[Federal Register Volume 78, Number 24 (Tuesday, February 5, 2013)]
[Notices]
[Pages 8113-8114]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-02427]
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BUREAU OF CONSUMER FINANCIAL PROTECTION
Agency Information Collection Activities: Submission for OMB
Review; Comment Request
AGENCY: Bureau of Consumer Financial Protection.
ACTION: Notice and request for comment.
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SUMMARY: The Bureau of Consumer Financial Protection (Bureau or 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 a proposed information collection, as
required by the Paperwork Reduction Act of 1995 (PRA). The Bureau is
soliciting comments concerning its proposed information collection
titled, ``Quantitative Testing of Integrated Mortgage Loan Disclosure
Forms.'' The proposed collection has been submitted to the Office of
Management and Budget (OMB) for review and approval. A copy of the
submission, including copies of the proposed collection, may be
obtained by contacting the agency contact listed below.
DATES: Written comments are encouraged and must be received on or
before March 7, 2013 to be assured of consideration.
ADDRESSES: You may submit comments, identified by agency name and
proposed collection title--``Quantitative Testing
[[Page 8114]]
of Integrated Mortgage Loan Disclosure Forms''-- to:
Agency: Bureau of Consumer Financial Protection
(Attention: Darrin King, PRA Office), 1700 G Street NW., Washington, DC
20552; (202) 435-9575; and [email protected].
OMB: Shagufta Ahmed, Office of Management and Budget, New
Executive Office Building, Room 10235, Washington, DC 20503; (202) 395-
7873.
FOR FURTHER INFORMATION CONTACT: Requests for additional information
should be directed to the Bureau of Consumer Financial Protection
(Attention: PRA Office), 1700 G Street, NW., Washington, DC 20552,
(202) 435-9575, or through the internet at [email protected].
SUPPLEMENTARY INFORMATION:
Title: Quantitative Testing of Integrated Mortgage Loan Disclosure
Forms.
OMB Number: 3170-XXXX.
Type of Review: New Clearance Request.
Abstract: This is a request by the CFPB for clearance from OMB to
collect information as part of quantitative research related to
residential mortgage loan disclosures. The Dodd-Frank Wall Street
Reform and Consumer Protection Act, Public Law 111-203, Title X,
requires the CFPB to publish disclosures that 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 Bureau conducted qualitative testing of
prototype integrated disclosures, see OMB No. 1505-0233 and OMB No.
3170-0003, prior to issuing a proposed rule regarding such disclosures.
See 77 FR 51116 (Aug. 23, 2012). The proposed information collection
will involve quantitative testing of the integrated disclosures
proposed by the Bureau that would be given in connection with the
application and consummation of the mortgage loan transaction. The
purpose of the quantitative testing will be to examine whether the
disclosures aid consumers in understanding the terms of the mortgage
loan that is the subject of the disclosure.
The quantitative research will involve testing the mortgage loan
disclosures currently provided under TILA and sections 4 and 5 of
RESPA, to assess the performance of the proposed integrated disclosures
in comparison to the current disclosure. The CFPB will collect
quantitative data through the use of a structured questionnaire that
consists of multiple choice and open-ended questions regarding several
sample disclosures. The quantitative data will inform the Bureau's
evaluation of the proposed integrated disclosures. The research will
result in an assessment of the performance of the integrated
disclosures with respect to comprehension, comparison, and choice of
mortgage loan transactions.
The research activities will be conducted primarily by external
contractors employing quantitative research methodologies. The
contractors will select participants via screening questionnaires to
ensure they qualify for the study according to specified criteria. All
information will be collected on a voluntary basis. This approach has
been demonstrated to be feasible and valuable by other Federal agencies
in developing disclosures and other forms. The planned research
activities will be conducted during FY 2013 through FY 2014 with the
goal of creating effective disclosures.
Affected Public: Individuals or Households.
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Estimated
Estimated average burden Total
Process number of per response estimated
respondents (minutes) burden hours
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Study Respondents............................................... 850 60 850
Screening....................................................... 3,000 10 500
Travel Time and Administration at Site.......................... 900 80 1,200
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Total:...................................................... .............. .............. 2,550
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An agency may not conduct or sponsor, and a respondent is not
required to respond to, an information collection unless the
information collection displays a currently valid OMB control number.
The Bureau issued a 60-day Federal Register notice on March 28,
2012, 77 FR 18793. Comments were solicited and continue to be invited
on: (a) Whether the collection of information is necessary for the
proper performance of the functions of the Bureau, including whether
the information shall have practical utility; (b) the accuracy of the
Bureau's estimate of the burden of the collection of information,
including the validity of the methodology and the assumptions used; (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 respondents, including through the use of automated,
electronic, mechanical, or other technological collection techniques or
other forms of information technology.
Dated: January 29, 2013.
Chris Willey,
Chief Information Officer, Bureau of Consumer Financial Protection.
[FR Doc. 2013-02427 Filed 2-4-13; 8:45 am]
BILLING CODE 4810-AM-P