[Federal Register Volume 76, Number 65 (Tuesday, April 5, 2011)]
[Notices]
[Pages 18827-18828]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-8057]
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DEPARTMENT OF THE TREASURY
Submission for OMB Review; Comment Request
The Department of Treasury, on behalf of itself and the Consumer
Financial Protection Bureau (CFPB), will submit the following public
information collection requirement to OMB for review and clearance
under the Paperwork Reduction Act of 1995, Public Law 104-13 on or
after the date of publication of this notice. A copy of the submission
may be obtained by
[[Page 18828]]
calling the agency contact listed below. Comments regarding this
information collection should be addressed to the OMB reviewer listed
and to the Treasury Department Clearance Officer, Department of the
Treasury, 1750 Pennsylvania Avenue, NW., Suite 11010, Washington, DC
20220.
Dates: Written comments should be received on or before May 5, 2011
to be assured of consideration.
OMB Number: 1505-XXXX.
Type of Review: Emergency Clearance Request.
Title: Qualitative Testing of Integrated Mortgage Loan Disclosure
Forms.
Description: The Dodd-Frank Wall Street Reform and Consumer
Protection Act, Public Law 111-203, Title X, requires CFPB to develop
model forms that will integrate separate disclosures concerning
residential mortgage loans that are required under the Truth in Lending
Act and Real Estate Settlement Procedures Act. The CFPB implementation
team will collect data, including through interviews and the internet,
to inform its design and development of the mandated integrated
disclosure and its implementation. The information collected through
the one-on-one cognitive interviews and the internet will inform the
disclosure form's design and content, using an iterative process to
improve the draft form to make it easier for consumers to use the
document to identify the terms of the loan being offered to them and
use that information to compare among different loan products.
The data collection will include:
Consent forms that will be used to obtain the consent of
participants in the cognitive interviewing;
Participant Questionnaires to obtain demographic
information about the participants;
Interview protocols for both consumers and lenders/
brokers; and
Tools that seek input from a larger community through the
internet.
The core objective of the data collection is to help refine
specific features of the content or design of the form to maximize
communication effectiveness while minimizing compliance burden,
specifically by:
Evaluating one or more draft disclosure forms through
iterative qualitative testing with consumers and lenders/brokers,
including observation of consumers' usage of the disclosure, their
understanding of the contents, and the choices they make.
Collecting supplementary feedback through the internet
from consumers, industry, housing counselors, and other interested
parties regarding the draft disclosure(s).
The qualitative testing is focused on the purposes of the
integrated disclosure to:
Improve consumer understanding by better disclosing risks
and costs so consumers can choose the home loans that best meet their
needs;
Enable ``shopping'' in terms of comparing loan products
and loan offers; and
Facilitate compliance and ease implementation for
industry.
The CFPB implementation team plans to test at six sites in five
rounds to allow for changes to the disclosure between rounds. Because
consumers are not the only ones who will interact with the loan
disclosure, the testing plan includes one-on-one cognitive testing with
brokers and lenders to evaluate the usefulness of the form, any
potential areas of confusion, and potential implementation and
usability challenges.
Respondents: Individuals, businesses or other for-profit
institutions.
Estimated Total Reporting Burden:
Screening Process:
Total number of potential participants to be screened: 156
individuals.
Estimated time to complete screening: 10 minutes.
Estimated participant screening burden: 26 hours (156 x 10/60).
Estimated number of participants: 54 individuals.
Time to conduct study: 90 minutes.
Estimated travel time to and from site: 30 minutes.
Estimated participant burden: 108 hours (54 x 120/60).
Estimated number of floaters: 24.
Time to conduct study: 180 minutes.
Estimated travel time to and from site: 30 minutes.
Estimated floater burden: 84 hours (24 x 210/60).
Total estimated participation burden: 192 hours.
Total Burden English interviews (screening and study participation)
= 218 hours (26 + 192)
Spanish cognitive interviews:
Total number of potential participants screened: 74 individuals.
Estimated time to complete screening: 10 minutes.
Estimated participant screening burden: 12 hours (74 x 10/60).
Estimated number of participants: 25 individuals.
Time to conduct study: 90 minutes.
Estimated travel time to and from site: 30 minutes.
Estimated participant burden: 50 hours (25 x 120/60).
Estimated number of floaters: 10.
Time to conduct study: 180 minutes.
Estimated travel time to and from site: 30 minutes.
Estimated floater burden: 35 hours (10 x 210/60).
Total estimated participation burden: 85 hours.
Total Burden Spanish interviews (screening and study participation)
= 97 hours (12 + 85)
Social Media Outreach
Estimated number of participants at each opportunity to provide
input = 5000.
Time to provide input = 5 minutes.
Estimated participation burden: 417 hours (5 x 5,000/60).
Opportunities for structured input = 3.
Total estimated participation burden = 1,251 hours (417 x 3).
Estimated Maximum Burden: 1,566 hours (218 + 97 + 1,251)
Comments are invited on: (a) Whether the collection of information
shall have practical utility; (b) the accuracy of the agency's estimate
of the burden of the collection of information; (c) ways to enhance the
quality, utility, and clarity of the information to be collected; (d)
ways to minimize the burden of the collection of information on
respondents, including through the use of automated collection
techniques on other forms of information technology; and (e) estimates
of capital or start-up costs and cost of operation, maintenance, and
purchase of services to provide information. All comments will be a
matter of public record.
Agency Contact: Pamela Blumenthal, CFPB implementation team, 1801 L
Street, NW., Washington, DC 20036; (202) 435-7167.
OMB Reviewer: Shagufta Ahmed, Office of Management and Budget, New
Executive Office Building, Room 10235, Washington, DC 20503; (202) 395-
7873.
Dawn D. Wolfgang,
Treasury PRA Clearance Officer.
[FR Doc. 2011-8057 Filed 4-4-11; 8:45 am]
BILLING CODE 4810-25-P