[Federal Register Volume 76, Number 186 (Monday, September 26, 2011)]
[Notices]
[Page 59379]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-24578]


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  Federal Register / Vol. 76, No. 186 / Monday, September 26, 2011 / 
Notices  

[[Page 59379]]



BUREAU OF CONSUMER FINANCIAL PROTECTION


Proposed Information Collection; Comment Request; Generic 
Clearance for Research in Development of Disclosure Forms

September 20, 2011.
Summary:
    The Bureau of Consumer Financial Protection (``CFPB'') will submit 
a Generic Information Collection Request (Generic ICR): ``Generic 
Clearance for Research in Development of Disclosure Forms'' to OMB for 
review and clearance under the Paperwork Reduction Act of 1995, 44 
U.S.C. 3501 et seq. on or after the date of publication of this notice. 
Copies of the submission(s) may be obtained by calling the agency 
contact listed below. Comments regarding this information collection 
should be addressed to the OMB reviewer listed and to the Treasury 
Department Clearance Officer, Department of the Treasury, Room 11010, 
1750 Pennsylvania Avenue, NW., Washington, DC 20220.

DATES: Written comments should be received on or before October 26, 
2011 to be assured of consideration.
    OMB Number: 1505-XXXX.
    Type of Review: Generic Clearance Request.
    Title: Generic Clearance for Research in Development of Disclosure 
Forms.
    Abstract: The Dodd-Frank Wall Street Reform and Consumer Protection 
Act, Public Law 111-203, Title X, requires the CFPB to develop model 
forms 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 
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. In addition, the CFPB may perform qualitative testing of other 
model disclosures or materials related to the integrated mortgage loan 
disclosures, such as instructions for loan originators, tools to assist 
consumers in understanding the disclosures and loan products and 
features, other mortgage loan-related disclosures, and of industry 
usability. Additionally, the CFPB anticipates engaging the public to 
obtain feedback about the draft integrated mortgage loan disclosures 
and related materials before formal notice and comment of proposed 
rules.
    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 and costs of the loan 
transaction. The research will result in recommendations for 
development of and revisions to disclosure forms and related materials 
provided to consumers in connection with obtaining mortgage loans. The 
research activities will be conducted primarily by external contractors 
employing cognitive psychological testing methods. This approach has 
been demonstrated to be feasible and valuable by other agencies in 
developing disclosures and other forms. The planned research activities 
will be conducted during FY 2012 through FY 2014 with the goal of 
creating effective disclosures and related materials for consumers.
    Affected Public: Individuals, businesses or other for-profit 
institutions, and not-for-profit institutions.

Estimated Total Annual Burden Hours

    Annual Number of Respondents: 34,900.
    Average Minutes per Response: 7 minutes.
    Annual Burden Hours: 3544.
    Comments are invited on: (a) Whether the collection of information 
shall have practical utility; (b) the accuracy of the agency's estimate 
of the burden of the collection of information (including hours and 
costs); (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 collection techniques on other forms of information 
technology. All comments will be a matter of public record.
    Agency Contact: Richard Horn, Bureau of Consumer Financial 
Protection, 1801 L Street, NW., Washington, DC 20036; (202) 435-7406.
    OMB Reviewer: Shagufta Ahmed, Office of Management and Budget, New 
Executive Office Building, Room 10235, Washington, DC 20503. (202) 395-
7873.

Robert Dahl,
Treasury PRA Clearance Officer.
[FR Doc. 2011-24578 Filed 9-23-11; 8:45 am]
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