Notice2022-08532
Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; 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
April 21, 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). The OCC also is giving notice that it has sent the collection to OMB for review.
Full Text
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<title>Federal Register, Volume 87 Issue 77 (Thursday, April 21, 2022)</title>
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[Federal Register Volume 87, Number 77 (Thursday, April 21, 2022)]
[Notices]
[Pages 23910-23911]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-08532]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Submission for OMB Review; 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.
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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). The OCC also is giving notice that it
has sent the collection to OMB for review.
DATES: Comments must be received by May 23, 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#eb9b998a82858d84ab848888c59f998e8a98c58c849d"><span class="__cf_email__" data-cfemail="0e7e7c6f676068614e616d6d207a7c6b6f7d20696178">[email protected]</span></a>.
<bullet> Mail: Chief Counsel's Office, Attention: Comment
Processing, 1557-0246, Office of the Comptroller of the Currency, 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.
Written comments and recommendations for the proposed information
collection should also be sent within 30 days of publication of this
notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
On January 28, 2022, the OCC published a 60-day notice for this
information collection, 87 FR 4711. You may review comments and other
related materials that pertain to this information collection following
the close of the 30-day comment period for this notice 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'' 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 by OMB control number ``1557-0246'' or ``Reverse Mortgage
Products: Guidance for Managing Compliance and Reputation Risks.'' Upon
finding the appropriate
[[Page 23911]]
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. 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. 3501-3520), 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 submit reports,
keep records, or provide information to a third party. The OCC asks
that OMB extend its approval of the information collection in this
document.
Abstract: 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.
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\1\ 74 FR 66652.
\2\ 75 FR 50801.
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<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.
On January 28, 2022, the OCC published a 60-day notice for this
information collection, 87 FR 4711. The OCC received one comment in
response to the notice from a trade association. The commenter
referenced the quality, utility, and clarity of the information
collected in the context of the guidance itself. However, the commenter
made no specific recommendations regarding the information collection.
The OCC will consider the suggestions made by the commenter for
revising the interagency Guidance in connection with any potential
future discussions with the Board of Governors of the Federal Reserve
and the FDIC.
Comments continue to be 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. 2022-08532 Filed 4-20-22; 8:45 am]
BILLING CODE 4810-33-P
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