[Federal Register Volume 85, Number 91 (Monday, May 11, 2020)]
[Notices]
[Pages 27744-27745]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-09937]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
is adopting a proposal to extend for three years, without revision, the 
Registration of Mortgage Loan Originators (CFPB G; OMB No. 7100-0328).

FOR FURTHER INFORMATION CONTACT: 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.
    Office of Management and Budget (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.
    A copy of the Paperwork Reduction Act (PRA) OMB submission, 
including the reporting form and instructions, supporting statement, 
and other documentation will be placed into OMB's public docket files. 
These documents also are available on the Federal Reserve Board's 
public website at https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested from the agency clearance officer, 
whose name appears above.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the PRA to approve and assign OMB control numbers to 
collections of information conducted or sponsored by the Board. Board-
approved collections of information are incorporated into the official 
OMB inventory of currently approved collections of information. Copies 
of the PRA Submission, supporting statements, and approved collection 
of information instrument(s) are placed into OMB's public docket files.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, Without Revision, of the Following Information Collection

    Report title: Registration of Mortgage Loan Originators.
    Agency form number: CFPB G.
    OMB control number: 7100-0328.
    Frequency: Annually.
    Respondents: State member banks (SMBs) with $10 billion or less in 
total assets that are not affiliates of insured depository institutions 
with total assets of more than $10 billion; subsidiaries of such SMBs 
that are not functionally regulated within the meaning of section 
5(c)(5) of the Bank Holding Company Act; branches and agencies of 
foreign banks (other than federal branches, federal agencies, and 
insured state branches of foreign banks); and commercial lending 
companies owned or controlled by foreign banks (collectively, ``banking 
organizations''), as well as employees of banking organizations who act 
as residential mortgage loan originators (MLOs).
    Estimated number of respondents: MLO's (new)--initial set up, 396 
respondents; MLO's (new)--disclosure, 396 respondents; MLO's 
(existing)--updates for changes, 11,422 respondents; MLO's (existing)--
maintenance and disclosures, 22,844 respondents; Banking organizations, 
674 respondents.
    Estimated average hours per response: MLO's (new)--initial set up, 
2.5 hours; MLO's (new)--disclosure, 1 hour; MLO's (existing)--updates 
for changes, 0.25 hour; MLO's (existing)--maintenance and disclosures, 
0.85 hour; Banking organizations, 118 hours.
    Estimated annual burden hours: MLO's (new)--initial set up, 990 
hours; MLO's (new)--disclosure, 396 hours; MLO's (existing)--updates 
for changes, 2,856 hours; MLO's (existing)--maintenance and 
disclosures, 19,417 hours; Banking organizations, 79,532 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 
MLOs to register with the Nationwide Mortgage Licensing System and 
Registry (NMLS or Registry),\1\ maintain this registration, obtain a 
unique identifier, 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 MLOs to 
adopt and follow written policies and procedures to ensure that their 
employees comply with these requirements and to conduct annual 
independent compliance tests.
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    \1\ https://mortgage.nationwidelicensingsystem.org/Pages/default.aspx.
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    Legal authorization and confidentiality: The CFPB's Regulation G is 
authorized pursuant to the S.A.F.E. Act and the Dodd-Frank Act, which 
transferred to the CFPB the ``consumer financial protection 
functions,'' including the S.A.F.E. Act, previously vested in certain 
other Federal agencies.\2\ The Board is authorized to enforce consumer 
financial protection functions, including the CFPB's Regulation G, with 
respect to SMBs with $10 billion or less in total assets that are not 
affiliates of insured depository institutions with total assets of more 
than $10 billion and the subsidiaries of such SMBs that are not 
functionally regulated within the meaning of section 5(c)(5) of the 
Bank Holding Company Act (see 12 U.S.C. 1844(c)(5)) under section 1061 
of the Dodd Frank Act.\3\ The International Banking Act (IBA) requires 
``every branch or agency of a foreign bank and every commercial lending 
company controlled by one or more foreign banks . . . [to] conduct its 
operations in the United States in full compliance with provisions of 
any law of the United States . . . which impose requirements that 
protect the rights of

[[Page 27745]]

consumers in financial transactions, to the extent that the branch, 
agency, or commercial lending company engages in activities that are 
subject to such laws.'' \4\ The Board has authority to examine branches 
and agencies of foreign banks and commercial lending companies owned or 
controlled by foreign banks and to enforce the provisions of the IBA 
pursuant to sections 7 and 13 of the IBA.\5\ The CFPB G is mandatory.
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    \2\ 12 U.S.C. 5101 et seq; 12 U.S.C. 5581.
    \3\ 12 U.S.C. 5581(c).
    \4\ 12 U.S.C. 3106a(1).
    \5\ 12 U.S.C. 3105(c) and 3108(b).
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    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 NMLS will be publicly available. 
However, certain identifying data about individuals who act as MLOs may 
be treated as confidential pursuant to exemption 6 of the Freedom of 
Information Act (FOIA), which protects from disclosure information that 
``would constitute a clearly unwarranted invasion of personal 
privacy.'' \6\
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    \6\ 5 U.S.C. 552(b)(6).
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    With respect to the information collection requirements imposed on 
banking organizations, because banking organizations are required to 
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 of a 
financial institution. Records obtained in this manner may be exempt 
from disclosure under FOIA exemption 8, regarding examination-related 
materials.\7\
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    \7\ 5 U.S.C. 552(b)(8).
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    Current actions: On January 16, 2020, the Board published an 
initial notice in the Federal Register (85 FR 2742) requesting public 
comment for 60 days on the extension, without revision, of the CFPB G. 
The comment period for this notice expired on March 16, 2020. The Board 
did not receive any comments.

    Board of Governors of the Federal Reserve System, May 5, 2020.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2020-09937 Filed 5-8-20; 8:45 am]
 BILLING CODE 6210-01-P