[Federal Register Volume 82, Number 6 (Tuesday, January 10, 2017)]
[Notices]
[Pages 2995-2997]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-00289]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice for comment regarding the Federal Reserve proposal to 
extend without revision, the clearance under the Paperwork Reduction 
Act for the following information collection activity.

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SUMMARY: The Board of Governors of the Federal Reserve System (Board or 
Federal Reserve) invites comment on a proposal to extend for three 
years, without revision, the Registration of Mortgage Loan Originators.
    On June 15, 1984, the Office of Management and Budget (OMB) 
delegated to the Board authority under the Paperwork Reduction Act 
(PRA) to approve of and assign OMB control numbers to collection of 
information requests and requirements conducted or sponsored by the 
Board. In exercising this delegated authority, the Board is directed to 
take every reasonable step to solicit comment. In determining whether 
to approve a collection of information, the Board will consider all 
comments received from the public and other agencies.

DATES: Comments must be submitted on or before March 13, 2017.

ADDRESSES: You may submit comments, identified by CFPB Reg G, by any of 
the following methods:
     Agency Web site: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx .
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     Email: [email protected]. Include OMB 
number in the subject line of the message.
     FAX: (202) 452-3819 or (202) 452-3102.
     Mail: Robert deV. Frierson, Secretary, Board of Governors 
of the Federal Reserve System, 20th Street and

[[Page 2996]]

Constitution Avenue NW., Washington, DC 20551.
    All public comments are available from the Board's Web site at 
http://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted, 
unless modified for technical reasons. Accordingly, your comments will 
not be edited to remove any identifying or contact information. Public 
comments may also be viewed electronically or in paper form in Room 
3515, 1801 K Street (between 18th and 19th Streets NW.) Washington, DC 
20006 between 9:00 a.m. and 5:00 p.m. on weekdays.
    Additionally, commenters may send a copy of their comments to the 
OMB Desk Officer--Shagufta Ahmed--Office of Information and Regulatory 
Affairs, Office of Management and Budget, New Executive Office 
Building, Room 10235 725 17th Street NW., Washington, DC 20503 or by 
fax to (202) 395-6974.

FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission, 
including the proposed reporting form and instructions, supporting 
statement, and other documentation will be placed into OMB's public 
docket files, once approved. These documents will also be made 
available on the Federal Reserve Board's public Web site at: http://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested 
from the agency clearance officer, whose name appears below.
    Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of 
the Chief Data Officer, Board of Governors of the Federal Reserve 
System, Washington, DC 20551 (202) 452-3829. Telecommunications Device 
for the Deaf (TDD) users may contact (202) 263-4869, Board of Governors 
of the Federal Reserve System, Washington, DC 20551.

SUPPLEMENTARY INFORMATION: 

Request for Comment on Information Collection Proposal

    The Board invites public comment on the following information 
collection, which is being reviewed under authority delegated by the 
OMB under the PRA. Comments are invited on the following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Federal Reserve's functions; including 
whether the information has practical utility;
    b. The accuracy of the Federal Reserve's estimate of the burden of 
the proposed information collection, including the validity of the 
methodology and assumptions used;
    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    d. Ways to minimize the burden of information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology; and
    e. Estimates of capital or startup costs and costs of operation, 
maintenance, and purchase of services to provide information.
    At the end of the comment period, the comments and recommendations 
received will be analyzed to determine the extent to which the Federal 
Reserve should modify the proposed revisions prior to giving final 
approval.

Proposal To Approve Under OMB Delegated Authority the Extension for 
Three Years, Without Revision, of the Following Report

    Report title: Registration of Mortgage Loan Originators.
    Agency form number: CFPB Reg G.
    OMB control number: 7100-0328.
    Frequency: Annually.
    Respondents: Employees of state member banks, certain subsidiaries 
of state member banks, branches and agencies of foreign banks that are 
regulated by the Federal Reserve, and commercial lending companies of 
foreign banks who act as residential mortgage loan originators (MLOs).
    Estimated number of respondents: MLOs (new): Initial set up and 
disclosure, 173 respondents; MLOs (existing): Maintenance and 
disclosure, 21,656 respondents; MLOs (existing): Updates for changes, 
10,828 respondents; and Depository Institutions, and subsidiaries, 741 
respondents.
    Estimated average hours per response: MLOs (new): Initial set up 
and disclosure, 3.5 hours; MLOs (existing): Maintenance and disclosure, 
0.85 hours; MLOs (existing): Updates for changes, 0.25 hours; and 
Depository Institutions, and subsidiaries, 118 hours.
    Estimated annual burden hours: MLOs (new): Initial set up and 
disclosure, 606 hours; MLOs (existing): Maintenance and disclosure, 
18,408 hours; MLOs (existing): Updates for changes, 2,707 hours; and 
Depository Institutions, and subsidiaries, 87,438 hours.
    General Description of Report: In accordance with the Secure and 
Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act), the 
Consumer Financial Protection Bureau's (CFPB) Regulation G requires 
residential mortgage loan originators (MLOs) to register with the 
Nationwide Mortgage Licensing System and Registry (the Registry), 
obtain a unique identifier, maintain this registration, and disclose to 
consumers upon request and through the Registry their unique identifier 
and the MLO's employment history and publicly adjudicated disciplinary 
and enforcement actions. The CFPB's regulation also requires the 
institutions employing these MLOs to adopt and follow written policies 
and procedures to ensure their employees comply with these requirements 
and to conduct annual independent compliance tests to assure 
compliance. The CFPB's rule applies to a broad range of financial 
institutions and their employees, including Board-supervised 
institutions/employees, such as state member banks and their non-
functionally-regulated subsidiaries, state uninsured branches and 
agencies of foreign banks, and commercial lending companies owned or 
controlled by foreign banks.
    Legal authorization and confidentiality: The Board's Legal Division 
has determined that Section 1507 of the S.A.F.E. Act, (12 U.S.C. 5106), 
requires that the CFPB develop and maintain a system for registering 
individual MLOs of covered financial institutions regulated by a 
federal banking agency with the Nationwide Mortgage Licensing System 
and Registry. Section 1504 of the S.A.F.E. Act, (12 U.S.C. 5103), 
requires that an individual desiring to engage in the business of a 
loan originator maintain an annual federal registration (or be licensed 
by an equivalent state regulatory scheme) and appear on the Registry 
with a unique identifier. Section 1007.103 of the CFPB's Regulation G 
implements this registration scheme; Section 1007.104 requires the 
adoption of appropriate policies and procedures by covered financial 
institutions; and Section 1007.105 requires that covered financial 
institutions provide the unique identifiers of MLOs to consumers. (12 
CFR 1007.103-.105). Under Section 1061 of the Dodd-Frank Act, (12 
U.S.C. 5581(c)), ``a transferor agency [such as the Board] that is a 
prudential regulator shall have . . . ``authority to require reports 
from . . . conduct examinations for . . . and enforce compliance with 
Federal consumer financial laws'' with respect to the Board-supervised 
entities enumerated above. Therefore, the Board is authorized to 
collect this information with respect to the institutions we supervise 
for this purpose. This information collection is mandatory.
    As noted above, the unique identifier of MLOs must be made public 
and is not considered confidential. In addition, most of the 
information that MLOs submit in order to register with the Nationwide 
Mortgage Licensing System and Registry will be publicly available.

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However, certain identifying data about individuals who act as MLOs are 
entitled to confidential treatment under (b)(6) of the Freedom of 
Information Act (FOIA), which protects from disclosure information that 
``would constitute a clearly unwarranted invasion of personal 
privacy.'' (5 U.S.C. 552(b)(6)).
    With respect to the information collection requirements imposed on 
depository institutions, because the requirements require that 
depository institutions retain their own records and make certain 
disclosures to customers, the FOIA would only be implicated if the 
Board's examiners obtained a copy of these records as part of the 
examination or supervision process of a financial institution. However, 
records obtained in this manner are exempt from disclosure under FOIA 
exemption (b)(8), regarding examination-related materials. (5 U.S.C. 
552(b)(8)).

    Board of Governors of the Federal Reserve System, January 5, 
2017.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2017-00289 Filed 1-9-17; 8:45 am]
 BILLING CODE 6210-01-P