Notice2025-09022
Agency Information Collection Activities: Information Collection Renewal; Comment Request; Reverse Mortgage Products: Guidance for Managing Compliance and 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
May 20, 2025
Issuing agencies
Treasury DepartmentComptroller of the Currency
Abstract
The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites comment on a continuing information collection, as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the respondent is 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 the renewal of its information collection titled, "Reverse Mortgage Products: Guidance for Managing Compliance and Risks" (Guidance).
Full Text
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<title>Federal Register, Volume 90 Issue 96 (Tuesday, May 20, 2025)</title>
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[Federal Register Volume 90, Number 96 (Tuesday, May 20, 2025)]
[Notices]
[Pages 21543-21544]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-09022]
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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 Risks
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
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 comment on a continuing information
collection, as required by the Paperwork Reduction Act of 1995 (PRA).
In accordance with the requirements of the PRA, the OCC may not conduct
or sponsor, and the respondent is 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 the renewal of its information collection titled,
``Reverse Mortgage Products: Guidance for Managing Compliance and
Risks'' (Guidance).
DATES: Comments must be received by July 21, 2025.
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#e1919380888f878ea18e8282cf9593848092cf868e97"><span class="__cf_email__" data-cfemail="2c5c5e4d45424a436c434f4f02585e494d5f024b435a">[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) 293-4835.
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
[[Page 21544]]
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'' from the 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 OMB control number ``1557-0246'' or ``Reverse
Mortgage Products: Guidance for Managing Compliance and 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, 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 et seq.),
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.
Section 3506(c)(2)(A) of title 44 generally requires Federal agencies
to provide a 60-day notice in the Federal Register concerning each
proposed collection of information, including each proposed extension
of an existing collection of information, before submitting the
collection to OMB for approval. To comply with this requirement, the
OCC is publishing notice of the renewal/revision of this collection.
Title: Reverse Mortgage Products: Guidance for Managing Compliance
and Risks.
OMB Control No.: 1557-0246.
Type of Review: Regular.
Affected Public: Businesses or other for-profit.
Description: On August 17, 2010, the OCC, FDIC, FRB, and NCUA
issued Guidance \1\ focusing on providing adequate information to
consumers about reverse mortgage products, providing qualified
independent counseling to consumers considering these products, and
avoiding potential conflicts of interest. The Guidance also addresses
related policies, procedures, internal controls, and third-party risk
management.
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\1\ 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. The Guidance states that
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.
Estimated Frequency of Response: On occasion.
Estimated Number of Respondents: 12.
Estimated Total Annual Burden: 136 hours.
Comments submitted in response to this notice will be summarized
and included in the request for OMB approval. All comments will become
a matter of public record. Comments are invited on:
(a) Whether the collection of information is necessary for the
proper performance of the functions of the OCC, including whether the
information has practical utility;
(b) The accuracy of the OCC's estimate of the burden of the
collection of information;
(c) Ways to enhance the quality, utility, and clarity of the
information to be collected;
(d) Ways to minimize the burden of the collection on respondents,
including through 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.
Patrick T. Tierney,
Assistant Director, Office of the Comptroller of the Currency.
[FR Doc. 2025-09022 Filed 5-19-25; 8:45 am]
BILLING CODE 4810-33-P
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</html>Indexed from Federal Register on May 20, 2025.
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