Mortgage Assistance Relief Services (Regulation O) 12 CFR 1015

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Change Request - Remove Cost Burden.docx	Justification for No Material/Nonsubstantive Change	Uploaded 2014-01-23	Available
3170-0007 MARS (O) 2015 renewal SS-30day-final.pdf	Supporting Statement A	Uploaded 2015-07-23	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
200150	Regulation O Recordkeeping and Disclosure Requirements		Modified
200149	Document Compliance with Rule Provisions		Removed
200148	Procedures to Monitor Sales Presentations		Removed
200147	Incremental Disclosure Preparation		Removed

ICR Details

OMB Control No: 3170-0007	ICR Reference No: 201507-3170-002
Status: Historical Active	Previous ICR Reference No: 201401-3170-004
Agency/Subagency: CFPB	Agency Tracking No:
Title: Mortgage Assistance Relief Services (Regulation O) 12 CFR 1015
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 09/22/2015
	Date Received in OIRA: 07/23/2015
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2018	36 Months From Approved	09/30/2015
Responses	107	0	1,000
Time Burden (Hours)	322	0	32,500
Cost Burden (Dollars)	29,425	0	0

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Abstract: The Mortgage Assistance Relief Service Rule was created under section 626 of the 2009 Omnibus Appropriations Act, Pub. L. No. 111-8, published as the MARS rule under 16 CFR 322, and clarified by section 511 of the Credit Card Accountability and Responsibility and Disclosure Act of 2009, Pub. L. No. 111-24 (Credit CARD Act). The Dodd-Frank act (Pub. L. 111-203, Sec. 1097) transfers rulemaking authority and shared enforcement authority to the CFPB under 12 CFR 1015. This rule covers Mortgage Assistance Relief Service providers, which are for-profit services which assist consumers who are struggling to meet mortgage obligations and/or avoid foreclosure. The required disclosures under Regulation O 12 CFR 1015 assist prospective purchasers of Mortgage assistance relief services (MARS) in making well-informed decisions and avoiding deceptive and unfair acts and practices. The information that must be kept under Regulation O's recordkeeping requirements is used by the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) for enforcement purposes and to ensure compliance by MARS providers with Regulation O. The information is requested only on a case-by-case basis.

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Authorizing Statute(s): PL: Pub.L. 111 - 8 626 Name of Law: Omnibus Appropriations Act of 2009
   PL: Pub.L. 111 - 24 511 Name of Law: Credit Card Accountability and Responsibility and Disclosure Act of 2009
   PL: Pub.L. 111 - 203 1097 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
  

Citations for New Statutory Requirements: None

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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:
	80 FR 25282	05/04/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 43762	07/23/2015
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
Document Compliance with Rule Provisions
Regulation O Recordkeeping and Disclosure Requirements
Incremental Disclosure Preparation
Procedures to Monitor Sales Presentations

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ICR Summary of Burden

table that charts list 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	107	1,000	0	0	-893	0
Annual Time Burden (Hours)	322	32,500	0	0	-32,178	0
Annual Cost Burden (Dollars)	29,425	0	0	0	29,425	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: Prior to this analysis, the CFPB and FTC's ongoing burden for Regulation O was approximately 65,000 hours annually, of which one half, 32,500 hours, were allocated to the CFPB. The drop in burden hours reflects a significant reduction in the estimated MARS providers and the lack of one-time startup costs associated with new entrants into the market (due to the fact that there are not expected to be any new market entrants in the next three years), as well as the lack of rule modification and regulatory litigation related to non-attorney MARS providers. The decrease in the estimated number of MARS providers is consistent with this regulation causing a reduction in apparent providers of mortgage relief services, which were not in fact providing legitimate relief services. These providers were sometimes mistaken for legitimate MARS providers (causing overestimation). The cost burden results from CFPB including a small materials cost which we feel more accurately represents the costs of these recordkeeping and disclosure requirements.

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Annual Cost to Federal Government: $0

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: 07/23/2015

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