Notice2022-11576
Agency Information Collection Activities: Proposed Collection Renewal; Comment Request; OMB No. 3064-0207
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
May 31, 2022
Issuing agencies
Federal Deposit Insurance Corporation
Abstract
In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), The Federal Deposit Insurance Corporation (FDIC) is seeking public comments concerning an information collection which has been assigned control number 3064-0207 by the Office of Management and Budget (OMB). FDIC intends to submit the information collection for review and approval of a three-year extension of the information collection on or after the publication of this notice.
Full Text
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<title>Federal Register, Volume 87 Issue 104 (Tuesday, May 31, 2022)</title>
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[Federal Register Volume 87, Number 104 (Tuesday, May 31, 2022)]
[Notices]
[Pages 32415-32416]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-11576]
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FEDERAL DEPOSIT INSURANCE CORPORATION
Agency Information Collection Activities: Proposed Collection
Renewal; Comment Request; OMB No. 3064-0207
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Agency information collection activities: Submission for OMB
review; comment request.
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SUMMARY: In accordance with the requirements of the Paperwork Reduction
Act of 1995 (PRA), The Federal Deposit Insurance Corporation (FDIC) is
seeking public comments concerning an information collection which has
been assigned control number 3064-0207 by the Office of Management and
Budget (OMB). FDIC intends to submit the information collection for
review and approval of a three-year extension of the information
collection on or after the publication of this notice.
DATES: Comments must be submitted on or before June 30, 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#6a090507070f041e192a0c0e0309440d051c"><span class="__cf_email__" data-cfemail="a9cac6c4c4ccc7dddae9cfcdc0ca87cec6df">[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.
Written comments and recommendations for the proposed information
collection should 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.
FOR FURTHER INFORMATION CONTACT: Manny Cabeza, Regulatory Counsel, 202-
898-3767, <a href="/cdn-cgi/l/email-protection#90fdf3f1f2f5eaf1d0f6f4f9f3bef7ffe6"><span class="__cf_email__" data-cfemail="c0ada3a1a2a5baa180a6a4a9a3eea7afb6">[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 collections 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 response
respondent
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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
[[Page 32416]]
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 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 May 24, 2022.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2022-11576 Filed 5-27-22; 8:45 am]
BILLING CODE 6714-01-P
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