Notice2023-12107
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
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
June 7, 2023
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, with revision, the Registration of Mortgage Loan Originators (CFPB G; OMB No. 7100-0328).
Full Text
<html>
<head>
<title>Federal Register, Volume 88 Issue 109 (Wednesday, June 7, 2023)</title>
</head>
<body><pre>
[Federal Register Volume 88, Number 109 (Wednesday, June 7, 2023)]
[Notices]
[Pages 37250-37251]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-12107]
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend for three years, with revision, the
Registration of Mortgage Loan Originators (CFPB G; OMB No. 7100-0328).
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#0b657e636a256e67666a6c63796a69624b6d7969256c647d"><span class="__cf_email__" data-cfemail="c7a9b2afa6e9a2abaaa6a0afb5a6a5ae87a1b5a5e9a0a8b1">[email protected]</span></a>, (202) 452-3884.
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.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the Paperwork Reduction Act (PRA) to approve and
[[Page 37251]]
assign OMB control numbers to collections of information conducted or
sponsored by the Board. Board-approved collections of information are
incorporated into the official OMB inventory of currently approved
collections of information. The OMB inventory, as well as copies of the
PRA Submission, supporting statements (which contain more detailed
information about the information collections and burden estimates than
this notice), and approved collection of information instrument(s) are
available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. These documents
are also available on the Federal Reserve 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 Approval Under OMB Delegated Authority of the Extension for Three
Years, With Revision, of the Following Information Collection
Collection title: Registration of Mortgage Loan Originators.
Collection identifier: CFPB G.
OMB control number: 7100-0328.
Effective Date: July 7, 2023.
General description of collection: In accordance with the Secure
and Fair Enforcement for Mortgage Licensing 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.
---------------------------------------------------------------------------
\1\ <a href="https://mortgage.nationwidelicensingsystem.org/Pages/default.aspx">https://mortgage.nationwidelicensingsystem.org/Pages/default.aspx</a>.
---------------------------------------------------------------------------
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\
---------------------------------------------------------------------------
\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.
---------------------------------------------------------------------------
Current actions: On January 27, 2023, the Board published an
initial notice in the Federal Register (88 FR 5343) requesting public
comment for 60 days on the extension, with revision, of the CFPB G. The
Board proposed to revise the CFPB G to (1) account for Section
1007.103(e) banking organization disclosure of registration information
requirements burden separately from Section 1007.104 banking
organization recordkeeping requirements burden, (2) 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, and (3)
reflect the information collection burden associated with Section
1007.105 requirements as disclosure requirements instead of as
recordkeeping requirements, as was done previously.
The comment period for this notice expired on March 28, 2023. The
Board did not receive any comments. The revisions will be implemented
as proposed.
Board of Governors of the Federal Reserve System, June 1, 2023.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2023-12107 Filed 6-6-23; 8:45 am]
BILLING CODE 6210-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on June 7, 2023.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.