[Federal Register Volume 76, Number 181 (Monday, September 19, 2011)]
[Notices]
[Pages 58003-58005]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-23961]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: On June 15, 1984, the Office of Management and Budget (OMB)
delegated to the Board of Governors of the Federal Reserve System
(Board) its approval authority under the Paperwork Reduction Act (PRA),
pursuant to 5 CFR 1320.16, to approve of and assign OMB control numbers
to collection of information requests and requirements conducted or
sponsored by the Board under conditions set forth in 5 CFR Part 1320
Appendix A.1. Board-approved collections of information are
incorporated into the official OMB inventory of currently approved
collections of information. Copies of the Paperwork Reduction Act
Submission, supporting statements and approved collection of
information instruments are placed into OMB's public docket files. The
Federal Reserve may not conduct or sponsor, and the respondent is not
required to respond to, an
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information collection that has been extended, revised, or implemented
on or after October 1, 1995, unless it displays a currently valid OMB
control number.
DATES: Comments must be submitted on or before November 18, 2011.
ADDRESSES: You may submit comments, identified by Reg H-2, by any of
the following methods:
Agency Web Site: http://www.federalreserve.gov. Follow the
instructions for submitting comments at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments.
E-mail: [email protected]. Include docket
number in the subject line of the message.
FAX: 202/452-3819 or 202/452-3102.
Mail: Jennifer J. Johnson, Secretary, Board of Governors
of the Federal Reserve System, 20th Street and Constitution Avenue,
NW., Washington, DC 20551.
All public comments are available from the Board's Web site at
http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as
submitted, unless modified for technical reasons. Accordingly, your
comments will not be edited to remove any identifying or contact
information. Public comments may also be viewed electronically or in
paper form in Room MP-500 of the Board's Martin Building (20th and C
Streets, NW.,) between 9 a.m. and 5 p.m. on weekdays.
Additionally, commenters should send a copy of their comments to
the OMB Desk Officer--Shagufta Ahmed --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.
FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission,
including the proposed reporting form and instructions, supporting
statement, and other documentation will be placed into OMB's public
docket files, once approved. These documents will also be made
available on the Federal Reserve Board's public Web site at: http://www.federalreserve.gov/boarddocs/reportforms/review.cfm or may be
requested from the agency clearance officer, whose name appears below.
Federal Reserve Board Clearance Officer--Cynthia Ayouch--Division
of Research and Statistics, Board of Governors of the Federal Reserve
System, Washington, DC 20551 (202-452-3829) Telecommunications Device
for the Deaf (TDD) users may contact (202-263-4869), Board of Governors
of the Federal Reserve System, Washington, DC 20551.
SUPPLEMENTARY INFORMATION:
Request for Comment on Information Collection Proposal
The following information collection, which is being handled under
this delegated authority, has received initial Board approval and is
hereby published for comment. At the end of the comment period, the
proposed information collection, along with an analysis of comments and
recommendations received, will be submitted to the Board for final
approval under OMB delegated authority. Comments are invited on the
following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Federal Reserve's functions; including
whether the information has practical utility;
b. The accuracy of the Federal Reserve's estimate of the burden of
the proposed 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 information collection on
respondents, including through the use of automated collection
techniques or other forms of information technology.
e. Estimates of capital or start up costs and costs of operation,
maintenance, and purchase of services to provide information.
Proposal To Approve Under OMB Delegated Authority the Extension for
Three Years, With Revision, of the Following Report
Report 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.
Agency form number: Reg H-2.
OMB control number: 7100-0280.
Frequency: Event-generated.
Reporters: State member banks.
Estimated annual reporting hours: Notice of special flood hazards
to borrowers and servicers, 5,768 hours; notice to FEMA of servicer,
5,768 hours; notice to FEMA of change of servicer, 2,884 hours; notice
to borrowers of lapsed mandated flood insurance, 1,167 hours; purchase
flood insurance on the borrower's behalf, 824 hours; notice to
borrowers of lapsed mandated flood insurance due to remapping, 549
hours; purchase flood insurance on the borrower's behalf due to
remapping, 824 hours; and retention of standard FEMA form, 14,420
hours.
Estimated average hours per response: Notice of special flood
hazards to borrowers and servicers, 5 minutes; notice to FEMA of
servicer, 5 minutes; notice to FEMA of change of servicer, 5 minutes;
notice to borrowers of lapsed mandated flood insurance, 5 minutes;
purchase flood insurance on the borrower's behalf, 15 minutes; notice
to borrowers of lapsed mandated flood insurance due to remapping, 5
minutes; purchase flood insurance on the borrower's behalf due to
remapping, 15 minutes; and retention of standard FEMA form, 2.5
minutes.
Number of respondents: 824.
General description of report: This information collection is
mandatory pursuant to Section 12 of the Flood Disaster Protection Act
of 1973, as amended (42 U.S.C. 4012a) and section 1364 of the National
Flood Insurance Act of 1968, as amended (42 U.S.C. 4104a). Since the
Federal Reserve does not collect any information associated with Reg H-
2, confidentiality would not generally be an issue. However,
confidentiality issues may arise should the records required by the Reg
H-2 requirements come into possession of the Board during an
examination of a state member bank, those records would be protected
from disclosure by exemption 8 of the Freedom of Information Act. (5
U.S.C. 552(b)(8)).
Abstract: Regulation H requires state member banks to notify a
borrower and servicer when loans secured by real estate are determined
to be in a special flood hazard area and notify them whether flood
insurance is available; notify FEMA of the identity of, and any change
of, the servicer of a loan secured by real estate in a special flood
hazard area; and retain a completed copy of the Standard Flood Hazard
Determination Form used to determine whether property securing a loan
is in a special flood hazard area.
Current Action: The Federal Reserve proposes to extend, with
revision, the recordkeeping and disclosure requirements of Regulation H
for loans secured by improved property in areas having special flood
hazards.\1\ Although state member banks have been required to comply
with Section 208.25 of Regulation H for some time, the current
information collection does not include disclosures related to ensuring
maintenance of flood insurance over the
[[Page 58005]]
life of these loans. The Federal Reserve proposes to revise the
information collection to account for this statutory requirement.
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\1\ A special flood hazard area is defined by Regulation H as
land in the flood plain within a community having at least a 1
percent chance of flooding in any given year, as designated by FEMA.
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September 14, 2011.
Board of Governors of the Federal Reserve System.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2011-23961 Filed 9-16-11; 8:45 am]
BILLING CODE 6210-01-P