Agency Information Collection Activities: Information Collection Renewal; Comment Request; Procedures To Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies Under Section 312 of the Fair and Accurate Credit Transactions Act of 2003, 46304-46305 [2024-11571]
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Federal Register / Vol. 89, No. 103 / Tuesday, May 28, 2024 / Notices
unique identifier. Institutions must also
adopt and follow written policies and
procedures to ensure compliance with
these requirements.
Among other things, the Registry is
intended to aggregate and improve the
flow of information to and between
regulators; provide increased
accountability and tracking of mortgage
loan originators; 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 the publicly adjudicated
disciplinary and enforcement actions
against, MLOs.
Along with the Board of Governors of
the Federal Reserve System, the Federal
Deposit Insurance Corporation, the
National Credit Union Administration,
and the Farm Credit Administration, the
OCC issued a final rule implementing
the S.A.F.E. Act.2 The Dodd-Frank Wall
Street Reform and Consumer Protection
Act (Dodd-Frank Act), Pub. Law 111–
203, later provided for the transfer of
this rule to the Consumer Financial
Protection Bureau (CFPB), and the CFPB
republished this rule as 12 CFR part
1007.3 However, the OCC retains
enforcement authority for national
banks, Federal savings associations, and
Federal branches and agencies of foreign
banks with total assets of $10 billion or
less.4
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MLO Reporting Requirements
Except in situations where the de
minimis exception applies, 12 CFR
1007.103 requires an employee of an
institution who acts as an MLO to
register with the Registry, obtain a
unique identifier, and maintain and
update such registration. This section
also requires institutions to require their
MLO employees to comply with these
requirements. Section 1007.103(d) sets
forth the categories of information that
an institution must require each MLO
employee to submit to the Registry or
submit on the employee’s behalf. This
section also requires each MLO
employee to submit to the Registry an
attestation as to the correctness of the
information submitted and an
authorization for the Registry and the
employing institution to obtain certain
additional information related to the
employee.
2 75 FR 44656 (July 28, 2010), as corrected in 75
FR 51623 (Aug. 23, 2010).
3 76 FR 78487 (Dec. 19, 2011).
4 See section 1025 of the Dodd-Frank Act,
codified at 12 U.S.C. 5515.
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MLO Disclosure Requirement
Section 1007(b) requires MLOs to
provide their unique identifier to a
consumer upon request, before acting as
an MLO, and through the originator’s
initial written communication with a
consumer, if any, whether on paper or
electronically.
Financial Institution Reporting
Requirements
Section 1007.103(e) specifies the
institution-related and employee
information an institution must submit
to the Registry in connection with the
initial registration of one or more MLOs
and annually thereafter. The institution
also must update this information
within 30 days of the date that this
information becomes inaccurate.
Employees of the institution who
submit information to the Registry on
behalf of the institution must verify
their identity and attest that they have
the authority to enter data on behalf of
the institution, that the information
submitted is correct, and that the
covered financial institution will keep
the required information current and
will file accurate supplementary
information on a timely basis. Financial
Institution Disclosure Requirements
Section 1007.105(a) requires the
institution to make the unique
identifiers of its MLO employees
available to consumers in a manner and
method practicable to the institution.
Financial Institution Recordkeeping
Requirements
Section 1007.104 requires that an
institution that employs one or more
MLOs to adopt and follow written
policies and procedures to, at a
minimum, address certain specified
areas related to MLO registration. These
policies must be appropriate to the
nature, size, and complexity of the
institution’s mortgage lending activities
and that apply only to those employees
acting within the scope of their
employment at the institution.
Type of Review: Regular.
Affected Public: Individuals;
Businesses or other for-profit.
Estimated Frequency of Response: On
occasion.
Estimated Number of Responses:
90,574.
Estimated Total Annual Burden:
40,671 hours.
Comments submitted in response to
this notice will be summarized and
included in the request for OMB
approval. All comments will become a
matter of public record. Comments are
invited on:
(a) Whether the collection of
information is necessary for the proper
PO 00000
Frm 00250
Fmt 4703
Sfmt 4703
performance of the functions of the
OCC, including whether the information
has practical utility;
(b) The accuracy of the OCC’s
estimate of the burden of the collection
of information;
(c) Ways to enhance the quality,
utility, and clarity of the information to
be collected;
(d) Ways to minimize the burden of
the collection on respondents, including
through the use of automated collection
techniques or other forms of information
technology; and
(e) Estimates of capital or start-up
costs and costs of operation,
maintenance, and purchase of services
to provide information.
Patrick T. Tierney,
Assistant Director, Office of the Comptroller
of the Currency.
[FR Doc. 2024–11633 Filed 5–24–24; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
Agency Information Collection
Activities: Information Collection
Renewal; Comment Request;
Procedures To Enhance the Accuracy
and Integrity of Information Furnished
to Consumer Reporting Agencies
Under Section 312 of the Fair and
Accurate Credit Transactions Act of
2003
Office of the Comptroller of the
Currency (OCC), Treasury.
ACTION: Notice and request for comment.
AGENCY:
The OCC, as part of its
continuing effort to reduce paperwork
and respondent burden, invites
comment on a continuing information
collection, as required by the Paperwork
Reduction Act of 1995 (PRA). In
accordance with the requirements of the
PRA, the OCC may not conduct or
sponsor, and the respondent is not
required to respond to, an information
collection unless it displays a currently
valid Office of Management and Budget
(OMB) control number. The OCC is
soliciting comment concerning the
renewal of its information collection
titled, ‘‘Procedures to Enhance the
Accuracy and Integrity of Information
Furnished to Consumer Reporting
Agencies under Section 312 of the Fair
and Accurate Credit Transactions Act of
2003.’’ DATES: Comments must be
received by July 29, 2024.
ADDRESSES: Commenters are encouraged
to submit comments by email, if
SUMMARY:
E:\FR\FM\28MYN1.SGM
28MYN1
khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 89, No. 103 / Tuesday, May 28, 2024 / Notices
possible. You may submit comments by
any of the following methods:
• Email: prainfo@occ.treas.gov.
• Mail: Chief Counsel’s Office,
Attention: Comment Processing, Office
of the Comptroller of the Currency,
Attention: 1557–0238, 400 7th Street
SW, Suite 3E–218, Washington, DC
20219.
• Hand Delivery/Courier: 400 7th
Street SW, Suite 3E–218, Washington,
DC 20219.
• Fax: (571) 293–4835.
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘1557–
0238’’ in your comment. In general, the
OCC will publish comments on
www.reginfo.gov without change,
including any business or personal
information provided, such as name and
address information, email addresses, or
phone numbers. Comments received,
including attachments and other
supporting materials, are part of the
public record and subject to public
disclosure. Do not include any
information in your comment or
supporting materials that you consider
confidential or inappropriate for public
disclosure.
Following the close of this notice’s
60-day comment period, the OCC will
publish a second notice with a 30-day
comment period. You may review
comments and other related materials
that pertain to this information
collection beginning on the date of
publication of the second notice for this
collection by the method set forth in the
next bullet.
• Viewing Comments Electronically:
Go to www.reginfo.gov. Hover over the
‘‘Information Collection Review’’ tab
and click on ‘‘Information Collection
Review’’ from the drop-down menu.
From the ‘‘Currently under Review’’
drop-down menu, select ‘‘Department of
Treasury’’ and then click ‘‘submit.’’ This
information collection can be located by
searching OMB control number ‘‘1557–
0238’’ or ‘‘Procedures to Enhance the
Accuracy and Integrity of Information
Furnished to Consumer Reporting
Agencies under Section 312 of the Fair
and Accurate Credit Transactions Act of
2003.’’ Upon finding the appropriate
information collection, click on the
related ‘‘ICR Reference Number.’’ On the
next screen, select ‘‘View Supporting
Statement and Other Documents’’ and
then click on the link to any comment
listed at the bottom of the screen.
• For assistance in navigating
www.reginfo.gov, please contact the
Regulatory Information Service Center
at (202) 482–7340.
FOR FURTHER INFORMATION CONTACT:
Shaquita Merritt, Clearance Officer,
VerDate Sep<11>2014
18:43 May 24, 2024
Jkt 262001
(202) 649–5490, Chief Counsel’s Office,
Office of the Comptroller of the
Currency, 400 7th Street SW,
Washington, DC 20219. If you are deaf,
hard of hearing, or have a speech
disability, please dial 7–1–1 to access
telecommunications relay services.
SUPPLEMENTARY INFORMATION: Under the
PRA (44 U.S.C. 3501 et seq.), Federal
agencies must obtain approval from the
OMB for each collection of information
that they conduct or sponsor.
‘‘Collection of information’’ is defined
in 44 U.S.C. 3502(3) and 5 CFR
1320.3(c) to include agency requests or
requirements that members of the public
submit reports, keep records, or provide
information to a third party. Section
3506(c)(2)(A) of title 44 generally
requires Federal agencies to provide a
60-day notice in the Federal Register
concerning each proposed collection of
information, including each proposed
extension of an existing collection of
information, before submitting the
collection to OMB for approval. To
comply with this requirement, the OCC
is publishing notice of the renewal/
revision of this collection.
Title: Procedures to Enhance the
Accuracy and Integrity of Information
Furnished to Consumer Reporting
Agencies under Section 312 of the Fair
and Accurate Credit Transactions Act of
2003.
OMB Control No.: 1557–0238.
Type of Review: Regular.
Description: Pursuant to section 312
of the FACT Act, the OCC issued
guidelines for use by furnishers
regarding the accuracy and integrity of
the information about consumers that
they furnish to consumer reporting
agencies and prescribed regulations that
require furnishers to establish
reasonable policies and procedures for
implementing the guidelines. Section
312 also required the issuance of
regulations identifying the
circumstances under which a furnisher
must reinvestigate disputes about the
accuracy of information contained in a
consumer report based on a direct
request from a consumer.
Pursuant to 12 CFR 1022.42(a),
furnishers are required to establish and
implement reasonable written policies
and procedures regarding the accuracy
and integrity of consumer information
that they provide to a consumer
reporting agency (CRA).
Pursuant to 12 CFR 1022.43(a), a
furnisher is required to conduct a
reasonable investigation of a dispute
initiated directly by a consumer in
certain circumstances. Furnishers are
required to have procedures to ensure
that disputes received directly from
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Fmt 4703
Sfmt 4703
46305
consumers are handled in a
substantially similar manner to those
complaints received through CRAs.
Pursuant to 12 CFR 1022.43(f)(2), the
statutory requirement is incorporated
that a furnisher must notify a consumer
by mail or other means (if authorized by
the consumer) not later than five
business days after making a
determination that a dispute is frivolous
or irrelevant. Pursuant to 12 CFR
1022.43(f)(3) the statute’s content
requirements are incorporated for the
notices.
Affected Public: Businesses or other
for-profit.
Estimated Frequency of Response: On
occasion.
Estimated Number of Respondents:
1,032.
Estimated Total Annual Burden:
185,603 hours.
Comments submitted in response to
this notice will be summarized and
included in the request for OMB
approval. All comments will become a
matter of public record. Comments are
invited on:
(a) Whether the collection of
information is necessary for the proper
performance of the functions of the
OCC, including whether the information
has practical utility;
(b) The accuracy of the OCC’s
estimate of the burden of the collection
of information;
(c) Ways to enhance the quality,
utility, and clarity of the information to
be collected;
(d) Ways to minimize the burden of
the collection on respondents, including
through the use of automated collection
techniques or other forms of information
technology; and
(e) Estimates of capital or start-up
costs and costs of operation,
maintenance, and purchase of services
to provide information.
Patrick T. Tierney,
Assistant Director, Office of the Comptroller
of the Currency.
[FR Doc. 2024–11571 Filed 5–24–24; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Requesting
Comments on the Intake/Interview &
Quality Review Sheets
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
The Internal Revenue Service,
as part of its continuing effort to reduce
SUMMARY:
E:\FR\FM\28MYN1.SGM
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]]>Agencies
[Federal Register Volume 89, Number 103 (Tuesday, May 28, 2024)]
[Notices]
[Pages 46304-46305]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-11571]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Comment Request; Procedures To Enhance the Accuracy and
Integrity of Information Furnished to Consumer Reporting Agencies Under
Section 312 of the Fair and Accurate Credit Transactions Act of 2003
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites comment on a continuing information
collection, as required by the Paperwork Reduction Act of 1995 (PRA).
In accordance with the requirements of the PRA, the OCC may not conduct
or sponsor, and the respondent is not required to respond to, an
information collection unless it displays a currently valid Office of
Management and Budget (OMB) control number. The OCC is soliciting
comment concerning the renewal of its information collection titled,
``Procedures to Enhance the Accuracy and Integrity of Information
Furnished to Consumer Reporting Agencies under Section 312 of the Fair
and Accurate Credit Transactions Act of 2003.'' DATES: Comments must be
received by July 29, 2024.
ADDRESSES: Commenters are encouraged to submit comments by email, if
[[Page 46305]]
possible. You may submit comments by any of the following methods:
Email: [email protected].
Mail: Chief Counsel's Office, Attention: Comment
Processing, Office of the Comptroller of the Currency, Attention: 1557-
0238, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
Fax: (571) 293-4835.
Instructions: You must include ``OCC'' as the agency name and
``1557-0238'' in your comment. In general, the OCC will publish
comments on www.reginfo.gov without change, including any business or
personal information provided, such as name and address information,
email addresses, or phone numbers. Comments received, including
attachments and other supporting materials, are part of the public
record and subject to public disclosure. Do not include any information
in your comment or supporting materials that you consider confidential
or inappropriate for public disclosure.
Following the close of this notice's 60-day comment period, the OCC
will publish a second notice with a 30-day comment period. You may
review comments and other related materials that pertain to this
information collection beginning on the date of publication of the
second notice for this collection by the method set forth in the next
bullet.
Viewing Comments Electronically: Go to www.reginfo.gov.
Hover over the ``Information Collection Review'' tab and click on
``Information Collection Review'' from the drop-down menu. From the
``Currently under Review'' drop-down menu, select ``Department of
Treasury'' and then click ``submit.'' This information collection can
be located by searching OMB control number ``1557-0238'' or
``Procedures to Enhance the Accuracy and Integrity of Information
Furnished to Consumer Reporting Agencies under Section 312 of the Fair
and Accurate Credit Transactions Act of 2003.'' Upon finding the
appropriate information collection, click on the related ``ICR
Reference Number.'' On the next screen, select ``View Supporting
Statement and Other Documents'' and then click on the link to any
comment listed at the bottom of the screen.
For assistance in navigating www.reginfo.gov, please
contact the Regulatory Information Service Center at (202) 482-7340.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, Clearance Officer,
(202) 649-5490, Chief Counsel's Office, Office of the Comptroller of
the Currency, 400 7th Street SW, Washington, DC 20219. If you are deaf,
hard of hearing, or have a speech disability, please dial 7-1-1 to
access telecommunications relay services.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501 et seq.),
Federal agencies must obtain approval from the OMB for each collection
of information that they conduct or sponsor. ``Collection of
information'' is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to
include agency requests or requirements that members of the public
submit reports, keep records, or provide information to a third party.
Section 3506(c)(2)(A) of title 44 generally requires Federal agencies
to provide a 60-day notice in the Federal Register concerning each
proposed collection of information, including each proposed extension
of an existing collection of information, before submitting the
collection to OMB for approval. To comply with this requirement, the
OCC is publishing notice of the renewal/revision of this collection.
Title: Procedures to Enhance the Accuracy and Integrity of
Information Furnished to Consumer Reporting Agencies under Section 312
of the Fair and Accurate Credit Transactions Act of 2003.
OMB Control No.: 1557-0238.
Type of Review: Regular.
Description: Pursuant to section 312 of the FACT Act, the OCC
issued guidelines for use by furnishers regarding the accuracy and
integrity of the information about consumers that they furnish to
consumer reporting agencies and prescribed regulations that require
furnishers to establish reasonable policies and procedures for
implementing the guidelines. Section 312 also required the issuance of
regulations identifying the circumstances under which a furnisher must
reinvestigate disputes about the accuracy of information contained in a
consumer report based on a direct request from a consumer.
Pursuant to 12 CFR 1022.42(a), furnishers are required to establish
and implement reasonable written policies and procedures regarding the
accuracy and integrity of consumer information that they provide to a
consumer reporting agency (CRA).
Pursuant to 12 CFR 1022.43(a), a furnisher is required to conduct a
reasonable investigation of a dispute initiated directly by a consumer
in certain circumstances. Furnishers are required to have procedures to
ensure that disputes received directly from consumers are handled in a
substantially similar manner to those complaints received through CRAs.
Pursuant to 12 CFR 1022.43(f)(2), the statutory requirement is
incorporated that a furnisher must notify a consumer by mail or other
means (if authorized by the consumer) not later than five business days
after making a determination that a dispute is frivolous or irrelevant.
Pursuant to 12 CFR 1022.43(f)(3) the statute's content requirements are
incorporated for the notices.
Affected Public: Businesses or other for-profit.
Estimated Frequency of Response: On occasion.
Estimated Number of Respondents: 1,032.
Estimated Total Annual Burden: 185,603 hours.
Comments submitted in response to this notice will be summarized
and included in the request for OMB approval. All comments will become
a matter of public record. Comments are invited on:
(a) Whether the collection of information is necessary for the
proper performance of the functions of the OCC, including whether the
information has practical utility;
(b) The accuracy of the OCC's estimate of the burden of the
collection of information;
(c) Ways to enhance the quality, utility, and clarity of the
information to be collected;
(d) Ways to minimize the burden of the collection on respondents,
including through the use of automated collection techniques or other
forms of information technology; and
(e) Estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
Patrick T. Tierney,
Assistant Director, Office of the Comptroller of the Currency.
[FR Doc. 2024-11571 Filed 5-24-24; 8:45 am]
BILLING CODE 4810-33-P
