Notice2023-01642
Proposed Agency Information Collection Activities; Comment Request
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 27, 2023
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, with revision, the Registration of Mortgage Loan Originators (CFPB G; OMB No. 7100- 0328).
Full Text
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<title>Federal Register, Volume 88 Issue 18 (Friday, January 27, 2023)</title>
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[Federal Register Volume 88, Number 18 (Friday, January 27, 2023)]
[Notices]
[Pages 5343-5345]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-01642]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment.
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[[Page 5344]]
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
invites comment on a proposal to extend for three years, with revision,
the Registration of Mortgage Loan Originators (CFPB G; OMB No. 7100-
0328).
DATES: Comments must be submitted on or before March 28, 2023.
ADDRESSES: You may submit comments, identified by CFPB G, by any of the
following methods:
<bullet> Agency Website: <a href="https://www.federalreserve.gov/">https://www.federalreserve.gov/</a>. Follow
the instructions for submitting comments at <a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a>.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#bfcddad8cc91dcd0d2d2dad1cbccffd9dadbdacdded3cddaccdacdc9da91d8d0c9"><span class="__cf_email__" data-cfemail="88faedeffba6ebe7e5e5ede6fcfbc8eeedecedfae9e4faedfbedfafeeda6efe7fe">[email protected]</span></a>. Include the OMB
number or FR number in the subject line of the message.
<bullet> Fax: (202) 452-3819 or (202) 452-3102.
<bullet> Mail: Federal Reserve Board of Governors, Attn: Ann E.
Misback, Secretary of the Board, Mailstop M-4775, 2001 C St NW,
Washington, DC 20551.
All public comments are available from the Board's website at
<a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a> as
submitted, unless modified for technical reasons or to remove
personally identifiable information at the commenter's request.
Accordingly, comments will not be edited to remove any confidential
business information, identifying information, or contact information.
Public comments may also be viewed electronically or in paper in Room
M-4365A, 2001 C St NW, Washington, DC 20551, between 9:00 a.m. and 5:00
p.m. on weekdays, except for Federal holidays. For security reasons,
the Board requires that visitors make an appointment to inspect
comments. You may do so by calling (202) 452-3684. Upon arrival,
visitors will be required to present valid government-issued photo
identification and to submit to security screening in order to inspect
and photocopy comments.
Additionally, commenters may send a copy of their comments to the
Office of Management and Budget (OMB) Desk Officer for the Federal
Reserve Board, Office of Information and Regulatory Affairs, Office of
Management and Budget, New Executive Office Building, Room 10235, 725
17th Street NW, Washington, DC 20503, or by fax to (202) 395-6974.
FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of
Governors of the Federal Reserve System, <a href="/cdn-cgi/l/email-protection#5638233e3778333a3b37313e2437343f1630243478313920"><span class="__cf_email__" data-cfemail="bcd2c9d4dd92d9d0d1dddbd4ceddded5fcdacede92dbd3ca">[email protected]</span></a>, (202)
452-3884.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the Paperwork Reduction Act (PRA) to approve and assign
OMB control numbers to collections of information conducted or
sponsored by the Board. In exercising this delegated authority, the
Board is directed to take every reasonable step to solicit comment. In
determining whether to approve a collection of information, the Board
will consider all comments received from the public and other agencies.
During the comment period for this proposal, a copy of the proposed
PRA OMB submission, including the draft reporting form and
instructions, supporting statement (which contains more detail about
the information collection and burden estimates than this notice), and
other documentation, will be made available on the Board's public
website at <a href="https://www.federalreserve.gov/apps/reportingforms/home/review">https://www.federalreserve.gov/apps/reportingforms/home/review</a> or may be requested from the agency clearance officer, whose
name appears above. Final versions of these documents will be made
available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>, if approved.
Request for Comment on Information Collection Proposal
The Board invites public comment on the following information
collection, which is being reviewed under authority delegated by the
OMB under the PRA. Comments are invited on the following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Board's functions, including whether the
information has practical utility;
b. The accuracy of the Board's estimate of the burden of the
proposed information collection, including the validity of the
methodology and assumptions used;
c. Ways to enhance the quality, utility, and clarity of the
information to be collected;
d. Ways to minimize the burden of information collection on
respondents, including through the use of automated collection
techniques or other forms of information technology; and
e. Estimates of capital or startup costs and costs of operation,
maintenance, and purchase of services to provide information.
At the end of the comment period, the comments and recommendations
received will be analyzed to determine the extent to which the Board
should modify the proposal.
Proposal Under OMB Delegated Authority To Extend for Three Years, With
Revision, the Following Information Collection
Collection title: Registration of Mortgage Loan Originators.
Collection identifier: CFPB G.
OMB control number: 7100-0328.
General description of collection: In accordance with the Secure
and Fair Enforcement for Mortgage Licensing Act (SAFE Act), the
Consumer Financial Protection Bureau's (CFPB) Regulation G requires
residential mortgage loan originators (MLOs) to register with the
Nationwide Multistate Licensing System (NMLS),\1\ maintain this
registration, obtain a unique identifier, and disclose to consumers
upon request and through the NMLS their unique identifier and the MLO's
employment history and publicly adjudicated disciplinary and
enforcement actions. The CFPB's regulation also requires the
institutions employing MLOs to adopt and follow written policies and
procedures to ensure that their employees comply with these
requirements and to conduct annual independent compliance tests.
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\1\ <a href="https://mortgage.nationwidelicensingsystem.org/Pages/default.aspx">https://mortgage.nationwidelicensingsystem.org/Pages/default.aspx</a>.
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Proposed revisions: The Board proposes to revise the CFPB G by
updating its burden estimation methodology, including certain hourly
burden estimates, in order to more accurately capture associated
banking organization disclosure and recordkeeping burden. These
revisions would be effective immediately.
First, the Board is proposing to account for Section 1007.103(e)
banking organization disclosure of registration information
requirements burden separately from Section 1007.104 banking
organization recordkeeping requirements burden. The Board has
determined that it is more accurate to reflect the information
collection burden associated with Section 1007.103(e) requirements as
disclosure requirements instead of as recordkeeping requirements, as
was done previously.
Next, the Board is proposing to revise the average annual estimated
hourly burden per banking organization (for both banking organizations
already subject to these requirements and banking organizations newly
subject to these requirements) associated with Section 1007.103(e)
disclosure of registration information to 3.7 hours.
Additionally, the Board is proposing to revise the average annual
estimated
[[Page 5345]]
hourly burden per banking organization already subject to Section
1007.104 recordkeeping requirements to 7.0 hours and to revise the
average annual estimated hourly burden per banking organization newly
subject to Section 1007.104 recordkeeping requirements to 114.3 hours.
This represents a change from the Board's existing methodology, which
estimates that the combined Section 1007.103(e) and Section 1007.104
average annual estimated hourly burden for all banking organizations is
118.0 hours. The Board is proposing this change to reflect that the
limited number of new banking organization respondents would incur a
higher one-time burden to implement the requirements, whereas the
majority of banking organization respondents that have already
implemented the requirements would incur a much lower ongoing burden.
Finally, the Board has determined that it is more accurate to
reflect the information collection burden associated with Section
1007.105 requirements as disclosure requirements instead of as
recordkeeping requirements, as was done previously. The disclosures
associated with Section 1007.105--disclosure of unique identifier--are
primarily electronic and produce de minimis burden. Therefore, the
Board is proposing to not estimate any associated burden for these
disclosures.
Frequency: Annually.
Respondents: The Board's CFPB G panel comprises state member banks
(SMBs) with $10 billion or less in total assets that are not affiliates
of insured depository institutions with total assets of more than $10
billion; subsidiaries of such SMBs that are not functionally regulated
within the meaning of section 5(c)(5) of the Bank Holding Company Act
of 1956; branches and agencies of foreign banks (other than federal
branches, federal agencies, and insured state branches of foreign
banks); commercial lending companies owned or controlled by foreign
banks (collectively, banking organizations); and the employees of these
banking organizations who act as residential MLOs.
Total estimated number of respondents: 17,467.
Total estimated change in burden: (63,951).
Total estimated annual burden hours: 23,366.\2\
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\2\ More detailed information regarding this collection,
including more detailed burden estimates, can be found in the OMB
Supporting Statement posted at <a href="https://www.federalreserve.gov/apps/reportingforms/home/review">https://www.federalreserve.gov/apps/reportingforms/home/review</a>. On the page displayed at the link, you
can find the OMB Supporting Statement by referencing the collection
identifier, CFPB G.
Board of Governors of the Federal Reserve System, January 23,
2023.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2023-01642 Filed 1-26-23; 8:45 am]
BILLING CODE 6210-01-P
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