39222 Federal Register / Vol. 77, No. 127 / Monday, July 2, 2012 / Notices 

1 Dodd-Frank Wall Street Reform and Consumer 

Protection Act, Public. Law 111–203, § 1076(a), 124 

Stat. 2075 (2010) (12 U.S.C. 5602). 

2 Id. § 1076(b). 

Associated Plants and Invertebrates 

Fishery Management Plan as Ecosystem 

Component species as defined in the 

Magnuson-Stevens Act National 

Standard 1 Guidelines. 

Alternative 4: (Preferred) Remove all 

species of seagrass from the Corals and 

Reef Associated Plants and Invertebrates 

Fishery Management Plan 

Scoping Meetings 

Options for Island-Specific Fishery 

Management Plans (FMPs) in the U.S. 

Caribbean (scoping meeting) 

Option 1—No Action 

Do not modify the existing speciesspecific FMPs. NOAA Fisheries and the 

Caribbean Council would continue to 

manage federal fisheries in the U.S. 

Caribbean EEZ under the Spiny Lobster, 

Reef Fish, Coral, and Queen Conch 

FMPs. 

Option 2—The Four Island FMP 

Approach 

Create new island-specific FMPs for 

Puerto Rico, St. Croix, St. Thomas, and 

St. John. Under this option, the 

Caribbean Council and NOAA Fisheries 

would manage the EEZ resources under 

separate FMPs for each of these islands. 

Option 3—The Three Island FMP 

Approach 

Create three new island-specific FMPs 

for Puerto Rico, St. Croix and St. 

Thomas/St. John. The Caribbean 

Council and NOAA Fisheries would 

combine management of the St. Thomas 

and St. John EEZ resources. The St. 

Croix and Puerto Rico EEZ resources 

would be managed under separate 

FMPs. 

Option 4—The Two Island FMP 

Approach-Puerto Rican Bank Approach 

This option would allow the 

Caribbean Council and NOAA Fisheries 

to develop two island-specific FMPs. 

The Caribbean Council and NOAA 

Fisheries would combine management 

of the Puerto Rico, St. Thomas, and St. 

John EEZ resources but would manage 

the St. Croix EEZ resources under 

separate FMPs. 

Special Accommodations 

These meetings are physically 

accessible to people with disabilities. 

For more information or request for sign 

language interpretation and other 

auxiliary aids, please contact Mr. 

Miguel A. Rolo ́n, Executive Director, 

Caribbean Fishery Management Council, 

268 Mun ̃oz Rivera Avenue, Suite 1108, 

San Juan, Puerto Rico, 00918–1920, 

telephone (787) 766–5926, at least five 

days prior to the meeting date. 

Authority: 16 U.S.C. 1801 et seq. 

Dated: June 27, 2012. 

James P. Burgess, 

Acting Director, Office of Sustainable 

Fisheries, National Marine Fisheries Service. 

[FR Doc. 2012–16153 Filed 6–29–12; 8:45 am] 

BILLING CODE 3510–22–P 

DEPARTMENT OF COMMERCE 

United States Patent and Trademark 

Office 

Submission for OMB Review; 

Comment Request 

The United States Patent and 

Trademark Office (USPTO) will submit 

to the Office of Management and Budget 

(OMB) for clearance the following 

proposal for collection of information 

under the provisions of the Paperwork 

Reduction Act (44 U.S.C. 35). 

Agency: United States Patent and 

Trademark Office (USPTO). 

Title: Trademark Petitions. 

Form Number(s): None. 

Agency Approval Number: 0651– 

0061. 

Type of Request: Revision of a 

currently approved collection. 

Burden: 1,689 hours annually. 

Number of Respondents: 2,135 

responses per year. 

Avg. Hours per Response: The USPTO 

estimates that it will take the public 

approximately 30 minutes (0.50 hours) 

to one hour to complete the collections 

of information described in this 

submission, depending on the nature of 

the information. This includes time to 

gather the necessary information, 

prepare the documents, and submit the 

information to the USPTO. 

Needs and Uses: The information is 

used by the public for a variety of 

private business purposes related to 

establishing and enforcing trademark 

rights. 

Information relating to the registration 

of a trademark is made publicly 

available by the USPTO. The release of 

information in a letter of protest is 

controlled and may be available upon 

request only. 

Affected Public: Individuals or 

households, businesses or other forprofits. 

Frequency: On occasion. 

Respondent’s Obligation: Voluntary. 

OMB Desk Officer: Nicholas A. Fraser, 

email: 

Nicholas_A._Fraser@omb.eop.gov. 

Once submitted, the request will be 

publicly available in electronic format 

through the Information Collection 

Review page at www.reginfo.gov. 

Paper copies can be obtained by: 

• Email: 

InformationCollection@uspto.gov. 

Include ‘‘0651–0061 copy request’’ in 

the subject line of the message. 

• Mail: Susan K. Fawcett, Records 

Officer, Office of the Chief Information 

Officer, United States Patent and 

Trademark Office, P.O. Box 1450, 

Alexandria, VA 22313–1450. 

Written comments and 

recommendations for the proposed 

information collection should be sent on 

or before August 1, 2012 to Nicholas A. 

Fraser, OMB Desk Officer, via email to 

Nicholas_A._Fraser@omb.eop.gov, or by 

fax to 202–395–5167, marked to the 

attention of Nicholas A. Fraser. 

Dated: June 27, 2012. 

Susan K. Fawcett, 

Records Officer, USPTO, Office of the Chief 

Information Officer. 

[FR Doc. 2012–16091 Filed 6–29–12; 8:45 am] 

BILLING CODE 3510–16–P 

BUREAU OF CONSUMER FINANCIAL 

PROTECTION 

[Docket No. CFPB–2012–0026] 

Consumer Use of Reverse Mortgages 

AGENCY: Bureau of Consumer Financial 

Protection. 

ACTION: Notice and request for 

information. 

SUMMARY: Section 1076 of the DoddFrank Wall Street Reform and Consumer 

Protection Act (the Dodd-Frank Act) 

required the Bureau of Consumer 

Financial Protection (the CFPB or the 

Bureau) to conduct a study on reverse 

mortgage transactions.1 The Bureau 

published this study in a June 28, 2012 

Report to Congress. 

The Bureau also has authority to 

implement regulations on reverse 

mortgage transactions. Specifically, the 

Bureau has authority to implement 

federal consumer financial laws, 

including the Truth in Lending Act and 

the Real Estate Settlement Procedures 

Act, which already impose requirements 

on reverse mortgage transactions. 

Further, section 1076 of the Dodd-Frank 

Act supplements the Bureau’s authority 

to specify that the Bureau’s regulations 

of reverse mortgage transactions may 

identify any practice as unfair, 

deceptive, or abusive, and may provide 

for an integrated disclosure standard 

and model disclosures.2

To assist its ongoing study of reverse 

mortgage transactions, the Bureau is 

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Federal Register / Vol. 77, No. 127 / Monday, July 2, 2012 / Notices 39223 

3 Id. at § 1076(a). 

seeking detailed information from the 

public on the factors that influence 

reverse mortgage consumers’ decisionmaking, consumers’ use of reverse 

mortgage loan proceeds, longer-term 

consumer outcomes of a decision to 

obtain a reverse mortgage, and 

differences in market dynamics and 

business practices among the broker, 

correspondent, and retail channels for 

reverse mortgages. 

DATES: Comments must be received on 

or before August 31, 2012 to be assured 

of consideration. 

ADDRESSES: You may submit comments, 

identified by Docket No. CFPB–2012– 

0026, 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, Bureau of Consumer 

Financial Protection Bureau, 1700 G 

Street NW., Washington, DC 20552. 

Instructions: The CFPB 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. 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 the documents 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. Sensitive 

personal information such as account 

numbers or Social Security numbers 

should not be included. Comments 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. 

SUPPLEMENTARY INFORMATION: 

Background 

As part of the Dodd-Frank Wall Street 

Reform and Consumer Protection Act, 

Congress directed the Consumer 

Financial Protection Bureau (CFPB) to 

conduct a study on reverse mortgages.3

In designing the study, the CFPB’s 

objectives were to (1) provide an 

authoritative resource on reverse 

mortgage products, consumers, and 

markets; (2) identify and assess 

consumer protection concerns; and (3) 

explore critical unanswered questions 

and update the public body of 

knowledge to reflect new market 

realities. On June 28, 2012, the CFPB 

released the findings of the study in a 

Report to Congress (the Report). 

The study identified four major topics 

where additional research would help 

determine if additional consumer 

education or regulatory action is 

needed. Those topics are: (a) Factors 

influencing consumer decisions; (b) 

consumer use of reverse mortgage 

proceeds; (c) the longer-term outcomes 

of reverse mortgages; and (d) the 

differences in market dynamics and 

business practices among the broker, 

correspondent, and retail channels. This 

request seeks comment and information 

from the public on these topics. 

Request for Information 

The Bureau seeks information from 

the public, including consumers, 

housing counselors, financial 

institutions, and others, regarding 

consumer use of reverse mortgages and 

consumer experiences during the 

reverse mortgage shopping process. This 

information will enable the Bureau to 

better understand and evaluate potential 

consumer protection issues raised by 

reverse mortgages and the shopping 

process. 

The questions are grouped into four 

broad topics: (a) Factors influencing 

consumer decisions, (b) consumer use of 

reverse mortgage proceeds, (c) the 

longer-term outcomes of reverse 

mortgages, and (d) the differences in 

market dynamics and business practices 

among the broker, correspondent, and 

retail channels. 

You may respond to all of the 

questions or only some questions. 

Please note the number of any question 

to which you are responding at the top 

of each response. If your responses are 

specific to a particular reverse mortgage 

product option (e.g., fixed-rate, lumpsum vs. adjustable-rate, line-of-credit 

products), please note in your response 

to which product your response relates. 

Please note that the Bureau is not 

seeking personally identifying 

information (PII) in response to this 

request. Responses to this request 

should not contain any reverse mortgage 

account numbers, Social Security 

numbers or other personal information 

that could be used to identify an 

individual consumer or account, nor 

should they include any information 

that may otherwise reveal personally 

identifiable information. 

Factors influencing consumer 

decisions: 

1. What factors are most important to 

consumers in deciding whether to get a 

reverse mortgage? 

2. What factors are most important to 

consumers in choosing among products? 

Among other things, comments could 

address the choice between fixed-rate, 

lump-sum reverse mortgages and 

adjustable-rate, line-of-credit or monthly 

disbursement reverse mortgages. 

3. What factors are most important to 

consumers in choosing among potential 

lenders? 

Consumer use of reverse mortgage 

proceeds: 

4. Nearly 75% of recent reverse 

mortgage consumers took out all of their 

available funds upfront in a lump sum. 

a. What do consumers do with these 

funds? 

b. Where do consumers place loan 

money that they do not use 

immediately? (E.g., in a savings account, 

an investment account, a certificate of 

deposit (CD), etc.). 

5. Some reverse mortgage consumers 

use reverse mortgage loan funds to 

refinance a traditional mortgage or home 

equity loan/line of credit. 

a. What proportion of consumers are 

using reverse mortgage loan funds to 

refinance a traditional mortgage or home 

equity loan/line of credit? 

b. What proportion of the loan funds 

are typically spent on paying off an 

existing mortgage? 

c. Do consumers using a reverse 

mortgage to refinance an existing 

mortgage typically consider other 

options first (e.g. moving to a different 

home or a traditional refinancing)? If 

not, why not? If so, what factors lead 

them to choose a reverse mortgage 

instead? 

6. Some reverse mortgage consumers 

use reverse mortgage loan funds to 

consolidate non-housing debts. 

a. What proportion of borrowers use 

reverse mortgage loan funds to 

consolidate non-housing debts? 

b. What proportion of the loan funds 

are typically spent on consolidating 

non-housing debts? 

c. What types of non-housing debts 

are typically consolidated (e.g. credit 

card, auto, medical-related debt, etc.)? 

Longer-term outcomes for reverse 

mortgages borrowers: 

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39224 Federal Register / Vol. 77, No. 127 / Monday, July 2, 2012 / Notices 

7. Consumers typically pay off their 

reverse mortgage loans earlier than 

would be expected based on underlying 

mortality rates. 

a. Why do consumers typically pay off 

their reverse mortgage loans early? 

b. Do consumers anticipate being able 

to pay off a reverse mortgage at a 

specific time (e.g. upon receiving a 

pension or retirement benefit) when 

taking the reverse mortgage loan? 

c. Do consumers who pay off their 

loans early typically feel that the loan 

was a good choice? Are there things 

they wish they had done differently? 

8. Some consumers pay off a reverse 

mortgage upon moving out of a home. 

a. Why do consumers decide to move? 

Are such moves typically because the 

move is planned in advance or because 

the move is required for health or other 

reasons? 

b. How do reverse mortgage borrowers 

finance a later move? 

9. What are the typical outcomes for 

borrowers who still have the loan after 

5 years or more? 

a. Does the loan continue to meet 

borrowers’ financial needs 5 or more 

years after origination? 

b. If borrowers have drawn all of their 

available funds, what financial 

resources do they use to meet new or 

unexpected expenses? 

c. Do borrowers who still have the 

loan after 5 or more years typically feel 

that the loan was a good choice? Are 

there things they wish they had done 

differently? 

The differences in market dynamics 

and business practices among the 

broker, correspondent, and retail 

channels: 

10. How are brokers, correspondent 

lenders, and retail loan officers typically 

compensated? 

a. How does this compensation differ 

by channel? 

b. How do compensation structures 

and regulatory requirements (e.g., 

mortgage loan originator compensation 

rules) affect the business practices of 

lenders and brokers? 

c. How do these factors affect the 

choices presented to consumers? 

11. The Bureau has observed that 

major large bank originators of reverse 

mortgages tended to originate a far 

higher percentage of adjustable-rate, 

line-of-credit (or monthly-installment) 

loans than the nonbank originators. 

What explains this difference? 

Dated: June 25, 2012. 

Garry Reeder, 

Acting Chief of Staff, Bureau of Consumer 

Financial Protection. 

[FR Doc. 2012–16078 Filed 6–29–12; 8:45 am] 

BILLING CODE 4810–AM–P 

DEPARTMENT OF EDUCATION 

Notice of Proposed Information 

Collection Requests; Office of Special 

Education and Rehabilitative Services; 

Annual Vocational Rehabilitation 

Program/Cost Report (Rehabilitation 

Services Administration (RSA)-2) 

SUMMARY: The Annual Vocational 

Rehabilitation Program/Cost Report, 

Rehabilitation Services Administration 

(RSA)-2 collects data on the vocational 

rehabilitation (VR) and supported 

employment (SE) program activities for 

agencies funded under the 

Rehabilitation Act of 1973, as amended 

(Rehabilitation Act). 

DATES: Interested persons are invited to 

submit comments on or before August 

31, 2012. 

ADDRESSES: Written comments 

regarding burden and/or the collection 

activity requirements should be 

electronically mailed to 

ICDocketMgr@ed.gov or mailed to U.S. 

Department of Education, 400 Maryland 

Avenue SW., LBJ, Washington, DC 

20202–4537. Copies of the proposed 

information collection request may be 

accessed from http://edicsweb.ed.gov, 

by selecting the ‘‘Browse Pending 

Collections’’ link and by clicking on 

link number 04881. When you access 

the information collection, click on 

‘‘Download Attachments’’ to view. 

Written requests for information should 

be addressed to U.S. Department of 

Education, 400 Maryland Avenue SW., 

LBJ, Washington, DC 20202–4537. 

Requests may also be electronically 

mailed to ICDocketMgr@ed.gov or faxed 

to 202–401–0920. Please specify the 

complete title of the information 

collection and OMB Control Number 

when making your request. 

Individuals who use a 

telecommunications device for the deaf 

(TDD) may call the Federal Information 

Relay Service (FIRS) at 1–800–877– 

8339. 

SUPPLEMENTARY INFORMATION: Section 

3506 of the Paperwork Reduction Act of 

1995 (44 U.S.C. Chapter 35) requires 

that Federal agencies provide interested 

parties an early opportunity to comment 

on information collection requests. The 

Director, Information Collection 

Clearance Division, Privacy, Information 

and Records Management Services, 

Office of Management, publishes this 

notice containing proposed information 

collection requests at the beginning of 

the Departmental review of the 

information collection. The Department 

of Education is especially interested in 

public comment addressing the 

following issues: (1) Is this collection 

necessary to the proper functions of the 

Department; (2) will this information be 

processed and used in a timely manner; 

(3) is the estimate of burden accurate; 

(4) how might the Department enhance 

the quality, utility, and clarity of the 

information to be collected; and (5) how 

might the Department minimize the 

burden of this collection on the 

respondents, including through the use 

of information technology. Please note 

that written comments received in 

response to this notice will be 

considered public records. 

Title of Collection: Annual Vocational 

Rehabilitation Program/Cost Report 

(Rehabilitation Services Administration 

(RSA)-2). 

OMB Control Number: 1820–001. 

Type of Review: Revision. 

Total Estimated Number of Annual 

Responses: 80. 

Total Estimated Number of Annual 

Burden Hours: 320. 

Abstract: The Annual Vocational 

Rehabilitation Program/Cost Report 

(RSA–2) collects data on the vocational 

rehabilitation (VR) and supported 

employment (SE) program activities for 

agencies funded under the 

Rehabilitation Act of 1973, as amended 

(Rehabilitation Act). The RSA–2 

captures: administrative expenditures 

for the VR and SE programs; VR 

program service expenditures by 

category; SE administrative 

expenditures and service expenditures; 

expenditures for the VR program by 

number of individuals served; the costs 

of types of services provided; and a 

breakdown of staff of the VR agencies. 

Dated: June 27, 2012. 

Darrin A. King, 

Director, Information Collection Clearance 

Division, Privacy, Information and Records 

Management Services, Office of Management. 

[FR Doc. 2012–16179 Filed 6–29–12; 8:45 am] 

BILLING CODE 4000–01–P 

DEPARTMENT OF EDUCATION 

Notice of Proposed Information 

Collection Requests; Office of Special 

Education and Rehabilitative Services; 

Case Service Report (Rehabilitation 

Services Administration (RSA)-911) 

SUMMARY: The Case Service Report 

(RSA–911) is an annual report of 

demographic and caseload information, 

including financial information, related 

to all individuals who have exited the 

State Vocational Rehabilitation Service 

Program (VR program). 

DATES: Interested persons are invited to 

submit comments on or before August 

31, 2012. 

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