The information collection will
improve the flow of information to and between regulators; provide
accountability and tracking of MLOs, enhance consumer protections,
reduce fraud in the residential mortgage loan origination process
and provide consumers with easily accessible information at no
charge regarding the employment history of, and publicly
adjudicated disciplinary and enforcement actions against,
MLOs.
The Bureau of Consumer
Financial Protection (CFPB) respectfully requests emergency
processing and approval of the collection of information discussed
below because the use of normal clearance procedures is reasonably
likely to prevent and disrupt an existing collection of
information. Under the Dodd-Frank Wall Street Reform and Consumer
Protection Act (Dodd-Frank Act), certain rulemaking authority for
the Secure and Fair Enforcement for Mortgage Licensing Act (the
S.A.F.E. Act), which was enacted as Title V of the Housing and
Economic Recovery Act of 2008, Pub. L. No. 110-289, transferred to
the CFPB on July 21, 2011. The Dodd-Frank Act also granted the
Bureau rulemaking authority pursuant to the S.A.F.E. Act with
respect to employees of institutions regulated by the Farm Credit
Administration. In addition, the CFPB received certain enforcement
authorities with respect to the S.A.F.E. Act. The CFPB is in the
process of publishing for public comment an interim final rule
establishing a new regulation in 12 CFR Part 1007 and 1008
(Regulations G and H). This interim final rule substantially
replicates existing regulations implementing the S.A.F.E. Act, and
will not impose any new substantive obligations on regulated
entities or any new information collection requirements. As the
CFPB now has enforcement authority over certain populations that
have been under the jurisdiction of other Federal Registry
Agencies, the CFPB is requesting approval of a new OMB control
number for its collection activities under Regulation G. To prevent
a disruption of an approved information collection, the CFPB is
requesting emergency processing and approval of the following
information collection request. Upon receipt of emergency approval
from the Office of Management and Budget, the CFPB will begin a
standard approval process for this collection and will seek public
input at that time.
PL:
Pub.L. 110 - 289 X Name of Law: Secure and Fair Enforcement for
Mortgage Licensing Act
PL: Pub.L. 111 - 203 X Name of Law: Wall
Street Reform and Consumer Protection Act
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:
(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;
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.
Supporting Statement for SAFE 20111020 v2.doc
Insurance and Extension of Credit