Research in Development of Disclosure Forms

Forms and Documents

Document Name	Status
Call 003 recruiting_script_11-03-11 FINAL.docx Supplementary Document	2011-11-04
Call 003 part__questionnaire_11-03-11 FINAL.docx Supplementary Document	2011-11-04
Call 003 Confidentiality Statement and Consent Form 11-3-11 FINAL.docx Supplementary Document	2011-11-04
Generic Clearance Supporting Statement Part B (11-4-11 to OMB).docx Supporting Statement B	2011-11-04
Generic Clearance Supporting Statement Part A (11-4-11 to OMB).docx Supporting Statement A	2011-11-04

IC Document Collections

IC ID	Document Title	Status

ICR Details

OMB Control No: 1505-0240	ICR Reference No: 201109-1505-004
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/DO	Agency Tracking No:
Title: Research in Development of Disclosure Forms
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 11/04/2011
	Date Received in OIRA: 09/26/2011
Terms of Clearance: OMB clears the generic clearance with the following terms of clearance: OMB will allow the use of floaters (and an incentive payment for floaters of $125) for the initial information collection request under this generic. For the next three ICRs for which this issue could arise, CFPB should ask its contractor to “overinvite” participants rather than use floaters. If, after three ICRs without floaters, CFPB feels strongly that floaters are better than “overinvitation,” CFPB may raise this issue again before OMB for the next ICR—but the burden of proof will be on CFPB to prove that floaters work better than “overinvitation.” Please note that the use of floaters is only limited to this information collection and no future information collections.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2013	36 Months From Approved
Responses	104,800	0	0
Time Burden (Hours)	10,630	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: This is a request for generic clearance by the Bureau of Consumer Financial Protection to conduct research. The research will result in recommendations for development of and revisions to disclosure forms and related materials provided to consumers in connection with obtaining mortgage loans. The research activities will be conducted primarily by external contractors employing cognitive psychological testing methods. This approach has been demonstrated to be feasible and valuable by other agencies in developing disclosures and other forms. The planned research activities will be conducted during FY 2012 through FY 2014 with the goal of creating effective disclosures and related materials for consumers.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 X Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 X Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 43374	07/20/2011
30-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 59379	09/26/2011
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 0

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	104,800	0	104,800	0	0	0
Annual Time Burden (Hours)	10,630	0	10,630	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This is a new collection.

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Annual Cost to Federal Government: $175,000

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 09/26/2011

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