### 8114 Federal Register / Vol. 78, No. 24 / Tuesday, February 5, 2013 / Notices

of Integrated Mortgage Loan Disclosure
Forms’’— to:

• Agency: Bureau of Consumer Financial Protection (Attention: Darrin King, PRA Office), 1700 G Street NW., Washington, DC 20552; (202) 435–9575; and CFPB

_Public

_PRA@cfpb.gov.

• OMB: 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 the Bureau of Consumer Financial Protection (Attention: PRA Office), 1700 G Street, NW., Washington, DC 20552, (202) 435– 9575, or through the internet at CFPB

_Public

_PRA@cfpb.gov.

**SUPPLEMENTARY INFORMATION :** 

Title: Quantitative Testing of Integrated Mortgage Loan Disclosure
Forms.

OMB Number: 3170–XXXX. Type of Review: New Clearance Request.

Abstract: This is a request by the CFPB for clearance from OMB to collect information as part of quantitative research related to residential mortgage loan disclosures. The Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111–203, Title X, requires the CFPB to publish disclosures that integrate separate disclosures concerning residential mortgage loans that are required under the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA). The Bureau conducted qualitative testing of prototype integrated disclosures, see OMB No. 1505–0233 and OMB No. 3170–0003, prior to issuing a proposed rule regarding such disclosures. See 77 FR 51116 (Aug. 23, 2012). The proposed information collection will involve quantitative testing of the integrated disclosures proposed by the Bureau that would be given in connection with the application and consummation of the mortgage loan transaction. The purpose of the quantitative testing will be to examine whether the disclosures aid consumers in understanding the terms of the mortgage loan that is the subject of the disclosure.

The quantitative research will involve testing the mortgage loan disclosures currently provided under TILA and sections 4 and 5 of RESPA, to assess the performance of the proposed integrated disclosures in comparison to the current disclosure. The CFPB will collect quantitative data through the use of a structured questionnaire that consists of multiple choice and open-ended questions regarding several sample disclosures. The quantitative data will inform the Bureau’s evaluation of the proposed integrated disclosures. The research will result in an assessment of the performance of the integrated disclosures with respect to comprehension, comparison, and choice of mortgage loan transactions.

The research activities will be conducted primarily by external contractors employing quantitative research methodologies. The contractors will select participants via screening questionnaires to ensure they qualify for the study according to specified criteria. All information will be collected on a voluntary basis. This approach has been demonstrated to be feasible and valuable by other Federal agencies in developing disclosures and other forms. The planned research activities will be conducted during FY 2013 through FY 2014 with the goal of creating effective disclosures.

Affected Public: Individuals or Households.

Process Estimatednumber of respondents Estimated average burden per response

(minutes) Total estimated burden hours

Study Respondents .............................................................................................................. ....... 850 60 850 Screening ...................................................................................................................... ............... 3,000 10 500 Travel Time and Administration at Site ....................................................................................... 900 80 1,200

Total: ..................................................................................................................................... ........................ ........................ 2,550

An agency may not conduct or sponsor, and a respondent is not required to respond to, an information collection unless the information collection displays a currently valid OMB control number.

The Bureau issued a 60-day Federal Register notice on March 28, 2012, 77 FR 18793. Comments were solicited and continue to be invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the Bureau, including whether the information shall have practical utility; (b) the accuracy of the Bureau’s estimate of the burden of the collection of information, including the validity of the methodology and the assumptions used; (c) ways to enhance the quality, utility, and clarity of the information to be collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated, electronic, mechanical, or other technological collection techniques or other forms of information technology.

Dated: January 29, 2013. Chris Willey, Chief Information Officer, Bureau of Consumer Financial Protection.

[FR Doc. 2013–02427 Filed 2–4–13; 8:45 am]

**BILLING CODE 4810–AM–P**

**BUREAU OF CONSUMER FINANCIAL PROTECTION** 

**[Docket No. CFPB–2013–0003]**

**Request for Information Regarding Financial Products Marketed to**  **Students Enrolled in Institutions of Higher Education** 

**AGENCY :**  Bureau of Consumer Financial Protection. **ACTION :**  Notice and request for information.

**SUMMARY :**  Section 1021 of the DoddFrank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) charges the Consumer Financial Protection Bureau (Bureau or CFPB) with ‘‘collecting, researching, monitoring and publishing information’’ about consumer financial products and services. The Bureau seeks information on how current and future partnerships or other arrangements between institutions of higher education (including their affiliated entities) and financial institutions could be structured to promote positive financial decision-making among young consumers. We also seek information to develop a clearer picture of the financial products and services that are being offered to college students, as well as consumers’ experiences using those products and services. The Bureau


### 8115 Federal Register / Vol. 78, No. 24 / Tuesday, February 5, 2013 / Notices

encourages comments from the public; including student and parent consumers, institutions of higher education, and financial institutions.

**DATES :**  Comments must be received on or before March 18, 2013.

**ADDRESSES :**  You may submit responsive information and other comments, identified by Docket No. CFPB–2013– 0003, by any of the following methods:

• Electronic: http:// www.regulations.gov. Follow the instructions for submitting comments.

• Mail/Hand Delivery/Courier: Monica Jackson, Office of the Executive Secretary, Consumer Financial Protection Bureau, 1700 G Street NW., Washington, DC 20552.

Instructions: The Bureau encourages the early submission of comments. All submissions must include the document title and docket number. Because paper mail in the Washington, DC area and at the Bureau is subject to delay, commenters are encouraged to submit comments electronically. Please note the number associated with any question to which you are responding at the top of each response (you are not required to answer all questions to receive consideration of your comments). In general, all comments received will be posted without change

to http://www.regulations.gov. Please do not include personal information in your comment that you do not wish to be made publicly available. In addition, 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 Standard Time. You can make an appointment to inspect the documents by telephoning

202–435–7275.

All submissions, including attachments and other supporting materials, will become part of the public record and subject to public disclosure. Sensitive personal information, such as account numbers or Social Security numbers, should not be included. Submissions will not be edited to remove any identifying or contact information.

**FOR FURTHER INFORMATION CONTACT :**  For general inquiries, submission process questions or any additional information, please contact Monica Jackson, Office of the Executive Secretary, at 202–435–

7275.

Authority: 12 U.S.C. 5511(c).

**SUPPLEMENTARY INFORMATION :**  Section 1021 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) charges the Consumer Financial Protection Bureau (Bureau or CFPB) with ‘‘collecting, researching, monitoring and publishing information’’ about consumer financial products and services. The Bureau seeks information on how current and future partnerships or other arrangements between institutions of higher education (including their affiliated entities) and financial institutions can be structuredto promote positive financial decisionmaking and building of money management skills among young consumers. We also seek information to develop a clearer picture of the financial products and services that are being offered to college students, as well as consumers’ experiences using those products and services. The deadline for submission of comments is March 18,

2013.

The Bureau encourages comments from the public, including:

• Student and parent consumers;

• Institutions of higher education;

• Alumni associations;

• Providers of financial aid disbursement services;

• Financial institutions; and

• Other interested parties. The Bureau is interested in receiving comments that could bear on its analysis of the student financial product and services market. The Bureau is therefore interested in responses to the questions outlined below.

Please note that the Bureau is not soliciting individual student account information in response to this notice and request for information, nor is the Bureau seeking personally identifiable information (PII) regarding student accounts from the parties or any third party. Responses should not contain account numbers, Social Security numbers or other personal information that could be used to reveal personally identifiable information. Below are some general areas for which information is being sought. Please feel free to respond to any or all of the questions below:

(1) Products marketed through campus affinity relationships.

Campus affinity products are generally financial products and services that carry an endorsement (either explicit or implicit) or mark of an institution of higher education. Examples of these products include those that that display the name or mark of the institution, are bundled with student identification cards, and cards on which students can receive disbursements of financial aid or other funds from the institution of higher education.

In the past, relationships between financial institutions and institutions of higher education have drawn scrutiny and led to legislative action. For example, in 2007, former New York Attorney General Andrew Cuomo pursued action to address the steering of students to certain lenders of federal and private student loans in exchange for remuneration. For years, institutions of higher education provided access to financial institutions to market credit cards to students. Congress addressed school preferred lender arrangements and marketing of campus credit cards on college campuses in legislation enacted in 2008 and 2009.

However, institutions of higher education may be uniquely positioned to create a beneficial environment for students in the selection of financial products and services. The Bureau is interested in better understanding the types of campus affinity products being offered, how institutions of higher education are defining these relationships, and the experience of students using these products. The Bureau seeks information on how partnerships between institutions of higher education (including their affiliated entities) and financial institutions might be structured topromote positive financial decisionmaking among young consumers.

(a) What types of campus affinity products are being offered to students (e.g., financial aid disbursement accounts, student banking, prepaid cards, and credit cards)?

(b) What are the features of these campus affinity products (e.g., online bill pay, mobile check deposit)?

(c) In what ways are campus-affiliated products marketed to students (e.g., included in campus admissions and/or financial aid offer letters, orientation materials, advertising at college sporting events)?

(d) What information about students is provided by institutions of higher education to financial institutions (e.g., email address, date of birth, program of study)?

(e) How are card or other productsoffered to students (e.g., mandatory, optout, opt-in)? Does the student have a choice to decline the product? If so, what steps are required to exercise that choice? Are there any consequences to the student for declining the product?

(f) What percentage of students at a college or university use the affinity product (e.g., financial aid disbursement, student checking accounts)? What percentage of financial aid recipients use the affinity product?

(g) To what extent are students able to choose a product other than the affinity banking product associated with the institution of higher education? What percentage of students do so?


### 8116 Federal Register / Vol. 78, No. 24 / Tuesday, February 5, 2013 / Notices

1 FDIC, FDIC Study of Bank Overdraft Programs November 2008, 79 (2008). (h) What types of fees are being charged in association with these products (e.g., overdraft and/or swipe fees)? What are the typical fee amounts? What are the terms and conditions of these products?

(i) To what extent are students able or not able to readily access funds from affinity products while on campus? Does the financial institution provide multiple ATMs? Where are those ATMs located (e.g., on campus, near campus)? Are ATMs also located on branch campuses? Do ATMs charge fees for withdrawal? If so, what are the fees and how are they assessed?

(j) What is the nature, number, and frequency of complaints related to these campus affinity products? Please do not include account numbers, Social Security numbers or other personal information that could be used to reveal personally identifiable information.

(k) Please describe the student experience in contacting the providers of campus affinity products with questions, errors, concerns, and complaints. What level of service do students receive? Have students been treated in a fair, clear, and timely manner? Please provide examples.

(l) What challenges do institutions of higher education face when setting up these agreements?

(m) What terms do institutions of higher education agree to when they affiliate with a financial institution to offer students financial products and services? Please feel free to submit copies of any specific affinity agreements. Please ensure that any specific agreements do not contain any personally identifiable information.

(n) What types of limitations, if any, do these affinity agreements include with respect to the fees that will be charged to student users of the products?

(o) What additional information would have been helpful to the institution of higher education before setting up an affinity agreement?

(p) How much revenue do institutions of higher education generally receive annually in connection with these agreements? How does that revenue break down between student checking accounts, credit cards and other products and services? Is the revenue based on a per student basis, by number and/or volume of transactions by students, level of student account balances, fee revenue, or other measures?

(q) Does an institution of higher education save in operating costs or generate revenue by contracting with a financial aid disbursement vendor? If so, in what amounts? (r) What are best practices or model terms for institutions that are looking to set up and/or renegotiate an agreement with financial institutions to offer products and services?

(s) What types of incentives do affinity agreements offer institutions of higher education?

(t) What types of incentives, if any, do students receive for choosing an affinity product?

(u) To what extent do institutions of higher education solicit requests for proposal for affinity agreements? What are some examples of an institution’s request for proposal?

(v) Do institutions of higher education provide access to campus property to financial institutions in order to market products or provide workshops?

(w) To what extent are financial products bundled with student ID cards? What percentage of students utilize these bundled financial products (e.g., a student ID card that doubles as a debit card, or closed-loop meal card accepted by local business)? Are there any charges or fees associated with the use of the bundled financial product? If yes, how are they assessed?

(x) To what extent are affinity financial products also bundled with financial education programs? What is the utilization of these education programs and how does it affect student behavior?

(y) How do campus affinity products compare with banking products available to college students that are offered by financial institutions not affiliated with the institution of higher education?

(2) Other financial products marketed to students.

For many students, choosing a bank account is one of their first significant financial decisions, especially since the first banking relationship may last long after graduation. Students who understand how banking products work and when fees will be charged can save hundreds of dollars in fees each year. For example, according to a 2008 FDIC report, while half of young Americans manage to avoid overdraft fees, the other half incurs approximately seven overdrafts each per year. 1

(a) What types of financial products are tailored to the student consumer segment?

(b) What factors do students and parents consider when choosing financial products tailored for students? Which are the most important factors?

(c) What type of information is helpful in making that decision? (d) How do financial institutions market these products to students and parents? Do financial institutions purchase enrollment information from third parties? Do financial institutions engage marketing consultants who specialize in the student consumer segment?

(e) What types of discounts and benefits are offered to students who sign up for a student banking account?

(f) What percentage of students sign up for student banking from banks and credit unions that are located on or in close proximity to the campus?

(g) What types of issues/complaints do students/parents have with these accounts?

(h) On average, how much does a student pay in fees per year?

(i) Which fees do students get charged most often?

(j) What are the features of the different types of financial products and services that banks and credit unions offer to students? Are these financial products marketed as free checking for students?

(k) What restrictions do consumers need to satisfy in order to qualify for the student banking product or services? For example, does a student need to be enrolled in school full time or attend a particular institution? How is a student’s status verified (e.g., student ID, transcript, notice of enrollment)?

(l) Are the terms and conditions of student banking products (including, for example, amount and frequency of fees or penalties) clearly disclosed, disclosed in a timely manner, and easy to understand? Have students had difficulty understanding and/or complying with these terms and conditions? Please provide examples.

(m) What percentage of student accounts have parents and/or family members as co-signers or joint account holders?

(n) To what extent do students use general purpose reloadable cards? How do institutions of higher education and financial institutions market these cards to students?

(o) How many students opt in to overdraft coverage?

(p) Do students usually sign up for their new account online or through a live interaction?

(q) How many student account holders do financial institutions serve?

(r) What percentage of students maintain an account or relationship with the financial institution after graduation or separation from college? After a student graduates or separates from college how does their relationship with their financial institution change


### 8117 Federal Register / Vol. 78, No. 24 / Tuesday, February 5, 2013 / Notices

(e.g., do they sign up for additional products and services)?

Dated: January 30, 2013. Garry Reeder, Chief of Staff, Bureau of Consumer Financial
Protection.

[FR Doc. 2013–02428 Filed 2–4–13; 8:45 am]

**BILLING CODE 4810–AM–P**

**CONSUMER PRODUCT SAFETY COMMISSION** 

**[CPSC Docket No. 13–C0003]**

**Whalen Furniture Manufacturing, Inc., d/b/a Bayside Furnishings, Provisional**  **Acceptance of a Settlement Agreement and Order** 

**AGENCY :**  Consumer Product Safety
Commission.

**ACTION :**  Notice.

**SUMMARY :**  It is the policy of the Commission to publish settlements which it provisionally accepts under the Consumer Product Safety Act in the Federal Register in accordance with the terms of 16 CFR 1118.20(e). Published below is a provisionally-accepted Settlement Agreement with Whalen Furniture Manufacturing, Inc., d/b/a Bayside Furnishings, containing a civil penalty of $725,000.00, within twenty (20) days of service of the Commission’s final Order accepting the Settlement Agreement.

**DATES :**  Any interested person may ask the Commission not to accept this agreement or otherwise comment on its contents by filing a written request with the Office of the Secretary by February
20, 2013.

**ADDRESSES :**  Persons wishing to comment on this Settlement Agreement should send written comments to the Comment 13–C0003, Office of the Secretary, Consumer Product Safety Commission, 4330 East West Highway, Room 820, Bethesda, Maryland 20814–

4408.

**FOR FURTHER INFORMATION CONTACT :**  Mary B. Murphy, Assistant General Counsel, Division of Compliance, Office of the General Counsel, Consumer Product Safety Commission, 4330 East West Highway, Bethesda, Maryland 20814–4408; telephone (301) 504–7809.

**SUPPLEMENTARY INFORMATION :**  The text of the Agreement and Order appears below. Dated: January 31, 2013. Todd A. Stevenson, Secretary.

UNITED STATES OF AMERICA

CONSUMER PRODUCT SAFETY COMMISSION

In the Matter of: WHALEN FURNITURE MANUFACTURING, INC. d/b/a Bayside Furnishings

CPSC Docket No.: 13–C0003

SETTLEMENT AGREEMENT

1. In accordance with 16 C.F.R. § 1118.20, Whalen Furniture Manufacturing, Inc., d/b/a Bayside Furnishings (‘‘Whalen’’), and the staff (‘‘Staff’’) of the United States Consumer Product Safety Commission (‘‘Commission’’) hereby enter into this Settlement Agreement (‘‘Agreement’’) under the Consumer Product Safety Act, 15 U.S.C. §§ 2051–2089 (‘‘CPSA’’). The Agreement and the incorporated attached Order resolve the Staff’s allegations set forth below.

THE PARTIES

2. The Staff is the staff of the Consumer Product Safety Commission, an independent federal regulatory agency established pursuant to, and responsible for, the enforcement of the CPSA, 15 U.S.C. §§ 2051–2089.

3. Whalen is a corporation organized and existing under the laws of the State of California, with its principal corporate office located at 1578 Air Wing Road, San Diego, California,

92154.

STAFF ALLEGATIONS

4. Between January 2006 and April 2008, Whalen imported and distributed into the United States approximately 7,739 juvenile beds in the shape of a boat (‘‘Boat Beds’’) under the Bayside Furnishings brand. The Boat Beds were sold nationwide, for between $699.00 and $999.00.

5. The Boat Beds included toy chests located as the ‘‘bow’’ of each unit with a 20 pound lid that could be placed up and remain in a fully opened or closed position. The Boat Beds are ‘‘consumer products’’ ‘‘distributed in commerce,’’ as those terms are defined or used in sections 3(a)(5), (8) and (11) of the CPSA, 15 U.S.C. § 2052(a)(5), (8) and (11).

6. The Boat Beds are defective because the toy chest lid hinge support mechanism could fail during use, allowing the lid to fall down rapidly. This poses a serious trauma and strangulation hazard and risk of death.

7. On November 2, 2007, Whalen received a report that a toddler died when a toy chest lid fell on his head, trapping his neck and head inside the toy chest.

8. Whalen obtained sufficient information to reasonably support the conclusion that the Boat Beds contained a defect which could create a substantial product hazard, or created an unreasonable risk of serious injury or death. Whalen failed to immediately inform the Commission of such defect or risk as required by sections 15(b)(3) and (4) of the CPSA, 15 U.S.C. §§ 2064(b)(3) and (4).

9. Despite having information regarding the Boat Bed’s defect, Whalen did not file its Full Report with the Commission until March 20, 2008, after the Staff directed Whalen to do so. Whalen knowingly violated section 19(a)(4) of the CPSA, 15 U.S.C. § 2068(a)(4) as the term ‘‘knowingly’’ is defined in section 20(d) of the CPSA, 15 U.S.C. § 2069(d).

10. Pursuant to section 20 of the CPSA, 15 U.S.C. § 2069, Whalen is subject to civil penalties for its knowing failure to report as required under section 15(b) of the CPSA, 15 U.S.C. § 2064(b).

RESPONSE OF WHALEN FURNITURE MANUFACTURING COMPANY, INC.

11. Whalen denies the Staff’s allegations, including but not limited to, that the Boat Beds contained a defect that could create a substantial product hazard or create an unreasonable risk of serious injury or death and that Whalen failed to timely notify the Commission in accordance with section 15(b) of the CPSA, 15 U.S.C. § 2064(b).

12. Whalen believed that the report it received did not represent a legitimate incident. Whalen was aware of no prior injuries involving the lid hinge. The products were tested by a third-party testing agency and passed toy chest safety tests.

AGREEMENT OF THE PARTIES

13. Under the CPSA, the Commission has jurisdiction over this matter and over Whalen.

14. In settlement of the Staff’s allegations, Whalen shall pay a civil penalty in the amount of seven hundred twenty-five thousand dollars ($725,000.00) within twenty (20) calendar days of receiving service of the Commission’s final Order accepting the Agreement. The payment shall be made electronically to the CPSC via

www.pay.gov.

15. The parties enter into this Agreement for settlement purposes only. Neither the Agreement, nor the fact of entering into this Settlement Agreement, constitutes the evidence of, or an admission of, any fault, liability, or