[Federal Register Volume 76, Number 240 (Wednesday, December 14, 2011)]
[Notices]
[Pages 77766-77767]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-32080]


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 Notices
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 This section of the FEDERAL REGISTER contains documents other than rules 
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  Federal Register / Vol. 76, No. 240 / Wednesday, December 14, 2011 / 
Notices  

[[Page 77766]]



BUREAU OF CONSUMER FINANCIAL PROTECTION

[Docket No. CFPB-2011-0043]


Submission for OMB Review; Comment Request

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice and request for public comment.

-----------------------------------------------------------------------

SUMMARY: 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 a proposed information collection, as 
required by the Paperwork Reduction Act of 1995, Public Law 104-13. The 
CFPB is soliciting comments on an information collection request that 
will be submitted to the Office of Management and Budget (OMB) for 
review and clearance on or after the date of publication of this 
notice. A copy of the submission may be obtained by contacting the 
agency contacts listed below.

DATES: Written comments are encouraged and must be received on or 
before January 13, 2012 to be assured of consideration.
COMMENTS: You may submit comments, identified by Docket No. CFPB-2011-
0043, by any of the following methods:
     Electronic: http://www.regulations.gov. Follow the 
instructions for submitting comments.
     Mail: Mitchell E. Hochberg or Jane Gao, Office of 
Regulations, Consumer Financial Protection Bureau, 1500 Pennsylvania 
Avenue NW., (Attn: 1801 L Street), Washington, DC 20220, with a copy to 
Shagufta Ahmed, Office of Management and Budget, New Executive Office 
Building, Room 10235, Washington, DC 20503.
     Hand Delivery/Courier: Mitchell E. Hochberg or Jane Gao, 
Office of Regulations, Consumer Financial Protection Bureau, 1700 G 
Street NW., Washington, DC 20006, with a copy to Shagufta Ahmed, Office 
of Management and Budget, New Executive Office Building, Room 10235, 
Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT: Requests for additional information 
should be directed to the agency contacts listed below.

SUPPLEMENTARY INFORMATION: OMB Number: 3170-XXXX.
    Type of Review: Emergency Clearance Request.
    Title: Qualitative Testing of Mortgage Servicing Related Model 
Forms and Disclosures.
    Description: The Dodd-Frank Wall Street Reform and Consumer 
Protection Act, Public Law No. 111-203, Title XIV (the ``Dodd-Frank 
Act''), requires CFPB to publish, in final form, certain mortgage 
servicing rules by January 21, 2013. These rules implement Sections 
1418 (Reset of Hybrid Adjustable Rate Mortgages), 1420 (Periodic 
Mortgage Loan Statements) and 1463 (Force-Placed Insurance Disclosures) 
of the Dodd-Frank Act. The CFPB has determined that model forms and 
disclosures are required for these rules.
    The CFPB will collect data, including through one-on-one cognitive 
think-aloud interviews, to inform its design, development and 
implementation of the required forms. The CFPB will use an iterative 
process to improve any drafts to make it easier for a consumer to use 
the documents and understand the information presented in the documents 
with respect the consumer's mortgage loan.
    The data collection will include:
     Consent forms that will be used to obtain the consent of 
participants for the cognitive interview process;
     Participant questionnaires to obtain demographic 
information about the participants; and
     Interview protocols for conducting the interviews.
    The core objective of the data collection is to help refine 
specific features of the content and design of the forms to maximize 
communication effectiveness while minimizing compliance burden. The 
CFPB will evaluate one or more draft forms through iterative 
qualitative testing with consumers, including observation of consumers' 
usage of the disclosures, their understanding of the contents, and the 
choices they make.
    The qualitative testing is focused on the purposes of the 
disclosures. These purposes include, among other things:
     With respect to mortgage loan periodic statements, 
improving consumer understanding by better disclosing information 
regarding the consumer's mortgage loan;
     With respect to disclosures concerning interest rate 
adjustments for hybrid adjustable rate mortgages, informing consumers 
of pending interest rate adjustments, enabling a consumer to consider 
alternative options with respect to the consumer's mortgage loan, and 
providing information to a consumer to facilitate pursuing such 
alternative options; and
     With respect to force-placed insurance disclosures, 
reminding a consumer of the obligation to maintain hazard insurance on 
the property securing a mortgage; informing the consumer that the 
servicer does not have evidence of hazard insurance coverage, informing 
the consumer of the manner in which the consumer may demonstrate to a 
mortgage servicer that the consumer has obtained hazard insurance 
coverage, and informing the consumer that if the consumer fails to 
obtain hazard insurance coverage, the lender may obtain such coverage 
at the consumer's expense.
    The CFPB plans to test at three sites in three rounds to allow for 
improvement to the forms between rounds. Below is an estimate of the 
aggregate burden hours for the three rounds of testing.

----------------------------------------------------------------------------------------------------------------
                                                                                  Average burden
                             Process                                 Number of     per response    Total burden
                                                                    respondents    (in minutes)        hours
----------------------------------------------------------------------------------------------------------------
Cognitive Think-Aloud Interviews................................              36              60              36

[[Page 77767]]

 
Screening.......................................................             360               6              36
Travel time to sites............................................              36              60              36
                                                                 -----------------------------------------------
    Total.......................................................  ..............  ..............             108
----------------------------------------------------------------------------------------------------------------

    Request for Comments: Comments are invited on: (a) Whether the 
collection of information is necessary for the proper performance of 
the functions of the agency, including whether the information will 
have practical utility; (b) the accuracy of the agency's estimate of 
the burden of the proposed collection of information, including the 
validity of the methodology and 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. All comments will become a matter of public 
record.
    Agency Contact: Mitchell E. Hochberg or Jane Gao, Office of 
Regulations, Bureau of Consumer Financial Protection, 1700 G Street 
NW., Washington, DC 20006; (202) 435-7700.
    OMB Reviewer: Shagufta Ahmed, Office of Management and Budget, New 
Executive Office Building, Room 10235, Washington, DC 20503; (202) 395-
7873.

    Dated: December 9, 2011.
Robert Dahl,
PRA Clearance Officer, Department of the Treasury.
[FR Doc. 2011-32080 Filed 12-13-11; 8:45 am]
BILLING CODE 4810-AM-P