[Federal Register Volume 78, Number 24 (Tuesday, February 5, 2013)]
[Notices]
[Pages 8113-8114]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-02427]


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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 or 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 (PRA). The Bureau is 
soliciting comments concerning its proposed information collection 
titled, ``Quantitative Testing of Integrated Mortgage Loan Disclosure 
Forms.'' The proposed collection has been submitted to the Office of 
Management and Budget (OMB) for review and approval. A copy of the 
submission, including copies of the proposed collection, may be 
obtained by contacting the agency contact listed below.

DATES: Written comments are encouraged and must be received on or 
before March 7, 2013 to be assured of consideration.

ADDRESSES: You may submit comments, identified by agency name and 
proposed collection title--``Quantitative Testing

[[Page 8114]]

of Integrated Mortgage Loan Disclosure Forms''-- to:
     Agency: Bureau of Consumer Financial Protection 
(Attention: Darrin King, PRA Office), 1700 G Street NW., Washington, DC 
20552; (202) 435-9575; and [email protected].
     OMB: 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 Bureau of Consumer Financial Protection 
(Attention: PRA Office), 1700 G Street, NW., Washington, DC 20552, 
(202) 435-9575, or through the internet at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Quantitative Testing of Integrated Mortgage Loan Disclosure 
Forms.
    OMB Number: 3170-XXXX.
    Type of Review: New Clearance Request.
    Abstract: This is a request by the CFPB for clearance from OMB to 
collect information as part of quantitative research related to 
residential mortgage loan disclosures. The Dodd-Frank Wall Street 
Reform and Consumer Protection Act, Public Law 111-203, Title X, 
requires the CFPB to publish disclosures 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 Bureau conducted qualitative testing of 
prototype integrated disclosures, see OMB No. 1505-0233 and OMB No. 
3170-0003, prior to issuing a proposed rule regarding such disclosures. 
See 77 FR 51116 (Aug. 23, 2012). The proposed information collection 
will involve quantitative testing of the integrated disclosures 
proposed by the Bureau that would be given in connection with the 
application and consummation of the mortgage loan transaction. The 
purpose of the quantitative testing will be to examine whether the 
disclosures aid consumers in understanding the terms of the mortgage 
loan that is the subject of the disclosure.
    The quantitative research will involve testing the mortgage loan 
disclosures currently provided under TILA and sections 4 and 5 of 
RESPA, to assess the performance of the proposed integrated disclosures 
in comparison to the current disclosure. The CFPB will collect 
quantitative data through the use of a structured questionnaire that 
consists of multiple choice and open-ended questions regarding several 
sample disclosures. The quantitative data will inform the Bureau's 
evaluation of the proposed integrated disclosures. The research will 
result in an assessment of the performance of the integrated 
disclosures with respect to comprehension, comparison, and choice of 
mortgage loan transactions.
    The research activities will be conducted primarily by external 
contractors employing quantitative research methodologies. The 
contractors will select participants via screening questionnaires to 
ensure they qualify for the study according to specified criteria. All 
information will be collected on a voluntary basis. This approach has 
been demonstrated to be feasible and valuable by other Federal agencies 
in developing disclosures and other forms. The planned research 
activities will be conducted during FY 2013 through FY 2014 with the 
goal of creating effective disclosures.
    Affected Public: Individuals or Households.

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                                                                                     Estimated
                                                                     Estimated    average burden       Total
                             Process                                 number of     per response      estimated
                                                                    respondents      (minutes)     burden hours
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Study Respondents...............................................             850              60             850
Screening.......................................................           3,000              10             500
Travel Time and Administration at Site..........................             900              80           1,200
                                                                 -----------------------------------------------
    Total:......................................................  ..............  ..............           2,550
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    An agency may not conduct or sponsor, and a respondent is not 
required to respond to, an information collection unless the 
information collection displays a currently valid OMB control number.
    The Bureau issued a 60-day Federal Register notice on March 28, 
2012, 77 FR 18793. 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 Bureau, including whether 
the information shall have practical utility; (b) the accuracy of the 
Bureau'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, 
electronic, mechanical, or other technological collection techniques or 
other forms of information technology.

    Dated: January 29, 2013.
Chris Willey,
Chief Information Officer, Bureau of Consumer Financial Protection.
[FR Doc. 2013-02427 Filed 2-4-13; 8:45 am]
BILLING CODE 4810-AM-P