Notice2022-07639
Agency Information Collection Activities: Proposed Collection Renewal; Comment Request
Primary source
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Published
April 11, 2022
Issuing agencies
Federal Deposit Insurance Corporation
Abstract
The FDIC, as part of its obligations under the Paperwork Reduction Act of 1995 (PRA), invites the general public and other Federal agencies to take this opportunity to comment on the renewal of the existing information collection described below (OMB Control No. 3064-0207).
Full Text
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<title>Federal Register, Volume 87 Issue 69 (Monday, April 11, 2022)</title>
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[Federal Register Volume 87, Number 69 (Monday, April 11, 2022)]
[Notices]
[Pages 21123-21124]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-07639]
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FEDERAL DEPOSIT INSURANCE CORPORATION
[OMB No. 3064-0207]
Agency Information Collection Activities: Proposed Collection
Renewal; Comment Request
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Notice and request for comment.
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SUMMARY: The FDIC, as part of its obligations under the Paperwork
Reduction Act of 1995 (PRA), invites the general public and other
Federal agencies to take this opportunity to comment on the renewal of
the existing information collection described below (OMB Control No.
3064-0207).
DATES: Comments must be submitted on or before June 10, 2022.
ADDRESSES: Interested parties are invited to submit written comments to
the FDIC by any of the following methods:
<bullet> Agency Website: <a href="https://www.fdic.gov/resources/regulations/federal-register-publications/">https://www.fdic.gov/resources/regulations/federal-register-publications/</a>.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#97f4f8fafaf2f9e3e4d7f1f3fef4b9f0f8e1"><span class="__cf_email__" data-cfemail="c9aaa6a4a4aca7bdba89afada0aae7aea6bf">[email protected]</span></a>. Include the name and number of
the collection in the subject line of the message.
<bullet> Mail: Manny Cabeza (202-898-3767), Regulatory Counsel, MB-
3128, Federal Deposit Insurance Corporation, 550 17th Street NW,
Washington, DC 20429.
<bullet> Hand Delivery: Comments may be hand-delivered to the guard
station at the rear of the 17th Street NW building (located on F Street
NW), on business days between 7:00 a.m. and 5:00 p.m.
All comments should refer to the relevant OMB control number. A
copy of the comments may also be submitted to the OMB desk officer for
the FDIC: Office of Information and Regulatory Affairs, Office of
Management and Budget, New Executive Office Building, Washington, DC
20503.
FOR FURTHER INFORMATION CONTACT: Manny Cabeza, Regulatory Counsel, 202-
898-3767, <a href="/cdn-cgi/l/email-protection#adc0cecccfc8d7ccedcbc9c4ce83cac2db"><span class="__cf_email__" data-cfemail="3f525c5e5d5a455e7f595b565c11585049">[email protected]</span></a>, MB-3128, Federal Deposit Insurance
Corporation, 550 17th Street NW, Washington, DC 20429.
SUPPLEMENTARY INFORMATION:
Proposal to renew the following currently approved collection of
information:
1. Title: Loans in Areas Having Special Flood Hazards.
OMB Number: 3064-0207.
Form Number: None.
Affected Public: Private Sector.
Burden Estimate:
Burden Calculation
[OMB No. 3064-0207]
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Estimated
Estimated annual number Estimated
Description annual number of responses hours per Total hours
of respondents per respondent response
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Recordkeeping:
Private flood Insurance (Required to obtain 3,106 1 0.500 1,553.00
benefits)..................................
Standard flood hazard determination form 3,106 313 0.042 40,831.48
(Mandatory)................................
Retention of notice of special flood hazards 3,106 36 0.250 27,954.00
and availability of Federal disaster relief
assistance (Mandatory).....................
Disclosure:
Notice of requirement to escrow flood 470 82 0.083 3,198.82
insurance payments and fees (Mandatory)....
Change in status (Mandatory)................ 30 2 40 2,400.00
Notice of option to escrow flood insurance 30 22 0.083 54.78
payments and fees (Mandatory)..............
Notice to borrower to purchase flood 3,106 10 0.083 2,577.98
insurance (Mandatory)......................
Notification to terminate flood insurance 3,106 1 0.250 776.50
purchased on behalf of a borrower
(Mandatory)................................
Notice of special flood hazards and 3,106 36 0.250 27,954.00
availability of Federal disaster relief
assistance (Mandatory).....................
Notice to Administrator of FEMA of 3,106 18 0.083 4,640.36
servicer's identity (Mandatory)............
Notice to Administrator of FEMA of a change 3,106 22 0.083 5,671.56
in loan servicer (Mandatory)...............
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Total Estimated Burden Hours: $117,612.48.
General Description of Collection: Each supervised lending
institution is required to provide a notice of special flood hazards to
a borrower acquiring a loan secured by a building on real property
located in an area identified by FEMA as subject to special flood
hazards, and various other notices to borrowers, servicers and FEMA.
The Riegle Community Development Act
[[Page 21124]]
requires that each institution also provide a copy of the notice to the
servicer of the loan (if different from the originating lender).
Section 100239 of the Biggert-Waters Flood Insurance Reform Act of 2012
requires each federal banking agency (including the FDIC), and the Farm
Credit Administration, to adopt implementing regulations to direct
regulated lending institutions to accept ``private flood insurance,''
as defined by the Biggert-Waters Act. A lending institution would be
required to implement policies and procedures to comply with the
Biggert-Waters Act provision and verify in writing that a private
insurance policy satisfies the criteria included in the definition or
document findings that separate required criteria have been met when
accepting a private flood insurance policy in satisfaction of the
mandatory flood insurance purchase requirement of the Flood Disaster
Protection Act. The institution must also maintain records to permit
examination staff to ascertain how the institution has met the
requirements of the regulation.
The FDIC has reviewed its previous submission related to the PRA
and has updated its methodology to align with the Office of the
Comptroller of the Currency's corresponding information collection
(1557-0326). The decrease in the estimated annual burden of 409,935
hours is the result of this change in methodology.
Request for Comment
Comments are invited on: (a) Whether the collection of information
is necessary for the proper performance of the FDIC'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; 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. All
comments will become a matter of public record.
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on April 5, 2022.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2022-07639 Filed 4-8-22; 8:45 am]
BILLING CODE 6714-01-P
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