Research in Development of Disclosure Forms

ICR 201111-3170-001

OMB: 3170-0003

Federal Form Document

Forms and Documents
ICR Details
3170-0003 201111-3170-001
Historical Active
CFPB
Research in Development of Disclosure Forms
New collection (Request for a new OMB Control Number)   No
Regular
Approved with change 11/04/2011
Retrieve Notice of Action (NOA) 11/04/2011
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
11/30/2013 36 Months From Approved
104,800 0 0
10,630 0 0
0 0 0

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.

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

Not associated with rulemaking

  76 FR 43374 07/20/2011
76 FR 59379 09/26/2011
No

  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
No
No
This is a new collection.

$175,000
No
No
No
Yes
No
Uncollected
Lea Mosena 202 435-7152

  No

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.
09/26/2011


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