24182 Federal Register / Vol. 77, No. 78 / Monday, April 23, 2012 / Notices 

misrepresentations about the terms of 

mortgage credit products in commercial 

communications and requires that 

covered persons keep certain related 

records for a period of twenty-four (24) 

months from last dissemination. 

Specifically, Regulation N requires 

covered persons to retain: (1) Copies of 

all materially different commercial 

communications disseminated, 

including but not limited to sales 

scripts, training materials, related 

marketing materials, Web sites, and 

weblogs; (2) documents describing or 

evidencing all mortgage credit products 

available to consumers during the time 

period in which each commercial 

communication was disseminated, 

including but not limited to the names 

and terms of each such mortgage credit 

product available to consumers; and (3) 

documents describing or evidencing all 

additional products or services (such as 

credit insurance or credit disability 

insurance) that are or may be offered or 

provided with the mortgage credit 

products available to consumers during 

the time period in which each 

commercial communication was 

disseminated, including but not limited 

to the names and terms of each such 

additional product or service available 

to consumers. A failure to keep such 

records is a violation of Regulation N. 

The information that Regulation N 

requires covered persons to retain is 

necessary to ensure efficient and 

effective law enforcement to address 

deceptive practices that occur in the 

mortgage advertising area. To gauge 

whether covered persons are complying 

with Regulation N or making prohibited 

misrepresentations, it is necessary to 

review the commercial communications 

that were disseminated and the 

information about the mortgage credit 

products and relevant additional 

products or services available during the 

time period in which each commercial 

communication was disseminated. 

Furthermore, a strong recordkeeping 

provision is necessary to foster effective 

enforcement of Regulation N. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Businesses or other 

for profits. 

Estimated Number of Responses: 

1,300,000. 

Estimated Time per Response: 3 

hours. 

Estimated Total Annual Burden 

Hours: 3,900,000. 

Dated: April 6, 2012. 

Chris Willey, 

Chief Information Officer, Bureau of 

Consumer Financial Protection. 

[FR Doc. 2012–9643 Filed 4–20–12; 8:45 am] 

BILLING CODE 4810–AM–P 

BUREAU OF CONSUMER FINANCIAL 

PROTECTION 

Submission for OMB Review; 

Comment Request 

AGENCY: Bureau of Consumer Financial 

Protection. 

ACTION: Notice and request for 

comments. 

SUMMARY: The Bureau of Consumer 

Financial Protection (Bureau), as part of 

its continuing effort to reduce 

paperwork and respondent burden, 

invites the general public and other 

Federal agencies to take this 

opportunity to comment on proposed 

and/or continuing information 

collections, as required by the 

Paperwork Reduction Act of 1995, 

Public Law 104–13 (44 U.S.C. 

3507(a)(1)(D)). The Bureau is soliciting 

comments regarding the information 

collection requirements relating to the 

Consumer Leasing Act (CLA) 

enforcement actions 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 approval No. 3170– 

0006, 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: Consumer Leasing Act 

(Regulation M) 12 CFR part 1013. 

OMB Number: 3170–0006. 

Abstract: Federal and state 

enforcement and private litigants use 

the records to ascertain whether 

accurate and complete disclosures of the 

cost of leases have been provided to 

consumers prior to consummation of the 

lease. This information provides the 

primary evidence of law violations in 

Consumer Leasing Act (CLA) 

enforcement actions brought by Federal 

agencies. Without Regulation M’s 

recordkeeping requirement, the 

agencies’ ability to enforce the CLA 

would be significantly impaired. As 

noted above, consumers rely upon the 

disclosures required by the CLA and 

Regulation M for information to 

comparison shop among leases, as well 

as to ascertain the true costs and terms 

of lease offers. Enforcement agencies 

and private litigants need the 

information in these disclosures and 

other requirements to enforce the CLA 

and Regulation M. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Businesses or other 

for profits. 

Estimated Number of Responses: 

67,858. 

Estimated Time per Response: 1 hour 

28 minutes. 

Estimated Total Annual Burden 

Hours: 100,058. 

Dated: April 6, 2012. 

Chris Willey, 

Chief Information Officer, Bureau of 

Consumer Financial Protection. 

[FR Doc. 2012–9641 Filed 4–20–12; 8:45 am] 

BILLING CODE 4810–AM–P 

BUREAU OF CONSUMER FINANCIAL 

PROTECTION 

Submission for OMB Review; 

Comment Request 

AGENCY: Bureau of Consumer Financial 

Protection. 

ACTION: Notice and request for 

comments. 

SUMMARY: The Bureau of Consumer 

Financial Protection (Bureau), as part of 

its continuing effort to reduce 

paperwork and respondent burden, 

invites the general public and other 

Federal agencies to take this 

opportunity to comment on proposed 

and/or continuing information 

collections, as required by the 

Paperwork Reduction Act of 1995, 

Public Law 104–13 (44 U.S.C. 

3507(c)(2)(A)). The Bureau is soliciting 

comments regarding the information 

collection requirements relating to the 

Real Estate Settlement Procedures Act 


rmajette on DSK2TPTVN1PROD with NOTICES
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