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[Federal Register Volume 77, Number 60 (Wednesday, March 28, 2012)]
[Notices]
[Pages 18793-18794]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-7463]

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BUREAU OF CONSUMER FINANCIAL PROTECTION

Proposed Collection; Comment Request

[Docket No. CFPB-2012-0013]

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice and request for comment.

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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.

[[Page 18794]]

3506(c)(2)(A)). Currently, the Bureau is soliciting comments concerning 
the information collection efforts relating to Quantitative Testing of 
Integrated Mortgage Loan Disclosure Forms.

DATES: Written comments must be received on or before May 29, 2012 to 
be assured of consideration.

ADDRESSES: You may submit comments by any of the following methods:
     Electronic: http://www.regulations.gov. Follow the 
instructions for submitting comments.
     Mail/Hand Delivery/Courier: Direct all written comments to 
Consumer Financial Protection Bureau, (Attention: Chris Willey, Chief 
Information Officer), 1700 G Street NW., Washington, DC 20552.
    Instructions: All submissions must include the agency name and 
docket number for this notice. In general, all comments will be posted 
without change to http://www.regulations.gov. 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 Time. You can make an appointment to 
inspect comments by telephoning (202) 435-7275. All comments, including 
attachments and other supporting materials, will become part of the 
public record and subject to public disclosure. You should only submit 
information that you wish to make available publicly.

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 Clearance 
Office),1700 G Street NW., Washington, DC 20552, or through the 
internet at Joseph.Durbala@cfpb.gov.

SUPPLEMENTARY INFORMATION: 
    Title: Quantitative Testing of Integrated Mortgage Loan Disclosure 
Forms.
    OMB Number: 3170-xxxx.
    Abstract: The Dodd-Frank Wall Street Reform and Consumer Protection 
Act (Dodd-Frank Act), Public Law 111-203, Title X, requires the CFPB to 
develop 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 Dodd-
Frank Act requires the Bureau to publish proposed integrated 
disclosures by July 21, 2012. The Bureau began developing the 
integrated disclosures in 2011, conducting qualitative testing of the 
disclosures given in connection with the application by the consumer 
and the consummation of the transaction. This qualitative testing has 
been conducted under Emergency Clearance Number 1505-0233 and Generic 
Clearance Number 3170-0003.
    The Bureau proposes to conduct quantitative testing of the 
integrated disclosures after it publishes the proposed integrated 
disclosures. 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. All information 
will be collected on a voluntary basis and consumers will receive usual 
and customary compensation for their participation. For the 
quantitative research, the Bureau plans to contract with a consumer 
research firm to formulate a quantitative testing plan, recruit 
respondents, as well as to conduct the testing and provide a report 
summarizing the results of the research. The results will assist the 
Bureau in determining the efficacy of the proposed integrated 
disclosures, in furtherance of the statutory purpose of the integrated 
disclosures under TILA and RESPA, which is, in part, to aid the 
consumer in understanding the transaction.
    Current Actions: Requesting new OMB approval number.
    Type of Review: New collection.
    Affected Public: Individuals or Households.
    Estimated Number of Responses per year: 2,000.
    Estimated Time per Respondent: 30 minutes.
    Estimated Total Annual Burden Hours per year: 1,000.
    The following paragraph applies to all of the collections of 
information covered by this notice:
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the collection of 
information displays a valid OMB control number.
    Request For Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for OMB approval. All 
comments will become a matter of public record. Comments are invited 
on: (a) Whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information shall have practical utility; (b) the accuracy of the 
agency'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 
collection techniques or other forms of information technology costs 
and costs of operation, maintenance, and purchase of services to 
provide information.

    Dated: March 20, 2012.
Chris Willey,
Chief Information Officer, Bureau of Consumer Financial Protection.
[FR Doc. 2012-7463 Filed 3-27-12; 8:45 am]
BILLING CODE 4810-AM-P
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