[Federal Register Volume 77, Number 94 (Tuesday, May 15, 2012)]
[Notices]
[Pages 28571-28572]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-11668]


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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 comment.

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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 
Generic Clearance for Collection of Information on Compliance Costs and 
Other Effects of Regulations that has been submitted to the Office of 
Management and Budget for review and approval. A copy of the 
submission, including copies of the proposed collection and supporting 
documentation, may be obtained by contacting the agency contact listed 
below.

DATES: Written comments are encouraged and must be received on or 
before June 19, 2012 to be assured of consideration.

ADDRESSES: You may submit comments to:
     Agency contact: Consumer Financial Protection Bureau 
(Attention: PRA Office), 1700 G Street NW., Washington, DC 20552; 
[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 the Consumer Financial Protection Bureau 
(Attention: PRA Office), 1700 G Street NW., Washington, DC 20552, or 
through the internet at [email protected].

SUPPLEMENTARY INFORMATION:
    OMB Number: 3170-XXXX.
    Type of Review: Generic Clearance Request.
    Title: Generic Clearance for Collection of Information on 
Compliance Costs and Other Effects of Regulations.
    Abstract: Under the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (``the Dodd-Frank Act''), the Bureau has the 
responsibility for rulemaking, supervision, and enforcement with 
respect to various Federal consumer financial protection laws. Among 
other things, the Dodd-Frank Act directs the Bureau to promulgate rules 
regulating various aspects of the mortgage and remittance markets.\1\ 
For many of these directives there is a corresponding statutory 
deadline for a proposed or final rule. In such cases, if a final rule 
is not issued by a certain date, the statute will take effect 
automatically, as outlined in more detail below.
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    \1\ The Bureau has other rulemaking mandates that are not 
discussed in this document.
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    A number of Federal laws require agencies to consider the benefits, 
costs, and impacts of rulemaking actions, including the Regulatory 
Flexibility Act and the Paperwork Reduction Act. Furthermore, Section 
1022(b)(2)(A) of the Dodd-Frank Act calls for the Bureau to consider 
the potential benefits and costs of certain rules to consumers and 
``covered persons,'' including depository and non-depository providers 
of consumer financial products and services (``providers.'') This 
consideration includes an assessment of the impacts of rules on 
consumers in rural areas and on depository institutions and credit 
unions with total assets of $10 billion or less as described in section 
1026 of the Dodd-Frank Act. As part of its analysis of benefits and 
costs of certain rulemakings, the Bureau will consider, among other 
things, the potential ongoing costs for a provider as well as the 
implementation costs the provider may incur in order to comply with a 
regulation.
    The Federal consumer financial laws for which the Bureau has been 
granted rulemaking authority that regulate aspects of the mortgage and 
remittance markets include: Alternative Mortgage Transaction Parity 
Act; the Consumer Leasing Act; the Equal Credit Opportunity Act; the 
Fair Credit Billing Act; the Fair Credit Reporting Act; the Fair Debt 
Collection Practices Act; the Federal Deposit Insurance Act; the

[[Page 28572]]

Homeowners Protection Act; the Home Mortgage Disclosure Act; the Home 
Ownership and Equity Protection Act; the Real Estate Settlement 
Procedures Act; the SAFE Mortgage Licensing Act; the Truth in Lending 
Act; the Interstate Land Sale Full Disclosures Act; and the Electronic 
Fund Transfer Act. The Dodd-Frank Act also provides dates by which the 
Bureau is to propose or finalize rules in the mortgage and remittance 
markets. With respect to mortgage loans, the Dodd-Frank Act requires 
the Bureau to propose new rules and forms combining disclosures 
mandated under TILA and RESPA by July 21, 2012. Additionally, certain 
statutory provisions of title XIV of the Dodd-Frank Act (the Mortgage 
Reform and Anti-Predatory Lending Act) take effect on January 21, 2013, 
in the absence of regulatory action by the Bureau. The Bureau believes 
it is critical to have regulations clarifying these provisions by such 
time. Further, certain other statutory provisions of title XIV require 
the Bureau to issue final rules by January 21, 2013. To meet these 
deadlines, the Bureau is planning to issue notices of proposed 
rulemakings by summer 2012.
    With respect to remittances, as required by the Dodd-Frank Act, the 
Bureau has adopted regulations implementing new statutory protections 
for remittance consumers which take effect in February 2013. The Bureau 
has also issued a proposal on several outstanding issues related to 
remittances, which the Bureau is seeking to finalize before the 
February effective date.
    In order to fulfill the Bureau's rulemaking mandates, the Bureau 
seeks to collect qualitative information from mortgage and remittance 
industry participants regarding the potential compliance costs of these 
rules and other effects these rules may have for providers and 
consumers.
    In proposing new rules for providers in the mortgage markets--
whether as to the enumerated statutory mandates listed above or as to 
potential rulemakings pursuant the Bureau's general rulemaking 
authority under the relevant Federal consumer financial protection 
laws--the Bureau will consider the potential implementation and ongoing 
compliance activities and associated costs of the proposed rules. 
Accordingly, the Bureau seeks to collect qualitative information on the 
potential costs of complying with potential new regulations and other 
effects the rules may have for providers and consumers. Through the 
collections under this generic clearance, the Bureau aims to understand 
the effects of potential regulations on providers and consumers, the 
ways in which providers may comply with potential regulations, and the 
costs associated with compliance. By collecting this information in 
advance of and during the rulemaking process, the Bureau seeks to 
ensure that it has considered the compliance burdens and costs before 
completing a rulemaking action.
    The Bureau is particularly interested in collecting information on 
the impact of regulatory changes on the unit costs of delivering 
specific consumer financial products and services (e.g., mortgage 
originations, mortgage servicing, and remittance transfers). This will 
help determine whether proposed rules may have unnecessary costs for 
providers or consumers.
    In order to gather the information indicated above, the Bureau 
intends to use structured interviews, focus groups, conference calls, 
written questionnaires, and online surveys. The Bureau will seek 
different providers' estimates of compliance burdens on their 
respective institutions. The Bureau recognizes that burdens vary 
depending on the size and type of the institution, as well as on the 
products and services offered. Therefore, the collections of 
information will seek to sample providers that are representative of 
affected markets.
    Affected Public: U.S. depository and non-depository financial 
institutions.
    Estimated Total Annual Burden Hours:
    Annual Number of Respondents: 1,200 institutions.
    Average Minutes per Response: 90 minutes for questions administered 
via focus groups, structured interviews, and conference calls. 60 
minutes for questions delivered via email or administered through 
online survey.
    Annual Burden Hours: 1,560 hours.
    Comments are invited on: (a) Whether the collections of information 
shall have practical utility; (b) the accuracy of the agency's estimate 
of the burden of the collections 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 
collections 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.

    Dated: May 8, 2012.
Chris Willey,
Chief Information Officer, Bureau of Consumer Financial Protection.
[FR Doc. 2012-11668 Filed 5-14-12; 8:45 am]
BILLING CODE 4810-AM-P