[Federal Register Volume 77, Number 118 (Tuesday, June 19, 2012)]
[Notices]
[Pages 36489-36491]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-14857]


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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), 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. The 
Bureau is soliciting comments regarding a proposed generic information 
collection titled, ``Generic Clearance for Development and/or Testing 
of Model Forms, Disclosures, Tools, and Other Similar Related 
Materials.'' The proposed collection has been submitted to the Office 
of Management and Budget for review and approval. The proposed 
collection will allow the Bureau to collect information in connection 
with the development and testing of new model forms, disclosures, 
tools, and similar related materials pursuant to the CFPB's authority 
with respect to Federal consumer financial laws and the Dodd- Frank 
Wall Street Reform and Consumer Protection Act, Public Law 111-203, as 
well as testing of existing model forms and disclosures. A copy of the

[[Page 36490]]

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 July 19, 2012 to be assured of consideration.

ADDRESSES: You may submit comments, identified by the agency name and 
proposed collection title, to:
     Agency contact: Consumer Financial Protection Bureau 
(Attention: PRA Office), 1700 G Street NW., Washington, DC 20552; (202) 
435-9011; and
     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 Consumer Financial Protection Bureau (Attention: 
PRA Office), 1700 G Street NW., Washington, DC 20552, (202) 435-9011, 
or through the internet at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Generic Clearance for Development and/or Testing of Model 
Forms, Disclosures, Tools and Other Similar Related Materials.
    OMB Control Number: 3170-XXXX.
    Abstract: The Dodd-Frank Wall Street Reform and Consumer Protection 
Act, Public Law 111-203 (the Dodd-Frank Act) and Federal consumer 
financial laws authorize or require the Bureau to develop and prescribe 
standard model forms, disclosures, tools, and other similar related 
materials that help to inform consumers about complex financial 
information related to consumer financial products. Further, such model 
forms, disclosures, tools, and other similar related materials may 
assist covered entities in complying with applicable regulations. The 
model forms, disclosures, tools, and other similar related materials 
may also include adjustments, additions, exceptions, or revisions to 
the disclosures under the Dodd-Frank Act and Federal consumer financial 
laws consistent with the CFPB's statutory authorities. The CFPB expects 
to collect qualitative data through a variety of collection methods, 
including interviews and research, to inform the design, development, 
and implementation of the model form(s).
    The information collected through qualitative evaluation methods 
will inform the design and content of the model form(s), using an 
iterative process to improve the draft forms. For example, information 
collected from consumers will help the CFPB to design model forms, 
disclosures, tools, and similar related materials that are responsive 
to consumer needs and present complex information in an understandable 
form. Further, information collection from covered entities will help 
the CFPB to ensure that any such materials can be implemented as easily 
and cost effectively as possible. Further, the CFPB is considering 
testing certain tools with industry participants, including compliance 
handbooks and other compliance tools. Such testing furthers the goal of 
assisting covered entities with complying with applicable regulations, 
and is being considered in response to comments from industry 
participants requesting voluntary inclusion in certain testing 
projects.
    The development and evaluation process that will be conducted may 
use think-aloud interviews and usability studies. Data collection tools 
will include: consent forms; participant questionnaires and protocols 
for individual interviews. The CFPB may also collect information 
regarding forms of disclosures and other materials currently used by 
covered entities with respect to regulations issued by the CFPB. The 
CFPB further anticipates that it may collect data through the use of 
internet applications.
    The CFPB will only submit a collection for approval under this 
generic clearance if it meets the following conditions:
     The collections are voluntary;
     The collections are low-burden for respondents (based on 
considerations of total burden hours, total number of respondents, or 
burden-hours per respondent) and are low-cost for both the respondents 
and the Federal government;
     Personally identifiable information (PII) is collected 
only to the extent necessary, subject to privacy protections, and is 
not retained;
     Information gathered and released beyond the CFPB will 
indicate the qualitative nature of the information; and
     Information gathered will yield qualitative information; 
the collections will not be designed or expected to the collections 
will not be designed or expected to yield statistically reliable 
results or used as though the results are generalizable to the 
population of study.
    The core objective of the data collection is to help identify, 
evaluate, and refine specific features of the content or design of the 
model forms, disclosures, tools, and other similar related materials to 
maximize effectiveness while minimizing compliance burden. Feedback 
collected under this generic clearance will provide useful information, 
but it will not yield data that can be generalized to the overall 
population. This type of generic clearance for qualitative information 
will not be used for quantitative information collections that are 
designed to yield statistically significant results from a 
representative sample.
    As a general matter, information collections will not result in any 
new system of records containing privacy information and will not ask 
questions of a sensitive nature, such as sexual behavior and attitudes, 
religious beliefs, and other matters that are commonly considered 
private.
    One of the contemplated design and testing projects described 
herein has already received emergency approval from OMB and is the 
collection related to OMB control number 3170-0018.
    Type of Review: New generic collection; related to 3170-0018.
    Affected Public: Individuals or Households; and businesses or other 
for-profit institutions.
    Annual Burden Estimates: Below is a preliminary estimate of the 
aggregate burden hours for this generic clearance. This burden analysis 
is based on estimates of average burden with respect to approximately 
twelve design and testing projects as well as burden associated with 
testing of compliance tools with industry participants.

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                                                                                      Average
                                                     Number of       Number of      burden per     Total burden
                     Process                        respondents   responses  per     response         (hours)
                                                                     respondent      (minutes)
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Informational outreach..........................             600               1              60             600
Screening.......................................            8000               1              15            2000
One-on-one interviews...........................            1500               1              60            1500
Focus Groups....................................             450               1              60             450

[[Page 36491]]

 
Travel time to sites............................            1500  ..............              45            1125
Internet application feedback...................           13000               1              15            3250
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        Total...................................  ..............  ..............  ..............            8925
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    The Bureau issued a 60-day Federal Register notice on November 11, 
2011, 76 FR 67668. 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 agency, including whether 
the information shall have practical utility; (b) the accuracy of the 
agency'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 
collection techniques or other forms of information technology.

    Dated: June 13, 2012.
Chris Willey,
Chief Information Officer, Bureau of Consumer Financial Protection.
[FR Doc. 2012-14857 Filed 6-18-12; 8:45 am]
BILLING CODE 4810-AM-P