```

[Federal Register Volume 76, Number 65 (Tuesday, April 5, 2011)]
[Notices]
[Pages 18827-18828]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-8057]

=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Submission for OMB Review; Comment Request

    The Department of Treasury, on behalf of itself and the Consumer 
Financial Protection Bureau (CFPB), will submit the following public 
information collection requirement to OMB for review and clearance 
under the Paperwork Reduction Act of 1995, Public Law 104-13 on or 
after the date of publication of this notice. A copy of the submission 
may be obtained by

[[Page 18828]]

calling the agency contact listed below. Comments regarding this 
information collection should be addressed to the OMB reviewer listed 
and to the Treasury Department Clearance Officer, Department of the 
Treasury, 1750 Pennsylvania Avenue, NW., Suite 11010, Washington, DC 
20220.
    Dates: Written comments should be received on or before May 5, 2011 
to be assured of consideration.
    OMB Number: 1505-XXXX.
    Type of Review: Emergency Clearance Request.
    Title: Qualitative Testing of Integrated Mortgage Loan Disclosure 
Forms.
    Description: The Dodd-Frank Wall Street Reform and Consumer 
Protection Act, Public Law 111-203, Title X, requires CFPB to develop 
model forms that will integrate separate disclosures concerning 
residential mortgage loans that are required under the Truth in Lending 
Act and Real Estate Settlement Procedures Act. The CFPB implementation 
team will collect data, including through interviews and the internet, 
to inform its design and development of the mandated integrated 
disclosure and its implementation. The information collected through 
the one-on-one cognitive interviews and the internet will inform the 
disclosure form's design and content, using an iterative process to 
improve the draft form to make it easier for consumers to use the 
document to identify the terms of the loan being offered to them and 
use that information to compare among different loan products.
    The data collection will include:
     Consent forms that will be used to obtain the consent of 
participants in the cognitive interviewing;
     Participant Questionnaires to obtain demographic 
information about the participants;
     Interview protocols for both consumers and lenders/
brokers; and
     Tools that seek input from a larger community through the 
internet.
    The core objective of the data collection is to help refine 
specific features of the content or design of the form to maximize 
communication effectiveness while minimizing compliance burden, 
specifically by:
     Evaluating one or more draft disclosure forms through 
iterative qualitative testing with consumers and lenders/brokers, 
including observation of consumers' usage of the disclosure, their 
understanding of the contents, and the choices they make.
     Collecting supplementary feedback through the internet 
from consumers, industry, housing counselors, and other interested 
parties regarding the draft disclosure(s).
    The qualitative testing is focused on the purposes of the 
integrated disclosure to:
     Improve consumer understanding by better disclosing risks 
and costs so consumers can choose the home loans that best meet their 
needs;
     Enable ``shopping'' in terms of comparing loan products 
and loan offers; and
     Facilitate compliance and ease implementation for 
industry.
    The CFPB implementation team plans to test at six sites in five 
rounds to allow for changes to the disclosure between rounds. Because 
consumers are not the only ones who will interact with the loan 
disclosure, the testing plan includes one-on-one cognitive testing with 
brokers and lenders to evaluate the usefulness of the form, any 
potential areas of confusion, and potential implementation and 
usability challenges.
    Respondents: Individuals, businesses or other for-profit 
institutions.
    Estimated Total Reporting Burden:
    Screening Process:
    Total number of potential participants to be screened: 156 
individuals.
    Estimated time to complete screening: 10 minutes.
    Estimated participant screening burden: 26 hours (156 x 10/60).
    Estimated number of participants: 54 individuals.
    Time to conduct study: 90 minutes.
    Estimated travel time to and from site: 30 minutes.
    Estimated participant burden: 108 hours (54 x 120/60).
    Estimated number of floaters: 24.
    Time to conduct study: 180 minutes.
    Estimated travel time to and from site: 30 minutes.
    Estimated floater burden: 84 hours (24 x 210/60).
    Total estimated participation burden: 192 hours.
    Total Burden English interviews (screening and study participation) 
= 218 hours (26 + 192)
    Spanish cognitive interviews:
    Total number of potential participants screened: 74 individuals.
    Estimated time to complete screening: 10 minutes.
    Estimated participant screening burden: 12 hours (74 x 10/60).
    Estimated number of participants: 25 individuals.
    Time to conduct study: 90 minutes.
    Estimated travel time to and from site: 30 minutes.
    Estimated participant burden: 50 hours (25 x 120/60).
    Estimated number of floaters: 10.
    Time to conduct study: 180 minutes.
    Estimated travel time to and from site: 30 minutes.
    Estimated floater burden: 35 hours (10 x 210/60).
    Total estimated participation burden: 85 hours.
    Total Burden Spanish interviews (screening and study participation) 
= 97 hours (12 + 85)

Social Media Outreach

    Estimated number of participants at each opportunity to provide 
input = 5000.
    Time to provide input = 5 minutes.
    Estimated participation burden: 417 hours (5 x 5,000/60).
    Opportunities for structured input = 3.
    Total estimated participation burden = 1,251 hours (417 x 3).
    Estimated Maximum Burden: 1,566 hours (218 + 97 + 1,251)
    Comments are invited on: (a) Whether the collection of information 
shall have practical utility; (b) the accuracy of the agency's estimate 
of the burden of the collection of information; (c) ways to enhance the 
quality, utility, and clarity of the information to be collected; (d) 
ways to minimize the burden of the collection of information on 
respondents, including through the use of automated collection 
techniques on other forms of information technology; and (e) estimates 
of capital or start-up costs and cost of operation, maintenance, and 
purchase of services to provide information. All comments will be a 
matter of public record.
    Agency Contact: Pamela Blumenthal, CFPB implementation team, 1801 L 
Street, NW., Washington, DC 20036; (202) 435-7167.
    OMB Reviewer: Shagufta Ahmed, Office of Management and Budget, New 
Executive Office Building, Room 10235, Washington, DC 20503; (202) 395-
7873.

Dawn D. Wolfgang,
Treasury PRA Clearance Officer.
[FR Doc. 2011-8057 Filed 4-4-11; 8:45 am]
BILLING CODE 4810-25-P
```