[Federal Register Volume 88, Number 18 (Friday, January 27, 2023)]
[Notices]
[Pages 5343-5345]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-01642]


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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, request for comment.

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[[Page 5344]]

SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
invites comment on a proposal to extend for three years, with revision, 
the Registration of Mortgage Loan Originators (CFPB G; OMB No. 7100-
0328).

DATES: Comments must be submitted on or before March 28, 2023.

ADDRESSES: You may submit comments, identified by CFPB G, by any of the 
following methods:
     Agency Website: https://www.federalreserve.gov/. Follow 
the instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Email: [email protected]. Include the OMB 
number or FR number in the subject line of the message.
     Fax: (202) 452-3819 or (202) 452-3102.
     Mail: Federal Reserve Board of Governors, Attn: Ann E. 
Misback, Secretary of the Board, Mailstop M-4775, 2001 C St NW, 
Washington, DC 20551.
    All public comments are available from the Board's website at 
https://www.federalreserve.gov/apps/foia/proposedregs.aspx as 
submitted, unless modified for technical reasons or to remove 
personally identifiable information at the commenter's request. 
Accordingly, comments will not be edited to remove any confidential 
business information, identifying information, or contact information. 
Public comments may also be viewed electronically or in paper in Room 
M-4365A, 2001 C St NW, Washington, DC 20551, between 9:00 a.m. and 5:00 
p.m. on weekdays, except for Federal holidays. For security reasons, 
the Board requires that visitors make an appointment to inspect 
comments. You may do so by calling (202) 452-3684. Upon arrival, 
visitors will be required to present valid government-issued photo 
identification and to submit to security screening in order to inspect 
and photocopy comments.
    Additionally, commenters may send a copy of their comments to the 
Office of Management and Budget (OMB) Desk Officer for the Federal 
Reserve Board, 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: Federal Reserve Board Clearance 
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of 
Governors of the Federal Reserve System, [email protected], (202) 
452-3884.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the Paperwork Reduction Act (PRA) to approve and assign 
OMB control numbers to collections of information 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.
    During the comment period for this proposal, a copy of the proposed 
PRA OMB submission, including the draft reporting form and 
instructions, supporting statement (which contains more detail about 
the information collection and burden estimates than this notice), and 
other documentation, will be made available on the Board's public 
website at https://www.federalreserve.gov/apps/reportingforms/home/review or may be requested from the agency clearance officer, whose 
name appears above. Final versions of these documents will be made 
available at https://www.reginfo.gov/public/do/PRAMain, if approved.

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 Board's functions, including whether the 
information has practical utility;
    b. The accuracy of the Board'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 Board 
should modify the proposal.

Proposal Under OMB Delegated Authority To Extend for Three Years, With 
Revision, the Following Information Collection

    Collection title: Registration of Mortgage Loan Originators.
    Collection identifier: CFPB G.
    OMB control number: 7100-0328.
    General description of collection: In accordance with the Secure 
and Fair Enforcement for Mortgage Licensing Act (SAFE Act), the 
Consumer Financial Protection Bureau's (CFPB) Regulation G requires 
residential mortgage loan originators (MLOs) to register with the 
Nationwide Multistate Licensing System (NMLS),\1\ maintain this 
registration, obtain a unique identifier, and disclose to consumers 
upon request and through the NMLS 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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    Proposed revisions: The Board proposes to revise the CFPB G by 
updating its burden estimation methodology, including certain hourly 
burden estimates, in order to more accurately capture associated 
banking organization disclosure and recordkeeping burden. These 
revisions would be effective immediately.
    First, the Board is proposing to account for Section 1007.103(e) 
banking organization disclosure of registration information 
requirements burden separately from Section 1007.104 banking 
organization recordkeeping requirements burden. The Board has 
determined that it is more accurate to reflect the information 
collection burden associated with Section 1007.103(e) requirements as 
disclosure requirements instead of as recordkeeping requirements, as 
was done previously.
    Next, the Board is proposing to revise the average annual estimated 
hourly burden per banking organization (for both banking organizations 
already subject to these requirements and banking organizations newly 
subject to these requirements) associated with Section 1007.103(e) 
disclosure of registration information to 3.7 hours.
    Additionally, the Board is proposing to revise the average annual 
estimated

[[Page 5345]]

hourly burden per banking organization already subject to Section 
1007.104 recordkeeping requirements to 7.0 hours and to revise the 
average annual estimated hourly burden per banking organization newly 
subject to Section 1007.104 recordkeeping requirements to 114.3 hours. 
This represents a change from the Board's existing methodology, which 
estimates that the combined Section 1007.103(e) and Section 1007.104 
average annual estimated hourly burden for all banking organizations is 
118.0 hours. The Board is proposing this change to reflect that the 
limited number of new banking organization respondents would incur a 
higher one-time burden to implement the requirements, whereas the 
majority of banking organization respondents that have already 
implemented the requirements would incur a much lower ongoing burden.
    Finally, the Board has determined that it is more accurate to 
reflect the information collection burden associated with Section 
1007.105 requirements as disclosure requirements instead of as 
recordkeeping requirements, as was done previously. The disclosures 
associated with Section 1007.105--disclosure of unique identifier--are 
primarily electronic and produce de minimis burden. Therefore, the 
Board is proposing to not estimate any associated burden for these 
disclosures.
    Frequency: Annually.
    Respondents: The Board's CFPB G panel comprises 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 
of 1956; branches and agencies of foreign banks (other than federal 
branches, federal agencies, and insured state branches of foreign 
banks); commercial lending companies owned or controlled by foreign 
banks (collectively, banking organizations); and the employees of these 
banking organizations who act as residential MLOs.
    Total estimated number of respondents: 17,467.
    Total estimated change in burden: (63,951).
    Total estimated annual burden hours: 23,366.\2\
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    \2\ More detailed information regarding this collection, 
including more detailed burden estimates, can be found in the OMB 
Supporting Statement posted at https://www.federalreserve.gov/apps/reportingforms/home/review. On the page displayed at the link, you 
can find the OMB Supporting Statement by referencing the collection 
identifier, CFPB G.

    Board of Governors of the Federal Reserve System, January 23, 
2023.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2023-01642 Filed 1-26-23; 8:45 am]
BILLING CODE 6210-01-P