Notice2022-15815
Agency Information Collection Activities: Announcement of Board Approval under Delegated Authority and Submission to OMB
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Published
July 25, 2022
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, with revision, the Recordkeeping and Disclosure Requirements Associated with Loans Secured by Real Estate Located in Flood Hazard Areas Pursuant to Regulation H (FR H-2; OMB 7100-0280) of the Board's rules.
Full Text
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<title>Federal Register, Volume 87 Issue 141 (Monday, July 25, 2022)</title>
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[Federal Register Volume 87, Number 141 (Monday, July 25, 2022)]
[Notices]
[Pages 44118-44119]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-15815]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend for three years, with revision, the
Recordkeeping and Disclosure Requirements Associated with Loans Secured
by Real Estate Located in Flood Hazard Areas Pursuant to Regulation H
(FR H-2; OMB 7100-0280) of the Board's rules.
FOR FURTHER INFORMATION CONTACT:
Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of
the Chief Data Officer, Board of Governors of the Federal Reserve
System, Washington, DC 20551, (202) 452-3829.
Office of Management and Budget (OMB) Desk Officer for the Federal
Reserve Board, Office of Information and Regulatory Affairs, Office of
Management and Budget, New Executive Office Building, Room 10235, 725
17th Street NW, Washington, DC 20503, or by fax to (202) 395-6974.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the Paperwork Reduction Act (PRA) to approve and assign
OMB control numbers to collections of information conducted or
sponsored by the Board. Board-approved collections of information are
incorporated into the official OMB inventory of currently approved
collections of information. The OMB inventory, as well as copies of the
PRA Submission, supporting statements, and approved collection of
information instrument(s) are available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. These documents are also available on the Federal
Reserve Board's public website at <a href="https://www.federalreserve.gov/apps/reportforms/review.aspx">https://www.federalreserve.gov/apps/reportforms/review.aspx</a> or may be requested from the agency clearance
officer, whose name appears above.
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, With Revision, of the Following Information Collection
Collection title: Recordkeeping and Disclosure Requirements
Associated with Loans Secured by Real Estate Located in Flood Hazard
Areas Pursuant to Section 208.25 of Regulation H.
Collection identifier: FR H-2.
OMB control number: 7100-0280.
Effective date: The revisions are applicable as of July 25, 2022.
Frequency: On occasion.
Respondents: State member banks (SMBs).
Estimated number of respondents: Recordkeeping: Private flood
insurance (Sections 208.25(c)(3)(iii) and (iv)), 11,171; Retention of
standard Federal Emergency Management Agency (FEMA) form (Section
208.25(f)(2)), 728; Notice of special flood insurance (Section
208.25(i)), 728; Disclosure: Notice of special flood hazards and
availability of federal disaster relief assistance with escrow notice,
as applicable (Sections 208.25(i) and (e), as applicable), 728; Notice
to FEMA of servicer (Section 208.25(j)(1)), 728; Notice to FEMA of
change of servicer (Section 208.25(j)(2)), 728; Notice to borrowers of
lapsed mandated flood insurance (Section 208.25(g)), 728; Purchase of
flood insurance on the borrower's behalf (Section 208.25(g)), 728;
Notice to borrowers of lapsed mandated flood insurance due to remapping
(Section 208.25(g)), 728; Purchase of flood insurance on the borrower's
behalf due to remapping (Section 208.25(g)), 728; One-time notice for
any designated loan outstanding on July 1 of the year SMB no longer
qualifies for small lender exception, 12.
Estimated average time per response: Recordkeeping: Private flood
insurance (Sections 208.25(c)(3)(iii) and (iv)), 15 minutes; Retention
of standard FEMA form (Section 208.25(f)(2)), 2.5 minutes; Notice of
special flood insurance (Section 208.25(i)), 2.5 minutes; Disclosure:
Notice of special flood hazards and availability of federal disaster
relief assistance with escrow notice, as applicable (Sections 208.25(i)
and (e), as applicable), 5 minutes; Notice to FEMA of servicer (Section
208.25(j)(1)), 5 minutes; Notice to FEMA of change of servicer (Section
208.25(j)(2)), 5 minutes; Notice to borrowers of lapsed mandated flood
insurance (Section 208.25(g)), 5 minutes; Purchase of flood insurance
on the borrower's behalf (Section 208.25(g)), 15 minutes; Notice to
borrowers of lapsed mandated flood insurance due to remapping (Section
208.25(g)), 5 minutes; Purchase of flood insurance on the borrower's
behalf due to remapping (Section 208.25(g)), 15 minutes; One-time
notice for any designated loan outstanding on July 1 of the year SMB no
longer qualifies for small lender exception, 40 hours.
Estimated annual burden hours: Recordkeeping: Private flood
insurance (Sections 208.25(c)(3)(iii) and (iv)), 2,793; Retention of
standard FEMA form (Section 208.25(f)(2)), 12,255; Notice of special
flood insurance (Section 208.25(i)), 2,457; Disclosure: Notice of
special flood hazards and availability of federal disaster relief
assistance with escrow notice, as applicable (Sections 208.25(i) and
(e), as applicable), 4,914; Notice to FEMA of servicer (Section
208.25(j)(1)), 4,914; Notice to FEMA of change of servicer (Section
208.25(j)(2)), 2,487; Notice to borrowers of lapsed mandated flood
insurance (Section 208.25(g)), 971; Purchase of flood insurance on the
borrower's behalf (Section 208.25(g)), 728; Notice to borrowers of
lapsed mandated flood insurance due to remapping (Section 208.25(g)),
485; Purchase of flood insurance on the borrower's behalf due to
remapping (Section 208.25(g)), 728; One-time notice for any designated
loan outstanding on July 1 of the year SMB no longer qualifies for
small lender exception, 480.
General description of report: In general, the federal flood
insurance statutes and Regulation H--Membership of State Banking
Institutions in the Federal Reserve System (12 CFR 208) provide that a
lender shall not make, increase, extend, or renew a loan secured by a
building or mobile home located in a special flood hazard area unless
the secured property is covered by flood insurance for the term of the
loan. With respect to the recordkeeping and disclosure provisions, the
regulation generally requires state member banks to retain certain
flood hazard documentation and to notify borrowers and servicers
regarding properties in flood hazard areas and requirements related to
flood insurance. State member banks also must notify FEMA of the
identity of, and any change in, the servicer of a loan secured by
improved property in a special flood hazard area.
[[Page 44119]]
Legal authorization and confidentiality: Section 102 of the Flood
Disaster Protection Act of 1973, as amended,\1\ and section 1364 of the
National Flood Insurance Act, as amended,\2\ authorize the Board to
impose the disclosure and recordkeeping requirements in section 208.25
of Regulation H. The obligation to comply is mandatory.
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\1\ 42 U.S.C. 4012a.
\2\ 42 U.S.C. 4104a.
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Because the Federal Reserve does not collect information from the
FR H-2, confidentiality issues generally would not arise. In the event
the records are obtained by the Board as part of the examination or
supervision of a financial institution, this information may be
considered confidential pursuant to exemption 8 of the Freedom of
Information Act, which protects information contained in ``examination,
operating, or condition reports'' obtained in the bank supervisory
process.\3\
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\3\ 5 U.S.C. 552(b)(8). The Board also has the authority to
require reports from state member banks. (12 U.S.C. 248(a) and 324).
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Current actions: On November 4, 2021, the Board published a notice
in the Federal Register (86 FR 60818) requesting public comment for 60
days on the extension, with revision, of the Recordkeeping and
Disclosure Requirements Associated with Loans Secured by Real Estate
Located in Flood Hazard Areas Pursuant to Section 208.25 of Regulation
H.
The Board is finalizing revisions to the FR H-2 information
collection to account for the recordkeeping provision in section
208.25(i) of Regulation H that had not been previously cleared by the
Board under the PRA. When a state member bank makes, increases,
extends, or renews a loan secured by a building or a mobile home
located or to be located in a special flood hazard area, Regulation H
requires that the bank mail or deliver a written notice to the borrower
and to the servicer in all cases indicating whether flood insurance is
available under the National Flood Insurance Program (NFIP) for the
collateral securing the loan. The state member bank must retain a
record of the receipt of the notices by the borrower and the servicer
for the period of time the bank owns the loan.
The comment period for this notice expired on January 3, 2022. The
Board did not receive any comments. The revisions will be implemented
as proposed.
Board of Governors of the Federal Reserve System, July 19, 2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-15815 Filed 7-22-22; 8:45 am]
BILLING CODE 6210-01-P
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