80 FR 28244 - Agency Information Collection Activities: Comment Request
BUREAU OF CONSUMER FINANCIAL PROTECTION Federal Register Volume 80, Issue 95 (May 18, 2015)
Federal Register Volume 80, Issue 95 (May 18, 2015)
| Page Range | 28244-28245 | |
| FR Document | 2015-11985 |
[Federal Register Volume 80, Number 95 (Monday, May 18, 2015)] [Notices] [Pages 28244-28245] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-11985] ======================================================================= ----------------------------------------------------------------------- BUREAU OF CONSUMER FINANCIAL PROTECTION [Docket No. CFPB-2015-0020] Agency Information Collection Activities: Comment Request AGENCY: Bureau of Consumer Financial Protection. ACTION: Notice and request for comment. ----------------------------------------------------------------------- SUMMARY: In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (Bureau) is requesting to renew the approval for an existing information collection titled, ``Mortgage Acts and Practices (Regulation N) 12 CFR 1014.'' DATES: Written comments are encouraged and must be received on or before July 17, 2015 to be assured of consideration. ADDRESSES: You may submit comments, identified by the title of the information collection, OMB Control Number (see below), and docket number (see above), by any of the following methods:Electronic: http://www.regulations.gov. Follow the instructions for submitting comments. Mail: Consumer Financial Protection Bureau (Attention: PRA Office), 1700 G Street NW., Washington, DC 20552. Hand Delivery/Courier: Consumer Financial Protection Bureau (Attention: PRA Office), 1275 First Street NE., Washington, DC 20002. Please note that comments submitted after the comment period will not be accepted. In general, all comments received will become public records, including any personal information provided. Sensitive personal information, such as account numbers or social security numbers, should not be included. FOR FURTHER INFORMATION CONTACT: Documentation prepared in support of this information collection request is available at www.regulations.gov. Requests for additional information should be directed to the Consumer Financial Protection Bureau, (Attention: [[Page 28245]] PRA Office), 1700 G Street NW., Washington, DC 20552, (202) 435-9575, or email: PRA@cfpb.gov. Please do not submit comments to this mailbox. SUPPLEMENTARY INFORMATION: Title of Collection: Mortgage Acts and Practices (Regulation N) 12 CFR 1014. OMB Control Number: 3170-0009. Type of Review: Extension without change of a currently approved collection. Affected Public: Businesses and other for-profit institutions. Estimated Number of Respondents: 483. Estimated Total Annual Burden Hours: 242. Abstract: Regulation N (12 CFR 1014), prohibits misrepresentations about the terms of mortgage credit products in commercial communications and requires that covered persons keep certain related records for a period of twenty-four (24) months from last dissemination. The information that Regulation N requires covered persons to retain is necessary to ensure efficient and effective law enforcement to address deceptive practices that occur in the mortgage advertising area. Request for Comments: Comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the Bureau, including whether the information will have practical utility; (b) The accuracy of the Bureau's estimate of the burden of the collection of information, including the validity of the methods and the assumptions used; (c) Ways to enhance the quality, utility, and clarity of the information to be collected; and (d) Ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Comments submitted in response to this notice will be summarized and/or included in the request for Office of Management and Budget (OMB) approval. All comments will become a matter of public record. Dated: May 15, 2015. Ashwin Vasan, Chief Information Officer, Bureau of Consumer Financial Protection. [FR Doc. 2015-11985 Filed 5-15-15; 8:45 am] BILLING CODE 4810-AM-P
![28244 Federal Register / Vol. 80, No. 95 / Monday, May 18, 2015 / Notices
An option, in contrast, is only the option Swap Agreement Recordkeeping, 77 FR In closing, I support this final
to undertake such a ‘‘sale’’, not the sale itself. 48208, 48227–48235 (August 13, 2012) interpretation, but I think industry would
The sale occurs only when the option is (‘‘Products Release’’). In doing so, the benefit from broader relief that provides
exercised. The option to buy or sell a Commission explicitly rejected the argument greater legal certainty. I look forward to
commodity at some later point simply is not that physically-delivered commodity options continuing to work with my fellow
the same thing as the sale of that commodity could fall within the forward contract Commissioners and staff to make sure that
itself. The Commission’s Office of the exclusion.2 commercial entities have access to the tools
General Counsel memorialized this The interpretation being promulgated they need to manage the commercial risks of
interpretation in 1985: today does not change this, and therein lays their operations.
[T]he [forward] contract must be a binding my concern regarding this interpretation’s
[FR Doc. 2015–11946 Filed 5–15–15; 8:45 am]
agreement on both parties to the contract: limits.
I think much of the confusion regarding the BILLING CODE 8011–01–p 6351–01–P
One must agree to make delivery and the
other to take delivery of the commodity. seven-part test has been based upon a failure
Second, because forward contracts are to recognize the difference between forward
commercial, merchandizing transactions and option contracts under the Commodity BUREAU OF CONSUMER FINANCIAL
which result in delivery, the courts and the Exchange Act. The fact that a forward
contract element and a commodity option are
PROTECTION
Commission have looked for evidence of the
transactions’ use in commerce. Thus, the packaged together does not change the [Docket No. CFPB–2015–0020]
regulatory treatment of the different
courts and the Commission have examined
components. Hybrid or packaged instruments Agency Information Collection
whether the parties to the contracts are
are common throughout the industry. There Activities: Comment Request
commercial entities that have the capacity to
are hybrid or packaged instruments which
make or take delivery and whether delivery,
may have characteristics of futures contracts AGENCY: Bureau of Consumer Financial
in fact, routinely occurs under such contracts and securities, swaps and security-based Protection.
* * * * * swaps, futures and forward transactions, and
Thus, an option is a contract in which only even forward contracts and commodity ACTION: Notice and request for comment.
the grantor is obligated to perform. As a options. Each portion of the contract might
result, the option purchaser has a limited risk be subject to different regulatory treatment. A SUMMARY: In accordance with the
from adverse price movements. This security does not become a future, nor does Paperwork Reduction Act of 1995
characteristic distinguishes an option from a a future become a security simply by virtue (PRA), the Consumer Financial
forward contract in which both parties must of being packaged in the same instrument. Protection Bureau (Bureau) is requesting
routinely perform and face the full risk of Relevant to the instruments we are to renew the approval for an existing
loss from adverse price changes since one discussing today, forward contracts with information collection titled, ‘‘Mortgage
party must make and the other take delivery embedded volumetric optionality, it seems
that most of them, as described in the
Acts and Practices (Regulation N) 12
of the commodity. In contrast, in an option,
comments, have at least two separate, CFR 1014.’’
only the grantor of a call (put) is required to
sell (buy) a given quantity of a commodity (or identifiable contractual obligations, each of DATES: Written comments are
a futures contract on that commodity) on or which must be considered on their own encouraged and must be received on or
by a specified date in the future if the option merits. There is a forward contract element before July 17, 2015 to be assured of
is exercised. ‘‘Characteristics Distinguishing which binds the parties to make and take consideration.
Cash and Forward Contracts and ‘Trade delivery of a set amount of a commodity. In
Options’ ’’, 50 FR 39656–02 (September 30, addition, there is an embedded volumetric ADDRESSES: You may submit comments,
1985) optionality element that binds the forward identified by the title of the information
The Commission ratified this interpretation contract offeror to make or take delivery of collection, OMB Control Number (see
in 1990 in its ‘‘Statutory Interpretation an additional amount of the commodity if the below), and docket number (see above),
Concerning Forward Transactions’’, 55 FR embedded volumetric optionality is
exercised by the forward contract offeree. by any of the following methods:
39188–03 (September 25, 1990) (‘‘Brent
The latter contractual obligation looks like a • Electronic: http://
Interpretation’’) and again in 2012 its final www.regulations.gov. Follow the
classic option.
rule, ‘‘Further Definition of ‘Swap,’ ‘Security-
The difficulty this interpretation faces in instructions for submitting comments.
Based Swap,’ and ‘Security-Based Swap
Agreement’; Mixed Swaps; Security-Based
providing the relief industry seeks is this: • Mail: Consumer Financial
Even though the embedded optionality has Protection Bureau (Attention: PRA
the form of an option, can it somehow fit Office), 1700 G Street NW., Washington,
contract. Because a forward contract is a within the forward exclusion? The answer
commercial merchandising transaction, intent to
this interpretation gives is, essentially, yes, it
DC 20552.
deliver historically has been an element of the
can, if it can be demonstrated that, despite • Hand Delivery/Courier: Consumer
CFTC’s analysis of whether a particular contract is Financial Protection Bureau (Attention:
a forward contract. In assessing the parties’ the embedded optionality having the form of
expectations or intent regarding delivery, the CFTC an option, it is utilized, in practice, as a PRA Office), 1275 First Street NE.,
consistently has applied a ‘‘facts and forward contract. While the seven-prong test Washington, DC 20002.
circumstances’’ test. Therefore, the CFTC reads the and the interpretive guidance around it do Please note that comments submitted
‘‘intended to be physically settled’’ language in the not provide an exact roadmap for after the comment period will not be
swap definition with respect to nonfinancial determining when embedded volumetric
commodities to reflect a directive that intent to accepted. In general, all comments
optionality included in a forward contract
deliver a physical commodity be a part of the received will become public records,
may or may not fall into the option
analysis of whether a given contract is a forward
definition, or when embedded volumetric including any personal information
contract or a swap, just as it is a part of the CFTC’s provided. Sensitive personal
analysis of whether a given contract is a forward optionality may undermine a forward
contract or a futures contract. Proposed Rule on contract, I think it does provide a good sense information, such as account numbers
‘‘Further Definition of ‘Swap,’ ‘Security-Based of the factors that parties must consider in or social security numbers, should not
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Swap,’ and ‘Security-Based Swap Agreement’; making those determinations for themselves. be included.
Mixed Swaps; Security-Based Swap Agreement Such a test, however, is necessarily a facts
Recordkeeping, 76 FR 29818, 29828 (May 23, 2011) FOR FURTHER INFORMATION CONTACT:
and circumstances test with no bright lines.
(‘‘Proposed Products Release’’). Ensuring compliance with this interpretation Documentation prepared in support of
This interpretation was ratified in the final rule, poses a challenge, and, therefore, that is an this information collection request is
‘‘Further Definition of ‘Swap,’ ‘Security-Based available at www.regulations.gov.
area where I would like to see greater legal
Swap,’ and ‘Security-Based Swap Agreement’;
Mixed Swaps; Security-Based Swap Agreement
certainty for these contracts. Requests for additional information
Recordkeeping, 77 FR 48208, 48227–48228 (August should be directed to the Consumer
13, 2012) (‘‘Products Release’’). 2 See also, Products Release at 4236–37. Financial Protection Bureau, (Attention:
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![Federal Register / Vol. 80, No. 95 / Monday, May 18, 2015 / Notices 28245
PRA Office), 1700 G Street NW., ACTION: Notice. for the proper performance of the
Washington, DC 20552, (202) 435–9575, functions of CNCS, including whether
or email: PRA@cfpb.gov. Please do not SUMMARY: The Corporation for National the information will have practical
submit comments to this mailbox. and Community Service (CNCS), as part utility;
SUPPLEMENTARY INFORMATION:
of its continuing effort to reduce • Evaluate the accuracy of the
Title of Collection: Mortgage Acts and paperwork and respondent burden, agency’s estimate of the burden of the
Practices (Regulation N) 12 CFR 1014. conducts a pre-clearance consultation proposed collection of information,
OMB Control Number: 3170–0009. program to provide the general public including the validity of the
Type of Review: Extension without and federal agencies with an methodology and assumptions used;
change of a currently approved opportunity to comment on proposed • Enhance the quality, utility, and
collection. and/or continuing collections of clarity of the information to be
Affected Public: Businesses and other information in accordance with the collected; and
for-profit institutions. Paperwork Reduction Act of 1995 • Minimize the burden of the
Estimated Number of Respondents: (PRA95) (44 U.S.C. 3506(c)(2)(A)). This collection of information on those who
483. program helps to ensure that requested are expected to respond, including the
Estimated Total Annual Burden data can be provided in the desired use of appropriate automated,
Hours: 242. format, reporting burden (time and electronic, mechanical, or other
Abstract: Regulation N (12 CFR 1014), financial resources) is minimized, technological collection techniques or
prohibits misrepresentations about the collection instruments are clearly other forms of information technology
terms of mortgage credit products in understood, and the impact of collection (e.g., permitting electronic submissions
commercial communications and requirement on respondents can be of responses).
requires that covered persons keep properly assessed.
certain related records for a period of Background
Currently, CNCS is soliciting
twenty-four (24) months from last comments concerning its proposed This Member Application Form will
dissemination. The information that renewal of the AmeriCorps Member be used by applicants who are
Regulation N requires covered persons Application Form. Applicants will interested in serving as AmeriCorps
to retain is necessary to ensure efficient respond to the questions included in members. The information requested in
and effective law enforcement to this ICR in order to apply to serve as the application form makes it possible
address deceptive practices that occur AmeriCorps members. for programs to select members to serve.
in the mortgage advertising area. Copies of the information collection Programs also use this form as an
Request for Comments: Comments are request can be obtained by contacting example that they customize to develop
invited on: (a) Whether the collection of the office listed in the ADDRESSES their own recruitment materials.
information is necessary for the proper section of this Notice.
performance of the functions of the Current Action
DATES: Written comments must be
Bureau, including whether the Changes have been made align form
submitted to the individual and office
information will have practical utility; with program and technological needs
listed in the ADDRESSES section by July
(b) The accuracy of the Bureau’s and resources. The information
17, 2015.
estimate of the burden of the collection collection will otherwise be used in the
ADDRESSES: You may submit comments, same manner as the existing
of information, including the validity of
the methods and the assumptions used; identified by the title of the information application. CNCS also seeks to
(c) Ways to enhance the quality, utility, collection activity, by any of the continue using the current application
and clarity of the information to be following methods: until the revised application is
(1) By mail sent to: Corporation for approved by OMB. The current
collected; and (d) Ways to minimize the
National and Community Service, application is due to expire on July 31,
burden of the collection of information
AmeriCorps State & National; ATTN: 2015.
on respondents, including through the
Erin Dahlin, Deputy Chief of Program Type of Review: Renewal.
use of automated collection techniques
Operations, 1201 New York Avenue Agency: Corporation for National and
or other forms of information
NW., Washington, DC 20525. Community Service.
technology. Comments submitted in
(2) By hand delivery or by courier to Title: AmeriCorps Member
response to this notice will be
the CNCS mailroom at Room 8100 at the Application Form.
summarized and/or included in the
mail address given in paragraph (1) OMB Number: 3045–0054.
request for Office of Management and
above, between 9:00 a.m. and 4:00 p.m. Agency Number: None.
Budget (OMB) approval. All comments Affected Public: Applicants applying
Eastern Time, Monday through Friday,
will become a matter of public record. to serve in AmeriCorps.
except Federal holidays.
Dated: May 15, 2015. (3) Electronically through Total Respondents: 225,000.
Ashwin Vasan, www.regulations.gov. Frequency: Ongoing.
Chief Information Officer, Bureau of Individuals who use a Average Time per Response: Averages
Consumer Financial Protection. telecommunications device for the deaf 1.25 hours.
[FR Doc. 2015–11985 Filed 5–15–15; 8:45 am] (TTY–TDD) may call 1–800–833–3722 Estimated Total Burden Hours:
BILLING CODE 4810–AM–P between 8:00 a.m. and 8:00 p.m. Eastern 281,250.
Time, Monday through Friday. Total Burden Cost (capital/startup):
asabaliauskas on DSK5VPTVN1PROD with NOTICES
None.
FOR FURTHER INFORMATION CONTACT: Erin
Total Burden Cost (operating/
CORPORATION FOR NATIONAL AND Dahlin, 202–606–6931 or EDahlin@ maintenance): None.
COMMUNITY SERVICE cns.gov. Comments submitted in response to
SUPPLEMENTARY INFORMATION: CNCS is this notice will be summarized and/or
Proposed Information Collection;
particularly interested in comments included in the request for Office of
Comment Request
that: Management and Budget approval of the
Corporation for National and
AGENCY: • Evaluate whether the proposed information collection request; they will
Community Service. collection of information is necessary also become a matter of public record.
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Document Created: 2015-12-16 07:38:50
Document Modified: 2015-12-16 07:38:50
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| Action | Notice and request for comment. | |
| Dates | Written comments are encouraged and must be received on or before July 17, 2015 to be assured of consideration. | |
| Contact | Documentation prepared in support of this information collection request is available at www.regulations.gov. Requests for additional information should be directed to the Consumer Financial Protection Bureau, (Attention: PRA Office), 1700 G Street NW., Washington, DC 20552, (202) 435-9575, or email: [email protected] Please do not submit comments to this mailbox. | |
| FR Citation | 80 FR 28244 |
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