Regulation N requires covered persons
to retain: (1) Copies of materially different commercial
communications and related materials, regarding any term of any
mortgage credit product, that the person made or disseminated
during the relevant time period; (2) documents describing or
evidencing all mortgage credit products available to consumers
during the relevant time period; and (3) documents describing or
evidencing all additional products or services (such as credit
insurance or credit disability insurance) that are or may be
offered or provided with the mortgage credit products available to
consumers during the relevant time period. The FTC and the CFPB
share enforcement authority for Regulation N and thus the two
agencies split the burden estimates.
This estimate reflects a
decrease in burden compared to prior FTC estimates, because many
entities that had been included in prior burden estimates retain
records in the ordinary course of business, can be indirectly
covered by state recordkeeping requirements for mortgage
advertisements and/or retain ads to demonstrate compliance with
state law, as discussed in the Supporting Statement.
$41,434
No
No
No
Yes
No
Uncollected
Carole Reynolds 202 326-3230
creynolds@ftc.gov
No
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:
(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;
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.