Secure and Fair Enforcement for Mortgage Licensing Act (Regulation G) 12 CFR 1007
New collection (Request for a new OMB Control Number)
No
Emergency
11/14/2011
Approved without change
11/13/2011
11/10/2011
table that charts list comparision
Inventory as of this Action
Requested
Previously Approved
05/31/2012
6 Months From Approved
33,656
0
0
15,183
0
0
322,021
0
0
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