Notice2022-01700
Agency Information Collection Activities: Information Collection Renewal; Comment Request; Reverse Mortgage Products: Guidance for Managing Compliance and Reputation Risks
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 28, 2022
Issuing agencies
Treasury DepartmentComptroller of the Currency
Abstract
The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on the renewal of an information collection, as required by the Paperwork Reduction Act of 1995 (PRA). An agency may not conduct or sponsor, and respondents are 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 renewal of its information collection titled "Reverse Mortgage Products: Guidance for Managing Compliance and Reputation Risks" (Guidance).
Full Text
<html>
<head>
<title>Federal Register, Volume 87 Issue 19 (Friday, January 28, 2022)</title>
</head>
<body><pre>
[Federal Register Volume 87, Number 19 (Friday, January 28, 2022)]
[Notices]
[Pages 4711-4712]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-01700]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Comment Request; Reverse Mortgage Products: Guidance for
Managing Compliance and Reputation Risks
AGENCY: Office of the Comptroller of the Currency, Treasury (OCC).
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites the general public and other Federal
agencies to comment on the renewal of an information collection, as
required by the Paperwork Reduction Act of 1995 (PRA). An agency may
not conduct or sponsor, and respondents are 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 renewal of its information collection titled
``Reverse Mortgage Products: Guidance for Managing Compliance and
Reputation Risks'' (Guidance).
DATES: Comments must be received by March 29, 2022.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
<bullet> Email: <a href="/cdn-cgi/l/email-protection#48383a2921262e2708272b2b663c3a2d293b662f273e"><span class="__cf_email__" data-cfemail="5d2d2f3c34333b321d323e3e73292f383c2e733a322b">[email protected]</span></a>.
<bullet> Mail: Chief Counsel's Office, Attention: Comment
Processing, Office of the Comptroller of the Currency, Attention: 1557-
0246, 400 7th Street SW, suite 3E-218, Washington, DC 20219.
<bullet> Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
<bullet> Fax: (571) 465-4326.
Instructions: You must include ``OCC'' as the agency name and
``1557-0246'' in your comment. In general, the OCC will publish
comments on <a href="http://www.reginfo.gov">www.reginfo.gov</a> 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.
<bullet> Viewing Comments Electronically: Go to <a href="http://www.reginfo.gov">www.reginfo.gov</a>.
Hover over the ``Information Collection Review'' tab and click on
``Information Collection Review'' dropdown. Underneath the ``Currently
under Review'' section heading, from the drop-down menu select
``Department of Treasury'' and then click ``submit.'' This information
collection can be located by searching by OMB control number ``1557-
0246'' or ``Reverse Mortgage Products: Guidance for Managing Compliance
and Reputation Risks.'' 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.
<bullet> For assistance in navigating <a href="http://www.reginfo.gov">www.reginfo.gov</a>, 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, Suite 3E-218, Washington, DC 20219.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), 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
[[Page 4712]]
submit reports, keep records, or provide information to a third party.
Section 3506(c)(2)(A) of title 44 requires Federal agencies to provide
a 60-day notice in the Federal Register concerning each proposed
collection of information, including each proposed renewal of an
existing collection of information, before submitting the collection to
OMB for approval. To comply with this requirement, the OCC is
publishing this notice.
Description: On December 16, 2009, the OCC, FDIC, FRB, and NCUA
sought comment on proposed Guidance,\1\ which they subsequently issued
in final form on August 17, 2010.\2\ The Guidance focuses on the need
to provide adequate information to consumers about reverse mortgage
products, to provide qualified independent counseling to consumers
considering these products, and to avoid potential conflicts of
interest. The Guidance also addresses related policies, procedures,
internal controls, and third party risk management.
---------------------------------------------------------------------------
\1\ 74 FR 66652.
\2\ 75 FR 50801.
---------------------------------------------------------------------------
<bullet> The information collection requirements contained in the
Guidance address the implementation of policies and procedures,
training, and program maintenance. Institutions offering reverse
mortgages should have written policies and procedures that prohibit the
practice of directing a consumer to a particular counseling agency or
contacting a counselor on the consumer's behalf.
<bullet> Policies should be clear so that originators do not have
an inappropriate incentive to sell other products that appear linked to
the granting of a mortgage.
<bullet> Legal and compliance reviews should include oversight of
compensation programs so that lending personnel are not improperly
encouraged to direct consumers to particular products.
<bullet> Training should be designed so that relevant lending
personnel are able to convey information to consumers about product
terms and risks in a timely, accurate, and balanced manner.
Title of Information Collection: Reverse Mortgage Products:
Guidance for Managing Compliance and Reputation Risks.
OMB Control No.: 1557-0246.
Affected Public: National banks, Federal savings associations,
subsidiaries of national banks and Federal savings associations, and
Federal branches or agencies of foreign banks.
Type of Review: Regular.
Estimated Number of Respondents: 12.
Frequency of Response: On occasion.
Total Estimated Annual Burden: 136 hours.
Comments submitted in response to this notice will be summarized,
included in the request for OMB approval, and become a matter of public
record. Comments are invited on:
(a) Whether the collection of information is necessary for the
proper performance of the OCC's functions, including whether the
information has practical utility;
(b) The accuracy of the estimates of the burden of the 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 the information collection on
respondents, including 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.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2022-01700 Filed 1-27-22; 8:45 am]
BILLING CODE 4810-33-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on January 28, 2022.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.