Notice2023-00179
Agency Information Collection Activities; Proposed Collection; Comment Request; Extension
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 9, 2023
Issuing agencies
Federal Trade Commission
Abstract
The Federal Trade Commission ("FTC" or "Commission") requests that the Office of Management and Budget ("OMB") extend for an additional three years the current Paperwork Reduction Act ("PRA") clearance for its shared enforcement authority with the Consumer Financial Protection Bureau ("CFPB") for information collection requirements contained in the CFPB's Regulation O. That clearance expires on March 31, 2023.
Full Text
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<title>Federal Register, Volume 88 Issue 5 (Monday, January 9, 2023)</title>
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[Federal Register Volume 88, Number 5 (Monday, January 9, 2023)]
[Notices]
[Pages 1234-1235]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-00179]
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FEDERAL TRADE COMMISSION
Agency Information Collection Activities; Proposed Collection;
Comment Request; Extension
AGENCY: Federal Trade Commission.
ACTION: Notice.
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SUMMARY: The Federal Trade Commission (``FTC'' or ``Commission'')
requests that the Office of Management and Budget (``OMB'') extend for
an additional three years the current Paperwork Reduction Act (``PRA'')
clearance for its shared enforcement authority with the Consumer
Financial Protection Bureau (``CFPB'') for information collection
requirements contained in the CFPB's Regulation O. That clearance
expires on March 31, 2023.
DATES: Comments must be received on or before March 10, 2023.
ADDRESSES: Interested parties may file a comment online or on paper by
following the instructions in the Request for Comments part of the
SUPPLEMENTARY INFORMATION section below. Write ``Paperwork Reduction
Act Comment: FTC File No. P072108'' on your comment, and file your
comment online at <a href="https://www.regulations.gov">https://www.regulations.gov</a> by following the
instructions on the web-based form. If you prefer to file your comment
on paper, mail your comment to the following address: Federal Trade
Commission, Office of the Secretary, 600 Pennsylvania Avenue NW, Suite
CC-5610 (Annex J), Washington, DC 20580, or deliver your comment to the
following address: Federal Trade Commission, Office of the Secretary,
Constitution Center, 400 7th Street SW, 5th Floor, Suite 5610 (Annex
J), Washington, DC 20024.
FOR FURTHER INFORMATION CONTACT: Stephanie Rosenthal, Division of
Financial Practices, Bureau of Consumer Protection, Federal Trade
Commission, 600 Pennsylvania Ave. NW, Washington, DC 20580, (202) 326-
3332.
SUPPLEMENTARY INFORMATION:
Title: Regulation O, 12 CFR part 1015.
OMB Control Number: 3084-0157.
Type of Review: Extension of currently approved collection.
Estimated Number of Respondents: 118.
Estimated Annual Burden Hours: 354.
Abstract: The FTC and CFPB share enforcement authority for the
Mortgage Assistance Relief Services (Regulation O), 12 CFR part
1015.\1\ The rule includes disclosure requirements to assist purchasers
of mortgage assistance relief services in making well-informed
decisions and avoiding unfair or deceptive acts and practices. The
information that must be retained under Regulation O's recordkeeping
requirements is used by the CFPB and the FTC for enforcement purposes
and to ensure compliance by MARS providers with Regulation O. The
information is requested only on a case-by-case basis.
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\1\ Title X of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (``Dodd-Frank Act''), Public Law 111-203, 124 Stat.
1376 (2010), transferred the Commission's rulemaking authority under
the mortgage provisions in section 626 of the 2009 Omnibus
Appropriations Act, as amended, to the CFPB. On December 16, 2011,
the CFPB republished the Mortgage Assistance Relief Services
(``MARS'') Rule as Regulation O (12 CFR pt. 1015). As a result, the
Commission subsequently rescinded its MARS Rule (16 CFR pt. 322).
Nonetheless, under the Dodd-Frank Act, the FTC retains its authority
to bring law enforcement actions to enforce Regulation O.
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As required by section 3506(c)(2)(A) of the PRA, 44 U.S.C.
3506(c)(2)(A), the FTC is providing this opportunity for public comment
before requesting that OMB extend the existing clearance for the
information collection requirements contained in Regulation O.
Burden Statement
Because the FTC and CFPB share enforcement authority for this rule,
the FTC is seeking clearance for one-half of the following burden
estimates. These estimates are based on the agencies' law enforcement
experience and the recent analysis conducted as part of the CFPB's
clearance renewal for the information collections associated with
Regulation O.\2\ The FTC and CFPB estimate that there are approximately
118 for-profit, non-attorney entities offering MARS services and
subject to Regulation O's requirements.\3\
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\2\ Consumer Financial Protection Bureau, Agency Information
Collection Activities: Comment Request, 87 FR 40514 (Oct. 4, 2022).
\3\ See CFPB Supporting Statement, Mortgage Assistance Relief
Services (Regulation O) 12 CFR 1015, OMB Control No: 3170-0007 (July
11, 2022), available at <a href="https://www.reginfo.gov/public/do/PRAViewDocument?ref_nbr=202205-3170-004">https://www.reginfo.gov/public/do/PRAViewDocument?ref_nbr=202205-3170-004</a>; clearance expires on
October 31, 2025.
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Estimated annual hours burden: 354 (FTC share).
FTC staff estimates that compliance with Regulation O's disclosure
requirements for MARS providers requires 6 hours of labor annually.\4\
Multiplying this figure by 118 entities yields a total burden for
covered providers of 708 hours annually.\5\ For PRA purposes, the FTC
and CFPB share enforcement authority and split the information
collection burden associated with the Rule equally. As a result, the
FTC assumes 354 hours of this total annual hours of burden.
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\4\ Id.
\5\ Id.
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Estimated associated labor cost: $12,195 (FTC share).
In calculating the associated labor costs, FTC staff estimates that
a compliance officer or equivalent will prepare the required
disclosures at an hourly rate of $34.45/hr.\6\ Thus, the estimated
annual labor cost is $24,390 (118 providers x 6 hours x $34.45) of
which the FTC assumes half, or $12,195.
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\6\ This estimate is based on the median hourly wage for a
Compliance Officer (occupation code 13-1041) of $34.45 provided by
the Bureau of Labor Statistics. See BLS Occupational Employment and
Wages estimate of the median hourly wage for a Compliance Officer
(occupation code 13-1041) of $34.45, available at <a href="https://www.bls.gov/oes/current/oes131041.htm">https://www.bls.gov/oes/current/oes131041.htm</a>.
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Annual burden Associated Total
Information collection Number of hours per Total burden hourly labor respondent
respondents respondent hours cost costs
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118 6 708 $34.45 $24,390
FTC 50% Share................... .............. .............. 354 .............. 12,195
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Request for Comments
Pursuant to Section 3506(c)(2)(A) of the PRA, the FTC invites
comments on: (1) whether the proposed collection of information is
necessary for the proper performance of the functions of the agency,
including whether the information will have practical utility; (2) the
accuracy of the agency's estimate of the burden of the proposed
collection of information, including the validity of the methodology
and assumptions used; (3) ways to enhance the quality, utility, and
clarity of the information to be collected; and (4) ways to minimize
the burden of maintaining records and providing disclosures to
consumers. All comments must be received on or before March 10, 2023.
You can file a comment online or on paper. For the FTC to consider
your comment, we must receive it on or before March 10, 2023. Write
``Paperwork Reduction Act Comment: FTC File No. P072108'' on your
comment. Your comment--including your name and your state--will be
placed on the public record of this proceeding, including the <a href="https://www.regulations.gov">https://www.regulations.gov</a> website.
Due to the public health emergency in response to the COVID-19
outbreak and the agency's heightened security screening, postal mail
addressed to the Commission will be subject to delay. We encourage you
to submit your comments online through the <a href="https://www.regulations.gov">https://www.regulations.gov</a>
website.
If you prefer to file your comment on paper, write ``Paperwork
Reduction Act Comment: FTC File No. P072108'' on your comment and on
the envelope, and mail your comment to the following address: Federal
Trade Commission, Office of the Secretary, 600 Pennsylvania Avenue NW,
Suite CC-5610 (Annex J), Washington, DC 20580; or deliver your comment
to the following address: Federal Trade Commission, Office of the
Secretary, Constitution Center, 400 7th Street SW, 5th Floor, Suite
5610 (Annex J), Washington, DC 20024. If possible, submit your paper
comment to the Commission by courier or overnight service.
Because your comment will become publicly available at <a href="https://www.regulations.gov">https://www.regulations.gov</a>, you are solely responsible for making sure that
your comment does not include any sensitive or confidential
information. In particular, your comment should not include any
sensitive personal information, such as your or anyone else's Social
Security number; date of birth; driver's license number or other state
identification number, or foreign country equivalent; passport number;
financial account number; or credit or debit card number. You are also
solely responsible for making sure that your comment does not include
any sensitive health information, such as medical records or other
individually identifiable health information. In addition, your comment
should not include any ``trade secret or any commercial or financial
information which . . . . is privileged or confidential''--as provided
by Section 6(f) of the FTC Act, 15 U.S.C. 46(f), and FTC Rule
4.10(a)(2), 16 CFR 4.10(a)(2)--including in particular competitively
sensitive information such as costs, sales statistics, inventories,
formulas, patterns, devices, manufacturing processes, or customer
names.
Comments containing material for which confidential treatment is
requested must be filed in paper form, must be clearly labeled
``Confidential,'' and must comply with FTC Rule 4.9(c). In particular,
the written request for confidential treatment that accompanies the
comment must include the factual and legal basis for the request, and
must identify the specific portions of the comment to be withheld from
the public record. See FTC Rule 4.9(c). Your comment will be kept
confidential only if the General Counsel grants your request in
accordance with the law and the public interest. Once your comment has
been posted publicly at <a href="http://www.regulations.gov">www.regulations.gov</a>, we cannot redact or remove
your comment unless you submit a confidentiality request that meets the
requirements for such treatment under FTC Rule 4.9(c), and the General
Counsel grants that request.
The FTC Act and other laws that the Commission administers permit
the collection of public comments to consider and use in this
proceeding, as appropriate. The Commission will consider all timely and
responsive public comments that it receives on or before March 10,
2023. For information on the Commission's privacy policy, including
routine uses permitted by the Privacy Act, see <a href="https://www.ftc.gov/site-information/privacy-policy">https://www.ftc.gov/site-information/privacy-policy</a>.
Josephine Liu,
Assistant General Counsel for Legal Counsel.
[FR Doc. 2023-00179 Filed 1-6-23; 8:45 am]
BILLING CODE 6750-01-P
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