[Federal Register Volume 77, Number 78 (Monday, April 23, 2012)]
[Notices]
[Pages 24181-24182]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-9643]


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BUREAU OF CONSUMER FINANCIAL PROTECTION


Submission for OMB Review; Comment Request

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice and request for comments.

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SUMMARY: The Bureau of Consumer Financial Protection (Bureau), 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 (44 U.S.C. 3507(a)(1)(D)). The Bureau is soliciting comments 
regarding the information collection requirements relating to the 
Mortgage Acts and Practices that have been submitted to the Office of 
Management and Budget for review and approval. A copy of the submission 
may be obtained by contacting the agency contact listed below.

DATES: Written comments are encouraged and must be received on or 
before May 23, 2012 to be assured of consideration.

ADDRESSES: You may submit comments, identified by OMB number 3170-0009, 
by any of the following methods:
     Agency Contact: Consumer Financial Protection Bureau 
(Attention: PRA Office), 1700 G Street NW., Washington, DC 20552: (202) 
435-7741: [email protected].
     OMB Reviewer: 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 Joseph Durbala, (202) 435-7893, at the Consumer 
Financial Protection Bureau, (Attention: Joseph Durbala, PRA Office) 
1700 G Street NW., Washington, DC 20552, or through the internet at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Mortgage Acts and Practices (Regulation N) 12 CFR part 1014.
    OMB Number: 3170-0009.
    Abstract: The Omnibus Appropriations Act, as clarified by Section 
511 of the Credit CARD Act, and as amended by Section 1097 of the Dodd-
Frank Act directs the CFPB to issue rules that ``relate to unfair or 
deceptive acts or practices'' regarding mortgage loans. Regulation N 
prohibits

[[Page 24182]]

misrepresentations about the terms of mortgage credit products in 
commercial communications and requires that covered persons keep 
certain related records for a period of twenty-four (24) months from 
last dissemination. Specifically, Regulation N requires covered persons 
to retain: (1) Copies of all materially different commercial 
communications disseminated, including but not limited to sales 
scripts, training materials, related marketing materials, Web sites, 
and weblogs; (2) documents describing or evidencing all mortgage credit 
products available to consumers during the time period in which each 
commercial communication was disseminated, including but not limited to 
the names and terms of each such mortgage credit product available to 
consumers; and (3) documents describing or evidencing all additional 
products or services (such as credit insurance or credit disability 
insurance) that are or may be offered or provided with the mortgage 
credit products available to consumers during the time period in which 
each commercial communication was disseminated, including but not 
limited to the names and terms of each such additional product or 
service available to consumers. A failure to keep such records is a 
violation of Regulation N. The information that Regulation N requires 
covered persons to retain is necessary to ensure efficient and 
effective law enforcement to address deceptive practices that occur in 
the mortgage advertising area. To gauge whether covered persons are 
complying with Regulation N or making prohibited misrepresentations, it 
is necessary to review the commercial communications that were 
disseminated and the information about the mortgage credit products and 
relevant additional products or services available during the time 
period in which each commercial communication was disseminated. 
Furthermore, a strong recordkeeping provision is necessary to foster 
effective enforcement of Regulation N.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses or other for profits.
    Estimated Number of Responses: 1,300,000.
    Estimated Time per Response: 3 hours.
    Estimated Total Annual Burden Hours: 3,900,000.

    Dated: April 6, 2012.
Chris Willey,
Chief Information Officer, Bureau of Consumer Financial Protection.
[FR Doc. 2012-9643 Filed 4-20-12; 8:45 am]
BILLING CODE 4810-AM-P