Mortgage Assistance Relief Services (Regulation O)

Forms and Documents

Document Name	Status
3170-0007 (Mortgage Assistance Relief Services (Regulation O) supporting statement.docx Supporting Statement A	2024-10-22
3170-0007 30-day FRN (published).pdf Supplementary Document	2024-10-17
3170-0007 60-day FRN (published).pdf Supplementary Document	2024-10-17

IC Document Collections

IC ID	Document Title	Status
200150	Recordkeeping and Disclosure Requirements	Modified

ICR Details

OMB Control No: 3170-0007	ICR Reference No: 202410-3170-002
Status: Received in OIRA	Previous ICR Reference No: 202205-3170-004
Agency/Subagency: CFPB	Agency Tracking No:
Title: Mortgage Assistance Relief Services (Regulation O)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 10/22/2024

	Requested	Previously Approved
Expiration Date	36 Months From Approved	10/31/2025
Responses	120	118
Time Burden (Hours)	360	355
Cost Burden (Dollars)	33,000	32,450

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Abstract: 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 Bureau of Consumer Financial Protection (Bureau or BCFP) 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 - 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
   PL: Pub.L. 111 - 8 626 Name of Law: Omnibus Appropriations Act of 2009
  

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:
	89 FR 58353	07/18/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 83671	10/17/2024
Did the Agency receive public comments on this ICR? No

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

IC Title	Form No.	Form Name
Recordkeeping and Disclosure Requirements

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ICR Summary of Burden

	Total Request	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	120	118	0	0	2	0
Annual Time Burden (Hours)	360	355	0	0	5	0
Annual Cost Burden (Dollars)	33,000	32,450	0	0	550	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: CFPB is increasing the number of respondents (from 118 to 120). The CFPB is also making a slight adjustment to burden 355 hours to 360 hours) to account for and remedy past rounding errors.

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Annual Cost to Federal Government: $0

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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? No

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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: 10/22/2024

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