[Federal Register Volume 88, Number 109 (Wednesday, June 7, 2023)]
[Notices]
[Pages 37250-37251]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-12107]


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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, with 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, [email protected], (202) 452-3884.
    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.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the Paperwork Reduction Act (PRA) to approve and

[[Page 37251]]

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. The OMB inventory, as well as copies of the 
PRA Submission, supporting statements (which contain more detailed 
information about the information collections and burden estimates than 
this notice), and approved collection of information instrument(s) are 
available at https://www.reginfo.gov/public/do/PRAMain. These documents 
are also available on the Federal Reserve 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 Approval Under OMB Delegated Authority of the Extension for Three 
Years, With Revision, of the Following Information Collection

    Collection title: Registration of Mortgage Loan Originators.
    Collection identifier: CFPB G.
    OMB control number: 7100-0328.
    Effective Date: July 7, 2023.
    General description of collection: In accordance with the Secure 
and Fair Enforcement for Mortgage Licensing 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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    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.
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    Current actions: On January 27, 2023, the Board published an 
initial notice in the Federal Register (88 FR 5343) requesting public 
comment for 60 days on the extension, with revision, of the CFPB G. The 
Board proposed to revise the CFPB G to (1) account for Section 
1007.103(e) banking organization disclosure of registration information 
requirements burden separately from Section 1007.104 banking 
organization recordkeeping requirements burden, (2) 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, and (3) 
reflect the information collection burden associated with Section 
1007.105 requirements as disclosure requirements instead of as 
recordkeeping requirements, as was done previously.
    The comment period for this notice expired on March 28, 2023. The 
Board did not receive any comments. The revisions will be implemented 
as proposed.

    Board of Governors of the Federal Reserve System, June 1, 2023.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2023-12107 Filed 6-6-23; 8:45 am]
BILLING CODE 6210-01-P