgage Loan Disclosure Forms.
OMB Number: 1505-XXXX.
[[Page 43375]]
Summary of Collection: The Dodd-Frank Wall Street Reform and
Consumer Protection Act, Public Law 111-203, Title X, requires the
Consumer Financial Protection Bureau (the``CFPB'' or the ``Bureau'') to
develop model forms that will integrate separate disclosures concerning
residential mortgage loans that are required under the Truth in Lending
Act (``TILA'') and Real Estate Settlement Procedures Act (``RESPA'').
The development of the integrated disclosures will involve qualitative
testing of the disclosures given in connection with consummation of the
transaction and may involve testing of additional disclosures required
by TILA and RESPA during the shopping, application, and origination
process. The CFPB will collect qualitative data through a variety of
collection methods, which may include interviews, focus groups and the
internet, to inform its design and development of the mandated
integrated disclosures and their implementation. The information
collected through qualitative evaluation methods will inform the
disclosure form's design and content, using an iterative process to
improve the draft form to make it easier for consumers to use the
document to identify the terms of the loan, compare among different
loan products, and understand the final terms of the loan transaction.
The development and evaluation process that will be conducted may
use focus group sessions, think-aloud interviews, and usability
studies. Data collection tools will include: consent forms; participant
questionnaires; protocols for individual interviews and focus groups;
and tools that seek input from a larger community through the internet.
The Bureau will only submit a collection for approval under this
generic clearance if it meets the following conditions:
The collections are voluntary;
The collections are low-burden for respondents (based on
considerations of total burden hours, total number of respondents, or
burden-hours per respondent) and are low-cost for both the respondents
and the Federal Government;
Personally identifiable information (PII) is collected
only to the extent necessary and is not retained;
Information gathered and released beyond the Bureau will
indicate the qualitative nature of the information; and
Information gathered will yield qualitative information;
the collections will not be designed or expected to yield statistically
reliable results or used as though the results are generalizable to the
population of study.
The core objective of the data collection is to help identify and
refine specific features of the content or design of the forms to
maximize communication effectiveness while minimizing compliance
burden. Feedback collected under this generic clearance provides useful
information, but it does not yield data that can be generalized to the
overall population. This type of generic clearance for qualitative
information will not be used for quantitative information collections
that are designed to yield reliably actionable results, such as
monitoring trends over time or documenting program performance.
As a general matter, information collections will not result in any
new system of records containing privacy information and will not ask
questions of a sensitive nature, such as sexual behavior and attitudes,
religious beliefs, and other matters that are commonly considered
private.
Type of Review: New Collection.
Affected Public: Individuals and businesses or other for-profit
institutions.
Annual Burden Estimates: Below is a preliminary estimate of the
aggregate burden hours for this generic clearance.
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Average
Number of Number of burden per Total burden
Process respondents responses per response hours
respondent (minutes)
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Focus groups.................................... 50 1 90 75
One-on-one interviews........................... 60 1 90 90
Screening....................................... 400 1 10 67
Travel time to site............................. 110 .............. 30 55
Internet tools.................................. 5000 5 5 2,084
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Total....................................... .............. .............. .............. 2,371
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Request for Comments: Comments submitted in response to this notice
will be summarized and/or included in the request for OMB approval. All
comments will become a matter of public record. Comments are invited
on: (a) Whether the proposed collection of information is necessary for
the proper performance of the functions of the agency, including
whether the information shall have practical utility; (b) the accuracy
of the agency's estimate of the burden of the collection of
information; (c) ways to enhance the quality, utility, and clarity of
the information to be collected; (d) ways to minimize the burden of the
collection of information on respondents, including through the use of
automated collection techniques or other forms of information
technology; and (e) estimates of capital or start-up costs and costs of
operation, maintenance, and purchase of services to provide
information. Burden means the total time, effort, or financial
resources expended by persons to generate, maintain, retain, disclose
or provide information to or for a Federal agency. This includes the
time needed to review instructions; to develop, acquire, install and
utilize technology and systems for the purpose of collecting,
validating and verifying information, processing and maintaining
information, and disclosing and providing information; to train
personnel and to be able to respond to a collection of information, to
search data sources, to complete and review the collection of
information; and to transmit or otherwise disclose the information.
Robert Dahl,
Treasury PRA Clearance Officer.
[FR Doc. 2011-18188 Filed 7-19-11; 8:45 am]
BILLING CODE 4810-25-P