Proposed Agency Information Collection Activities; Comment Request, 2995-2997 [2017-00289]

Download as PDF pmangrum on DSK3GDR082PROD with NOTICES Federal Register / Vol. 82, No. 6 / Tuesday, January 10, 2017 / Notices g. other acts as defined by State statute or regulation as disciplinary With the exception of voluntary surrender, suspension or revocation, such action may be exempt from reporting to the National Registry if defined by State statute, regulation or written policy as ‘‘non-disciplinary.’’ Federally related transaction: Refers to any real estate related financial transaction which: (a) A federal financial institutions regulatory agency engages in, contracts for, or regulates; and (b) requires the services of an appraiser. (See Title XI § 1121(4), 12 U.S.C. 3350.) Federal financial institutions regulatory agencies: Refers to the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the National Credit Union Administration. (See Title XI § 1121(6), 12 U.S.C. 3350). Home State agency: As referenced herein, State agency or agencies that grant an appraiser a licensed or certified credential. Residency in the home State is not required. Appraisers may have more than one home State agency. Non-federally recognized credentials or designations: Refers to any State appraiser credential or designation other than trainee, State licensed, certified residential or certified general classifications as defined in Policy Statement 1, and which is not recognized by Title XI. Real estate related financial transaction: Any transaction involving: (a) The sale, lease, purchase, investment in or exchange of real property, including interests in property, or the financing thereof; (b) the refinancing of real property or interests in real property; and (c) the use of real property or interests in property as security for a loan or investment, including mortgage-backed securities. (See Title XI § 1121(5), 12 U.S.C. 3350). State: Any State, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, and the United States Virgin Islands. (American Samoa does not have a Program). State board: As referenced herein, ‘‘State board’’ means a group of individuals (usually appraisers, AMC representatives, bankers, consumers, and/or real estate professionals) appointed by the Governor or a similarly positioned State official to assist or oversee State Programs. A State agency may be headed by a board, commission or an individual. Uniform Standards of Professional Appraisal Practice (USPAP): Refers to appraisal standards promulgated by the Appraisal Standards Board of the Appraisal Foundation establishing minimum requirements for development and reporting of appraisals, including real property appraisal. Title XI requires appraisals prepared by State certified and licensed appraisers to be performed in conformance with USPAP. Well-documented: Means that States obtain and maintain sufficient relevant Appraiser Registry record is updated to show the credential is inactive. VerDate Sep<11>2014 14:59 Jan 09, 2017 Jkt 241001 documentation pertaining to a matter so as to enable understanding of the facts and determinations in the matter and the reasons for those determinations. * * * * * By the Appraisal Subcommittee. Dated: January 3, 2017. Arthur Lindo, Chairman. [FR Doc. 2017–00262 Filed 1–9–17; 8:45 am] BILLING CODE P FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a bank holding company and/or to acquire the assets or the ownership of, control of, or the power to vote shares of a bank or bank holding company and all of the banks and nonbanking companies owned by the bank holding company, including the companies listed below. The applications listed below, as well as other related filings required by the Board, are available for immediate inspection at the Federal Reserve Bank indicated. The applications will also be available for inspection at the offices of the Board of Governors. Interested persons may express their views in writing on the standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with the standards in section 4 of the BHC Act (12 U.S.C. 1843). Unless otherwise noted, nonbanking activities will be conducted throughout the United States. Unless otherwise noted, comments regarding each of these applications must be received at the Reserve Bank indicated or the offices of the Board of Governors not later than February 3, 2017. A. Federal Reserve Bank of Richmond (Adam M. Drimer, Assistant Vice President) 701 East Byrd Street, Richmond, Virginia 23261–4528. Comments can also be sent electronically to Comments.applications@rich.frb.org: 1. Bay Banks of Virginia, Inc., Kilmarnock, Virginia; to acquire 100 percent of the voting securities of Virginia BanCorp, Inc., Petersburg, Virginia, and thereby indirectly acquire PO 00000 Frm 00057 Fmt 4703 Sfmt 4703 2995 Virginia Commonwealth Bank, Petersburg, Virginia. Board of Governors of the Federal Reserve System, January 4, 2017. Yao-Chin Chao, Assistant Secretary of the Board. [FR Doc. 2017–00176 Filed 1–9–17; 8:45 am] BILLING CODE 6210–01–P FEDERAL RESERVE SYSTEM Proposed Agency Information Collection Activities; Comment Request Board of Governors of the Federal Reserve System. ACTION: Notice for comment regarding the Federal Reserve proposal to extend without revision, the clearance under the Paperwork Reduction Act for the following information collection activity. AGENCY: The Board of Governors of the Federal Reserve System (Board or Federal Reserve) invites comment on a proposal to extend for three years, without revision, the Registration of Mortgage Loan Originators. On June 15, 1984, the Office of Management and Budget (OMB) delegated to the Board authority under the Paperwork Reduction Act (PRA) to approve of and assign OMB control numbers to collection of information requests and requirements conducted or sponsored by the Board. In exercising this delegated authority, the Board is directed to take every reasonable step to solicit comment. In determining whether to approve a collection of information, the Board will consider all comments received from the public and other agencies. DATES: Comments must be submitted on or before March 13, 2017. ADDRESSES: You may submit comments, identified by CFPB Reg G, by any of the following methods: • Agency Web site: http:// www.federalreserve.gov. Follow the instructions for submitting comments at http://www.federalreserve.gov/apps/ foia/proposedregs.aspx . • Federal eRulemaking Portal: http:// www.regulations.gov. Follow the instructions for submitting comments. • Email: regs.comments@ federalreserve.gov. Include OMB number in the subject line of the message. • FAX: (202) 452–3819 or (202) 452– 3102. • Mail: Robert deV. Frierson, Secretary, Board of Governors of the Federal Reserve System, 20th Street and SUMMARY: E:\FR\FM\10JAN1.SGM 10JAN1 2996 Federal Register / Vol. 82, No. 6 / Tuesday, January 10, 2017 / Notices pmangrum on DSK3GDR082PROD with NOTICES Constitution Avenue NW., Washington, DC 20551. All public comments are available from the Board’s Web site at http:// www.federalreserve.gov/apps/foia/ proposedregs.aspx as submitted, unless modified for technical reasons. Accordingly, your comments will not be edited to remove any identifying or contact information. Public comments may also be viewed electronically or in paper form in Room 3515, 1801 K Street (between 18th and 19th Streets NW.) Washington, DC 20006 between 9:00 a.m. and 5:00 p.m. on weekdays. Additionally, commenters may send a copy of their comments to the OMB Desk Officer—Shagufta Ahmed—Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Room 10235 725 17th Street NW., Washington, DC 20503 or by fax to (202) 395–6974. FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission, including the proposed reporting form and instructions, supporting statement, and other documentation will be placed into OMB’s public docket files, once approved. These documents will also be made available on the Federal Reserve Board’s public Web site at: http:// www.federalreserve.gov/apps/ reportforms/review.aspx or may be requested from the agency clearance officer, whose name appears below. Federal Reserve Board Clearance Officer—Nuha Elmaghrabi—Office of the Chief Data Officer, Board of Governors of the Federal Reserve System, Washington, DC 20551 (202) 452–3829. Telecommunications Device for the Deaf (TDD) users may contact (202) 263–4869, Board of Governors of the Federal Reserve System, Washington, DC 20551. SUPPLEMENTARY INFORMATION: Request for Comment on Information Collection Proposal The Board invites public comment on the following information collection, which is being reviewed under authority delegated by the OMB under the PRA. Comments are invited on the following: a. Whether the proposed collection of information is necessary for the proper performance of the Federal Reserve’s functions; including whether the information has practical utility; b. The accuracy of the Federal Reserve’s estimate of the burden of the proposed information collection, including the validity of the methodology and assumptions used; c. Ways to enhance the quality, utility, and clarity of the information to be collected; VerDate Sep<11>2014 14:59 Jan 09, 2017 Jkt 241001 d. Ways to minimize the burden of information collection on respondents, including through the use of automated collection techniques or other forms of information technology; and e. Estimates of capital or startup costs and costs of operation, maintenance, and purchase of services to provide information. At the end of the comment period, the comments and recommendations received will be analyzed to determine the extent to which the Federal Reserve should modify the proposed revisions prior to giving final approval. Proposal To Approve Under OMB Delegated Authority the Extension for Three Years, Without Revision, of the Following Report Report title: Registration of Mortgage Loan Originators. Agency form number: CFPB Reg G. OMB control number: 7100–0328. Frequency: Annually. Respondents: Employees of state member banks, certain subsidiaries of state member banks, branches and agencies of foreign banks that are regulated by the Federal Reserve, and commercial lending companies of foreign banks who act as residential mortgage loan originators (MLOs). Estimated number of respondents: MLOs (new): Initial set up and disclosure, 173 respondents; MLOs (existing): Maintenance and disclosure, 21,656 respondents; MLOs (existing): Updates for changes, 10,828 respondents; and Depository Institutions, and subsidiaries, 741 respondents. Estimated average hours per response: MLOs (new): Initial set up and disclosure, 3.5 hours; MLOs (existing): Maintenance and disclosure, 0.85 hours; MLOs (existing): Updates for changes, 0.25 hours; and Depository Institutions, and subsidiaries, 118 hours. Estimated annual burden hours: MLOs (new): Initial set up and disclosure, 606 hours; MLOs (existing): Maintenance and disclosure, 18,408 hours; MLOs (existing): Updates for changes, 2,707 hours; and Depository Institutions, and subsidiaries, 87,438 hours. General Description of Report: In accordance with the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act), the Consumer Financial Protection Bureau’s (CFPB) Regulation G requires residential mortgage loan originators (MLOs) to register with the Nationwide Mortgage Licensing System and Registry (the Registry), obtain a unique identifier, maintain this registration, and disclose to consumers upon request and through the Registry PO 00000 Frm 00058 Fmt 4703 Sfmt 4703 their unique identifier and the MLO’s employment history and publicly adjudicated disciplinary and enforcement actions. The CFPB’s regulation also requires the institutions employing these MLOs to adopt and follow written policies and procedures to ensure their employees comply with these requirements and to conduct annual independent compliance tests to assure compliance. The CFPB’s rule applies to a broad range of financial institutions and their employees, including Board-supervised institutions/employees, such as state member banks and their nonfunctionally-regulated subsidiaries, state uninsured branches and agencies of foreign banks, and commercial lending companies owned or controlled by foreign banks. Legal authorization and confidentiality: The Board’s Legal Division has determined that Section 1507 of the S.A.F.E. Act, (12 U.S.C. 5106), requires that the CFPB develop and maintain a system for registering individual MLOs of covered financial institutions regulated by a federal banking agency with the Nationwide Mortgage Licensing System and Registry. Section 1504 of the S.A.F.E. Act, (12 U.S.C. 5103), requires that an individual desiring to engage in the business of a loan originator maintain an annual federal registration (or be licensed by an equivalent state regulatory scheme) and appear on the Registry with a unique identifier. Section 1007.103 of the CFPB’s Regulation G implements this registration scheme; Section 1007.104 requires the adoption of appropriate policies and procedures by covered financial institutions; and Section 1007.105 requires that covered financial institutions provide the unique identifiers of MLOs to consumers. (12 CFR 1007.103–.105). Under Section 1061 of the Dodd-Frank Act, (12 U.S.C. 5581(c)), ‘‘a transferor agency [such as the Board] that is a prudential regulator shall have . . . ‘‘authority to require reports from . . . conduct examinations for . . . and enforce compliance with Federal consumer financial laws’’ with respect to the Board-supervised entities enumerated above. Therefore, the Board is authorized to collect this information with respect to the institutions we supervise for this purpose. This information collection is mandatory. As noted above, the unique identifier of MLOs must be made public and is not considered confidential. In addition, most of the information that MLOs submit in order to register with the Nationwide Mortgage Licensing System and Registry will be publicly available. E:\FR\FM\10JAN1.SGM 10JAN1 Federal Register / Vol. 82, No. 6 / Tuesday, January 10, 2017 / Notices However, certain identifying data about individuals who act as MLOs are entitled to confidential treatment under (b)(6) of the Freedom of Information Act (FOIA), which protects from disclosure information that ‘‘would constitute a clearly unwarranted invasion of personal privacy.’’ (5 U.S.C. 552(b)(6)). With respect to the information collection requirements imposed on depository institutions, because the requirements require that depository institutions retain their own records and make certain disclosures to customers, the FOIA would only be implicated if the Board’s examiners obtained a copy of these records as part of the examination or supervision process of a financial institution. However, records obtained in this manner are exempt from disclosure under FOIA exemption (b)(8), regarding examination-related materials. (5 U.S.C. 552(b)(8)). Board of Governors of the Federal Reserve System, January 5, 2017. Robert deV. Frierson, Secretary of the Board. [FR Doc. 2017–00289 Filed 1–9–17; 8:45 am] BILLING CODE 6210–01–P FEDERAL RESERVE SYSTEM pmangrum on DSK3GDR082PROD with NOTICES Change in Bank Control Notices; Acquisitions of Shares of a Bank or Bank Holding Company The notificants listed below have applied under the Change in Bank Control Act (12 U.S.C. 1817(j)) and § 225.41 of the Board’s Regulation Y (12 CFR 225.41) to acquire shares of a bank or bank holding company. The factors that are considered in acting on the notices are set forth in paragraph 7 of the Act (12 U.S.C. 1817(j)(7)). The notices are available for immediate inspection at the Federal Reserve Bank indicated. The notices also will be available for inspection at the offices of the Board of Governors. Interested persons may express their views in writing to the Reserve Bank indicated for that notice or to the offices of the Board of Governors. Comments must be received not later than January 25, 2017. A. Federal Reserve Bank of Chicago (Colette A. Fried, Assistant Vice President) 230 South LaSalle Street, Chicago, Illinois 60690–1414: 1. Steven Bell individually and as Trustee Steven Bell Revocable Trust under Agreement, dtd 10/21/2009; Paula Bell Trustee Paula Bell Revocable Trust under Agreement dtd 10/21/2009; Elizabeth Killian Trustee Elizabeth Bell Killian Revocable Trust, dtd 08/03/2005; Rebecca Kettleson Trustee Rebecca Lynn VerDate Sep<11>2014 14:59 Jan 09, 2017 Jkt 241001 2997 Kettleson Revocable Trust, dtd 06/10/ 2005; Margaret Bell Trustee Margaret S. Bell Revocable Trust, dtd 05/25/2005; Steve Bell Trustee Paula Bell 2009 GRAT FBO Children, Paula Bell Second 2009 GRAT FBO Rebecca Kettleson, Paula Bell Second 2009 GRAT FBO Elizabeth Killian, and Paula Bell Second 2009 GRAT FBO Margaret Bell; Chad or Deborah Kane Trustees Chad and Deborah Kane Revocable Trust, dtd 01/ 22/2016; Steven Bell Trustee Paula Bell GRAT FBO Chad Kane; Steven Bell Trustee Paula Bell Second GRAT FBO Chad Kane; Catherine Bell Trustee Catherine Bell Revocable Trust, dtd 05/ 06/2010; James and Susan Mance Trustees Mance Family Revocable Trust; Linda Growney Trustee Linda Growney Revocable Trust dtd 06/09/2008; (Control Group); to retain voting shares of WoodTrust Financial Corporation, and thereby indirectly control WoodTrust Bank, both of Wisconsin Rapids, Wisconsin. B. Federal Reserve Bank of St. Louis (David L. Hubbard, Senior Manager) P.O. Box 442, St. Louis, Missouri 63166–2034. Comments can also be sent electronically to Comments.applications@stls.frb.org: 1. T.H. Bradley, Jr., Magnolia, Arkansas, as trustee of the T.H. Bradley, Jr. Revocable Trust, Paula Bradley Smith, Magnolia, Arkansas, as trustee of the Paula Bradley Smith Revocable Trust, Thomas E. Smith, Magnolia, Arkansas, individually and as trustee of the Thomas E. Smith Revocable Trust, and Shannon Bradley Stuart, Magnolia, Arkansas; to collectively acquire additional voting shares of Magnolia Banking Corporation, Magnolia, Arkansas and thereby acquire Farmers Bank and Trust Company Maganola, Arkansas. announces the following meeting of the aforementioned committee: TIME AND DATE: 1:30 p.m.–3:00 p.m., EST, February 2, 2017. PLACE: Teleconference. STATUS: Open to the public, limited only by the space and phone lines available. The public is welcome to participate during the public comment period, which is tentatively scheduled from 2:40 p.m. to 2:50 p.m. This meeting will also be available by teleconference. Please dial (866) 918–8397 and enter code 9346283. PURPOSE: The Subcommittee will provide advice to the CDC Director through the ACD on strategic and other health disparities and health equity issues and provide guidance on opportunities for CDC. MATTERS FOR DISCUSSION: The Health Disparities Subcommittee members will receive an update on selected recommendations of the HDS and on progress toward a Workforce Diversity Indicator. Agenda items are subject to change as priorities dictate. CONTACT PERSON FOR MORE INFORMATION: Leandris Liburd, Ph.D., M.P.H., M.A., Designated Federal Officer, Health Disparities Subcommittee, Advisory Committee to the Director, CDC, 1600 Clifton Road NE., M/S K–77, Atlanta, Georgia 30329. Telephone (404) 498– 6482, Email: ACDirector@cdc.gov. The Director, Management Analysis and Services Office, has been delegated the authority to sign Federal Register notices pertaining to announcements of meetings and other committee management activities, for both the Centers for Disease Control and Prevention and the Agency for Toxic Substances and Disease Registry. Board of Governors of the Federal Reserve System, January 4, 2017. Yao-Chin Chao, Assistant Secretary of the Board. Claudette Grant, Acting Director, Management Analysis and Services Office, Centers for Disease Control and Prevention. [FR Doc. 2017–00177 Filed 1–9–17; 8:45 am] [FR Doc. 2017–00207 Filed 1–9–17; 8:45 am] BILLING CODE 6210–01–P BILLING CODE 4163–18–P DEPARTMENT OF HEALTH AND HUMAN SERVICES DEPARTMENT OF HEALTH AND HUMAN SERVICES Centers for Disease Control and Prevention Centers for Medicare & Medicaid Services Advisory Committee to the Director (ACD), Centers for Disease Control and Prevention (CDC)—Health Disparities Subcommittee (HDS) [Document Identifier: CMS–2088–17] In accordance with section 10(a)(2) of the Federal Advisory Committee Act (Pub. L. 92–463), the Centers for Disease Control and Prevention (CDC) PO 00000 Frm 00059 Fmt 4703 Sfmt 4703 Agency Information Collection Activities: Proposed Collection; Comment Request Centers for Medicare & Medicaid Services, HHS. ACTION: Notice. AGENCY: E:\FR\FM\10JAN1.SGM 10JAN1

Agencies

[Federal Register Volume 82, Number 6 (Tuesday, January 10, 2017)]
[Notices]
[Pages 2995-2997]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-00289]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice for comment regarding the Federal Reserve proposal to 
extend without revision, the clearance under the Paperwork Reduction 
Act for the following information collection activity.

-----------------------------------------------------------------------

SUMMARY: The Board of Governors of the Federal Reserve System (Board or 
Federal Reserve) invites comment on a proposal to extend for three 
years, without revision, the Registration of Mortgage Loan Originators.
    On June 15, 1984, the Office of Management and Budget (OMB) 
delegated to the Board authority under the Paperwork Reduction Act 
(PRA) to approve of and assign OMB control numbers to collection of 
information requests and requirements conducted or sponsored by the 
Board. In exercising this delegated authority, the Board is directed to 
take every reasonable step to solicit comment. In determining whether 
to approve a collection of information, the Board will consider all 
comments received from the public and other agencies.

DATES: Comments must be submitted on or before March 13, 2017.

ADDRESSES: You may submit comments, identified by CFPB Reg G, by any of 
the following methods:
     Agency Web site: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx .
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     Email: regs.comments@federalreserve.gov. Include OMB 
number in the subject line of the message.
     FAX: (202) 452-3819 or (202) 452-3102.
     Mail: Robert deV. Frierson, Secretary, Board of Governors 
of the Federal Reserve System, 20th Street and

[[Page 2996]]

Constitution Avenue NW., Washington, DC 20551.
    All public comments are available from the Board's Web site at 
http://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted, 
unless modified for technical reasons. Accordingly, your comments will 
not be edited to remove any identifying or contact information. Public 
comments may also be viewed electronically or in paper form in Room 
3515, 1801 K Street (between 18th and 19th Streets NW.) Washington, DC 
20006 between 9:00 a.m. and 5:00 p.m. on weekdays.
    Additionally, commenters may send a copy of their comments to the 
OMB Desk Officer--Shagufta Ahmed--Office of Information and Regulatory 
Affairs, Office of Management and Budget, New Executive Office 
Building, Room 10235 725 17th Street NW., Washington, DC 20503 or by 
fax to (202) 395-6974.

FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission, 
including the proposed reporting form and instructions, supporting 
statement, and other documentation will be placed into OMB's public 
docket files, once approved. These documents will also be made 
available on the Federal Reserve Board's public Web site at: http://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested 
from the agency clearance officer, whose name appears below.
    Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of 
the Chief Data Officer, Board of Governors of the Federal Reserve 
System, Washington, DC 20551 (202) 452-3829. Telecommunications Device 
for the Deaf (TDD) users may contact (202) 263-4869, Board of Governors 
of the Federal Reserve System, Washington, DC 20551.

SUPPLEMENTARY INFORMATION: 

Request for Comment on Information Collection Proposal

    The Board invites public comment on the following information 
collection, which is being reviewed under authority delegated by the 
OMB under the PRA. Comments are invited on the following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Federal Reserve's functions; including 
whether the information has practical utility;
    b. The accuracy of the Federal Reserve's estimate of the burden of 
the proposed information collection, including the validity of the 
methodology and assumptions used;
    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    d. Ways to minimize the burden of information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology; and
    e. Estimates of capital or startup costs and costs of operation, 
maintenance, and purchase of services to provide information.
    At the end of the comment period, the comments and recommendations 
received will be analyzed to determine the extent to which the Federal 
Reserve should modify the proposed revisions prior to giving final 
approval.

Proposal To Approve Under OMB Delegated Authority the Extension for 
Three Years, Without Revision, of the Following Report

    Report title: Registration of Mortgage Loan Originators.
    Agency form number: CFPB Reg G.
    OMB control number: 7100-0328.
    Frequency: Annually.
    Respondents: Employees of state member banks, certain subsidiaries 
of state member banks, branches and agencies of foreign banks that are 
regulated by the Federal Reserve, and commercial lending companies of 
foreign banks who act as residential mortgage loan originators (MLOs).
    Estimated number of respondents: MLOs (new): Initial set up and 
disclosure, 173 respondents; MLOs (existing): Maintenance and 
disclosure, 21,656 respondents; MLOs (existing): Updates for changes, 
10,828 respondents; and Depository Institutions, and subsidiaries, 741 
respondents.
    Estimated average hours per response: MLOs (new): Initial set up 
and disclosure, 3.5 hours; MLOs (existing): Maintenance and disclosure, 
0.85 hours; MLOs (existing): Updates for changes, 0.25 hours; and 
Depository Institutions, and subsidiaries, 118 hours.
    Estimated annual burden hours: MLOs (new): Initial set up and 
disclosure, 606 hours; MLOs (existing): Maintenance and disclosure, 
18,408 hours; MLOs (existing): Updates for changes, 2,707 hours; and 
Depository Institutions, and subsidiaries, 87,438 hours.
    General Description of Report: In accordance with the Secure and 
Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act), the 
Consumer Financial Protection Bureau's (CFPB) Regulation G requires 
residential mortgage loan originators (MLOs) to register with the 
Nationwide Mortgage Licensing System and Registry (the Registry), 
obtain a unique identifier, maintain this registration, and disclose to 
consumers upon request and through the Registry their unique identifier 
and the MLO's employment history and publicly adjudicated disciplinary 
and enforcement actions. The CFPB's regulation also requires the 
institutions employing these MLOs to adopt and follow written policies 
and procedures to ensure their employees comply with these requirements 
and to conduct annual independent compliance tests to assure 
compliance. The CFPB's rule applies to a broad range of financial 
institutions and their employees, including Board-supervised 
institutions/employees, such as state member banks and their non-
functionally-regulated subsidiaries, state uninsured branches and 
agencies of foreign banks, and commercial lending companies owned or 
controlled by foreign banks.
    Legal authorization and confidentiality: The Board's Legal Division 
has determined that Section 1507 of the S.A.F.E. Act, (12 U.S.C. 5106), 
requires that the CFPB develop and maintain a system for registering 
individual MLOs of covered financial institutions regulated by a 
federal banking agency with the Nationwide Mortgage Licensing System 
and Registry. Section 1504 of the S.A.F.E. Act, (12 U.S.C. 5103), 
requires that an individual desiring to engage in the business of a 
loan originator maintain an annual federal registration (or be licensed 
by an equivalent state regulatory scheme) and appear on the Registry 
with a unique identifier. Section 1007.103 of the CFPB's Regulation G 
implements this registration scheme; Section 1007.104 requires the 
adoption of appropriate policies and procedures by covered financial 
institutions; and Section 1007.105 requires that covered financial 
institutions provide the unique identifiers of MLOs to consumers. (12 
CFR 1007.103-.105). Under Section 1061 of the Dodd-Frank Act, (12 
U.S.C. 5581(c)), ``a transferor agency [such as the Board] that is a 
prudential regulator shall have . . . ``authority to require reports 
from . . . conduct examinations for . . . and enforce compliance with 
Federal consumer financial laws'' with respect to the Board-supervised 
entities enumerated above. Therefore, the Board is authorized to 
collect this information with respect to the institutions we supervise 
for this purpose. This information collection is mandatory.
    As noted above, the unique identifier of MLOs must be made public 
and is not considered confidential. In addition, most of the 
information that MLOs submit in order to register with the Nationwide 
Mortgage Licensing System and Registry will be publicly available.

[[Page 2997]]

However, certain identifying data about individuals who act as MLOs are 
entitled to confidential treatment under (b)(6) of the Freedom of 
Information Act (FOIA), which protects from disclosure information that 
``would constitute a clearly unwarranted invasion of personal 
privacy.'' (5 U.S.C. 552(b)(6)).
    With respect to the information collection requirements imposed on 
depository institutions, because the requirements require that 
depository institutions retain their own records and make certain 
disclosures to customers, the FOIA would only be implicated if the 
Board's examiners obtained a copy of these records as part of the 
examination or supervision process of a financial institution. However, 
records obtained in this manner are exempt from disclosure under FOIA 
exemption (b)(8), regarding examination-related materials. (5 U.S.C. 
552(b)(8)).

    Board of Governors of the Federal Reserve System, January 5, 
2017.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2017-00289 Filed 1-9-17; 8:45 am]
 BILLING CODE 6210-01-P