Federal Register / Vol. 77, No. 78 / Monday, April 23, 2012 / Notices 24183 

that have been submitted to the Office 

of Management and Budget for review 

and approval. A copy of the submission 

may be obtained by contacting the 

agency contact listed below. 

DATES: Written comments are 

encouraged and must be received on or 

before May 23, 2012 to be assured of 

consideration. 

ADDRESSES: You may submit comments, 

identified by OMB number 3170–0016, 

by any of the following methods: 

• Agency Contact: Consumer 

Financial Protection Bureau (Attention: 

PRA Office), 1700 G Street NW., 

Washington, DC 20552: (202) 435–7741: 

CFPB_Public_PRA@cfpb.gov. 

• OMB Reviewer: Shagufta Ahmed, 

Office of Management and Budget, New 

Executive Office Building, Room 10235, 

Washington, DC 20503; (202) 395–7873. 

FOR FURTHER INFORMATION CONTACT: 

Requests for additional information 

should be directed to Joseph Durbala, 

(202) 435–7893, at the Consumer 

Financial Protection Bureau, (Attention: 

Joseph Durbala, PRA Office) 1700 G 

Street NW., Washington, DC 20552, or 

through the internet at 

CFPB_Public_PRA@cfpb.gov. 

SUPPLEMENTARY INFORMATION: 

Title: Real Estate Settlement 

Procedures Act (Regulation X) 12 CFR 

Part 1024. 

OMB Number: 3170–0016. 

Abstract: Certain disclosures are 

required by the Real Estate Settlement 

Procedures Act (RESPA) of 1974, as 

amended by Section 461 of the Housing 

and Urban-Rural Recovery Act of 1983 

(HURRA), and other various 

amendments. Required disclosures 

include: The Good Faith Estimate (GFE), 

the Special Information Booklet, the 

HUD–1/HUD–1A Settlement 

Statements, the Servicing Disclosure 

Statement, and, as applicable, the 

Servicing Transfer Disclosure. Other 

disclosures may be required under 

certain circumstances and include: The 

Initial Escrow Account Statement, the 

Annual Escrow Account Statement, the 

Affiliated Business Disclosure, and the 

Consumer Disclosure for Voluntary 

Escrow Account Payments. This 

collection helps to protect consumers in 

several respects. The Special 

Information Booklet helps to protect 

consumers from unnecessarily high 

settlement costs by providing 

information about the nature and cost of 

real estate settlement services. The GFE 

and HUD–1/HUD–1A Settlement 

Statements enable consumers to 

compare estimated settlement costs with 

actual settlement costs. The Affiliated 

Business Disclosure helps to protect 

borrowers from unnecessarily high 

settlement service charges due to the 

settlement service provider’s use of an 

affiliated provider. Disclosures related 

to the servicing of the mortgage loan 

help to protect consumers if the 

servicing of the loan could be or is 

transferred. Disclosures related to 

consumers’ escrow accounts help to 

protect them from unnecessarily high 

escrow charges. 

Affected Public: Businesses or other 

for profits. 

Estimated Number of Responses: 

149,590,000. 

Estimated Time per Response: 7 

Minutes. 

Estimated Total Annual Burden 

Hours: 17,183,000. 

Dated: April 6, 2012. 

Chris Willey, 

Chief Information Officer, Bureau of 

Consumer Financial Protection. 

[FR Doc. 2012–9645 Filed 4–20–12; 8:45 am] 

BILLING CODE 4810–AM–P 

BUREAU OF CONSUMER FINANCIAL 

PROTECTION 

Privacy Act of 1974, as Amended 

AGENCY: Bureau of Consumer Financial 

Protection. 

ACTION: Notice of Proposed Privacy Act 

system of records. 

SUMMARY: In accordance with the 

Privacy Act of 1974, as amended, the 

Bureau of Consumer Financial 

Protection, hereinto referred to as the 

Consumer Financial Protection Bureau 

(‘‘CFPB’’ or the ‘‘Bureau’’), gives notice 

of the establishment of a Privacy Act 

System of Records. 

DATES: Comments must be received no 

later than May 23, 2012. The new 

system of records will be effective June 

4, 2012, unless the comments received 

result in a contrary determination. 

ADDRESSES: You may submit comments 

by any of the following methods: 

• Electronic: privacy@cfpb.gov. 

• Mail or Hand Delivery/Courier: 

Claire Stapleton, Chief Privacy Officer, 

Consumer Financial Protection Bureau, 

1700 G Street NW., Washington, DC 

20552. 

Comments will be available for public 

inspection and copying at 1700 G Street 

NW., Washington, DC 20552, on official 

business days between the hours of 10 

a.m. and 5 p.m. Eastern Time. You can 

make an appointment to inspect 

comments by telephoning (202) 435– 

7220. All comments, including 

attachments and other supporting 

materials, will become part of the public 

record and subject to public disclosure. 

You should submit only information 

that you wish to make available 

publicly. 

FOR FURTHER INFORMATION CONTACT: 

Claire Stapleton, Chief Privacy Officer, 

Consumer Financial Protection Bureau, 

1700 G Street NW., Washington, DC 

20552, (202) 435–7220. 

SUPPLEMENTARY INFORMATION: The DoddFrank Wall Street Reform and Consumer 

Protection Act (‘‘Dodd-Frank Act’’), 

Public Law 111–203, established the 

CFPB to administer and enforce federal 

consumer financial protection law. The 

Regulatory Flexibility Act (‘‘RFA’’) (Pub. 

L. 96–354) as amended by the Small 

Business Regulatory Enforcement 

Fairness Act of 1996 (Pub. L. 104–121) 

and section 1100G of the Dodd-Frank 

Act (Pub. L. 111–203) require the CFPB 

to notify the Small Business 

Administration’s Chief Counsel for 

Advocacy (‘‘Chief Counsel’’) prior to 

issuing certain proposed rules and then 

to convene a review panel and collect 

advice and recommendations from 

representatives of small entities, as 

defined pursuant to the RFA, on 

potential economic impacts of the 

proposed rule under consideration. The 

RFA also requires the review panel to 

issue a public report on the comments 

of the small entity representatives and 

the panel’s findings on certain matters 

(the ‘‘review panel process’’). 

In addition, the RFA, as amended, 

requires the CFPB to identify 

representatives of small entities in 

consultation with the Chief Counsel and 

to collect advice and recommendations 

from these representatives as to: (1) any 

projected increase in the cost of credit 

for small entities; and (2) significant 

alternatives to the proposed rule that 

minimize this impact prior to issuing it 

(the ‘‘cost of credit consultation 

process’’). 

The new system of records described 

in this notice, ‘‘CFPB.017—CFPB Small 

Business Review Panels and Cost of 

Credit Consultations,’’ will maintain 

records concerning the activities and 

operations of the CFPB in connection 

with the review panel and cost of credit 

consultation processes as well as related 

outreach events. 

The report of the new system of 

records has been submitted to the 

Committee on Oversight and 

Government Reform of the House of 

Representatives, the Committee on 

Homeland Security and Governmental 

Affairs of the Senate, and the Office of 

Management and Budget, pursuant to 

Appendix I to OMB Circular A–130, 

‘‘Federal Agency Responsibilities for 

Maintaining Records About 


rmajette on DSK2TPTVN1PROD with NOTICES
24184 Federal Register / Vol. 77, No. 78 / Monday, April 23, 2012 / Notices 

Individuals,’’ dated November 30, 2000, 

and the Privacy Act, 5 U.S.C. 552a(r). 

The system of records entitled 

‘‘CFPB.017—CFPB Small Business 

Review Panels and Cost of Credit 

Consultations’’ is published in its 

entirety below. 

Dated: April 16, 2012. 

Claire Stapleton, 

Chief Privacy Officer. 

CFPB.017 

SYSTEM NAME: 

CFPB Small Business Review Panels 

and Cost of Credit Consultations. 

SYSTEM LOCATION: 

Consumer Financial Protection 

Bureau, 1700 G Street NW., Washington, 

DC 20552. 

CATEGORIES OF INDIVIDUALS COVERED BY THE

SYSTEM: 

Individuals covered by this system 

include: (1) Individual representatives 

of small entities who, in their business 

capacity, may participate in or attend 

meetings held in connection with the 

review panel and cost of credit 

consultation processes or other CFPB 

related outreach events; and (2) other 

attendees or individual guests of small 

entity representatives who may attend 

meetings held in connection with the 

review panel and cost of credit 

consultation processes or other related 

outreach events; and (3) CFPB 

employees or other federal agency 

employees who participate in the 

events. 

CATEGORIES OF RECORDS IN THE SYSTEM: 

Records in the system will include 

information related to small businesses, 

small organizations, and small 

governmental jurisdictions, as defined 

pursuant to the RFA, and individual 

representatives and guests of these small 

entities who are invited to or are 

attending meetings or consultations 

held in connection with the review 

panel and/or cost of credit consultation 

processes or other events, or who are 

otherwise participating in or requesting 

to participate in such meetings, 

consultations, or other related events. 

Such information may include: (1) 

Contact information (name, title, 

telephone number, email address); (2) 

name of employer and memberships or 

affiliation with trade associations or 

other organizations; (3) applicable 

business size standard and North 

American Industry Classification 

System (NAICS) code; (4) annual 

revenues, asset size, and number of 

employees; (5) scope and nature of 

business activities; (6) affiliated entities; 

(7) invitations to and participation in 

the review panel or cost of credit 

consultation processes, or other CFPB 

related outreach event; (8) written 

comments, correspondence, or other 

materials submitted in connection with 

the review panel and/or cost of credit 

consultation processes; and (9) 

information necessary to obtain entry 

into a CFPB or other government facility 

(address, telephone number, date of 

birth, Social Security number, country 

of citizenship). Information maintained 

on individual guests of small entity 

representatives who may attend 

meetings held in connection with the 

review panel and/or cost of credit 

consultation processes or other CFPB 

related outreach events will include: (1) 

Contact information (name, title, 

telephone number, email address); (2) 

employer or sponsor name; (3) 

information on membership in or 

affiliation with trade associations or 

other organizations; (4) invitations to 

and participation or requested 

participation in the review panel and/or 

cost of credit consultation processes, or 

other CFPB related outreach event; and 

(5) information necessary to obtain entry 

into a CFPB or other government facility 

(address, telephone number, date of 

birth, Social Security number, country 

of citizenship). 

AUTHORITY FOR MAINTENANCE OF THE SYSTEM: 

Public Law 111–203, Title X, sections 

1011 and 1012, codified at 12 U.S.C. 

5491 and 5492. Public Law 96–354, as 

amended by Public Law 104–121 and 

Public Law 111–203, codified at 5 

U.S.C. 601 et seq. 

PURPOSE(S): 

The purpose of the system is to collect 

and maintain information relating to 

potential small entity representatives 

who may or will: (1) consult with the 

CFPB and other Small Business Review 

Panel members and provide advice and 

recommendations about the potential 

economic impacts of regulatory 

proposals under consideration on small 

entities subject to the proposals; and/or 

(2) consult with the CFPB about any 

projected impact on the cost of credit to 

small entities related to the proposals 

under consideration and significant 

alternatives to minimize any such 

impact while achieving statutory 

objectives. The system will also collect 

and maintain information relating to 

guests of small entity representatives 

who may or will attend such meetings 

or consultations with the CFPB and 

other Small Business Review Panel 

members. The records are used in 

connection with and for administration 

of the review panel and cost of credit 

consultation processes, including 

meetings or consultations with small 

entity representatives. 

ROUTINE USES OF RECORDS MAINTAINED IN THE

SYSTEM, INCLUDING CATEGORIES OF USERS AND

THE PURPOSES OF SUCH USES: 

These records may be disclosed, 

consistent with the CFPB Disclosure of 

Records and Information Rules, 

promulgated at 12 CFR part 1070 et seq., 

to: 

(1) Appropriate agencies, entities, and 

persons when: (a) The CFPB suspects or 

has confirmed that the security or 

confidentiality of information in the 

system of records has been 

compromised; (b) the CFPB has 

determined that, as a result of the 

suspected or confirmed compromise, 

there is a risk of harm to economic or 

property interests, identity theft or 

fraud, or harm to the security or 

integrity of this system or other systems 

or programs (whether maintained by the 

CFPB or another agency or entity) that 

rely upon the compromised 

information; and (c) the disclosure made 

to such agencies, entities, and persons is 

reasonably necessary to assist in 

connection with the CFPB’s efforts to 

respond to the suspected or confirmed 

compromise and prevent, minimize, or 

remedy such harm; 

(2) Another federal or state agency to 

(a) permit a decision as to access, 

amendment or correction of records to 

be made in consultation with or by that 

agency, or (b) verify the identity of an 

individual or the accuracy of 

information submitted by an individual 

who has requested access to or 

amendment or correction of records; 

(3) The Office of the President in 

response to an inquiry from that office 

made at the request of the subject of a 

record or a third party on that person’s 

behalf; 

(4) Congressional offices in response 

to an inquiry made at the request of the 

individual to whom the record pertains; 

(5) Contractors, agents, or other 

authorized individuals performing work 

on a contract, service, cooperative 

agreement, job, or other activity on 

behalf of the CFPB or Federal 

Government and who have a need to 

access the information in the 

performance of their duties or activities; 

(6) The U.S. Department of Justice 

(‘‘DOJ’’) for its use in providing legal 

advice to the CFPB or in representing 

the CFPB in a proceeding before a court, 

adjudicative body, or other 

administrative body before which the 

CFPB is authorized to appear, where the 

use of such information by the DOJ is 

deemed by the CFPB to be relevant and 


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Federal Register / Vol. 77, No. 78 / Monday, April 23, 2012 / Notices 24185 

necessary to the litigation, and such 

proceeding names as a party or interests: 

(a) The CFPB; 

(b) Any employee of the CFPB in his 

or her official capacity; 

(c) Any employee of the CFPB in his 

or her individual capacity where DOJ 

has agreed to represent the employee; or 

(d) The United States, where the 

CFPB determines that litigation is likely 

to affect the CFPB or any of its 

components; 

(7) A court, magistrate, or 

administrative tribunal in the course of 

an administrative proceeding or judicial 

proceeding, including disclosures to 

opposing counsel or witnesses 

(including expert witnesses) in the 

course of discovery or other pre-hearing 

exchanges of information, litigation, or 

settlement negotiations, where relevant 

or potentially relevant to a proceeding, 

or in connection with criminal law 

proceedings; 

(8) The public in the form of a list of 

the individual and business names of 

the invited or selected participants; 

(9) Other representatives of small 

entities who have been invited or 

selected to participate in the review 

panel and/or cost of credit consultation 

processes and related meetings or other 

events, and persons attending such 

meetings, consultations, or other related 

events; 

(10) The Office of Advocacy of the 

Small Business Administration, the 

Office of Information and Regulatory 

Affairs within the Office of Management 

and Budget, and any of their employees 

in their official capacity; and 

(11) Appropriate federal organizations 

or agencies in connection with a joint or 

interagency rulemaking process or 

consultation. 

POLICIES AND PRACTICES FOR STORING, 

RETRIEVING, ACCESSING, RETAINING, AND

DISPENSING OF RECORDS IN THE SYSTEM: 

STORAGE: 

Paper and electronic records. 

RETRIEVABILITY: 

Records are retrievable by one or more 

of the following: the name of the 

individual, business or employer name; 

membership or affiliation with trade 

associations or other organizations; 

applicable business size standard and 

NAICS code; affiliated entities; scope or 

nature of business activities. 

SAFEGUARDS: 

Access to electronic records is 

restricted to authorized personnel who 

have been issued non-transferrable 

access codes and passwords. Other 

records are maintained in locked file 

cabinets or rooms with access limited to 

those personnel whose official duties 

require access. 

RETENTION AND DISPOSAL: 

The CFPB will maintain electronic 

and paper records indefinitely until the 

National Archives and Records 

Administration approves the CFPB’s 

records disposition schedule. 

SYSTEM MANAGER(S) AND ADDRESS: 

Consumer Financial Protection 

Bureau, Small Business Regulatory 

Enforcement Fairness Act Manager, 

1500 Pennsylvania Ave NW. (Attn: 1801 

L Street NW.), Washington, DC 20220. 

NOTIFICATION PROCEDURE: 

Individuals seeking notification and 

access to any record contained in this 

system of records, or seeking to contest 

its content, may inquire in writing in 

accordance with instructions appearing 

in Title 12, Chapter 10 of the CFR, 

‘‘Disclosure of Records and 

Information.’’ Address such requests to: 

Chief Privacy Officer, Bureau of 

Consumer Financial Protection, 1700 G 

Street NW., Washington, DC 20552. 

RECORD ACCESS PROCEDURES: 

See ‘‘Notification Procedures’’ above. 

CONTESTING RECORD PROCEDURES: 

See ‘‘Notification Procedures’’ above. 

RECORD SOURCE CATEGORIES: 

Information in this system is obtained 

directly from the individual who is the 

subject of these records, and/or the 

association or organization providing 

the information on behalf of one of its 

members, or individual guests of small 

entity representatives, and the CFPB 

staff involved in the Small Business and 

Cost of Consultation Panel meetings. 

EXEMPTIONS CLAIMED FOR THE SYSTEM: 

None. 

[FR Doc. 2012–9667 Filed 4–20–12; 8:45 am] 

BILLING CODE 4810–AM–P 

BUREAU OF CONSUMER FINANCIAL 

PROTECTION 

Privacy Act of 1974, as Amended 

AGENCY: Bureau of Consumer Financial 

Protection. 

ACTION: Notice of Proposed Privacy Act 

System of Records. 

SUMMARY: In accordance with the 

Privacy Act of 1974, as amended, the 

Bureau of Consumer Financial 

Protection, herein referred to as the 

Consumer Financial Protection Bureau 

(‘‘CFPB’’ or ‘‘Bureau’’), gives notice of 

the establishment of a Privacy Act 

System of Records. 

DATES: Comments must be received no 

later than May 23, 2012. The new 

system of records will be effective June 

4, 2012 unless the comments received 

result in a contrary determination. 

ADDRESSES: You may submit comments 

by any of the following methods: 

• Electronic: privacy@cfpb.gov. 

• Mai/Hand Delivery/Courier: Claire 

Stapleton, Chief Privacy Officer, 

Consumer Financial Protection Bureau, 

1700 G Street NW., Washington, DC 

20552. 

Comments will be available for public 

inspection and copying at 1700 G Street 

NW., Washington, DC 20552 on official 

business days between the hours of 10 

a.m. and 5 p.m. Eastern Time. You can 

make an appointment to inspect 

comments by telephoning (202) 435– 

7220. All comments, including 

attachments and other supporting 

materials, will become part of the public 

record and subject to public disclosure. 

You should submit only information 

that you wish to make available 

publicly. 

FOR FURTHER INFORMATION CONTACT: 

Claire Stapleton, Chief Privacy Officer, 

Consumer Financial Protection Bureau, 

1700 G Street NW., Washington, DC 

20552, (202) 435–7220. 

SUPPLEMENTARY INFORMATION: The DoddFrank Wall Street Reform and Consumer 

Protection Act (‘‘Act’’), Public Law No. 

111–203, Title X, established the CFPB 

to administer and enforce the federal 

consumer financial protection laws. The 

CFPB will maintain the records covered 

by this notice. 

The new system of records described 

in this notice, CFPB.014—Direct 

Registration and User Management 

System, will be used to provide 

authorized individuals, including CFPB 

employees and members of the public 

who have business with the Bureau, 

access to or interaction with CFPB 

information technology resources. A 

description of the new system of records 

follows this Notice. 

The report of a new system of records 

has been submitted to the Committee on 

Oversight and Government Reform of 

the House of Representatives, the 

Committee on Homeland Security and 

Governmental Affairs of the Senate, and 

the Office of Management and Budget, 

pursuant to Appendix I to OMB Circular 

A–130, ‘‘Federal Agency 

Responsibilities for Maintaining 

Records About Individuals,’’ dated 

November 30, 2000, and the Privacy 

Act, 5 U.S.C. 552a(r). 

The system of records entitled, 

‘‘CFPB.014—CFPB Direct Registration 

and User Management System’’, is 

published in its entirety below. 


rmajette on DSK2TPTVN1PROD with NOTICES