[Federal Register Volume 78, Number 123 (Wednesday, June 26, 2013)]
[Notices]
[Pages 38450-38452]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-15293]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
FEDERAL DEPOSIT INSURANCE CORPORATION
NATIONAL CREDIT UNION ADMINISTRATION
Agency Information Collection Activities; Information Collection
Renewal; Reverse Mortgage Products: Guidance for Managing Compliance
and Reputation Risks
AGENCIES: Office of the Comptroller of the Currency, Treasury (OCC);
Federal Deposit Insurance Corporation (FDIC); and National Credit Union
Administration (NCUA).
ACTION: Notice and request for comment.
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SUMMARY: The OCC, FDIC, and NCUA (the Agencies), are soliciting public
comment on the renewal of a collection of information by the Agencies.
Under the Paperwork Reduction Act of 1995 (PRA), Federal agencies are
required to publish notice in the Federal Register concerning each
proposed collection of information, including each proposed extension
of an existing collection of information, and to allow 60 days for
public comment in response to the notice.
The Agencies are soliciting comment concerning renewal of their
information collection titled, ``Reverse Mortgage Products: Guidance
for Managing Compliance and Reputation Risks.''
DATES: Comments must be received by August 26, 2013.
ADDRESSES:
OCC: Because paper mail in the Washington, DC area and at the OCC
is subject to delay, commenters are encouraged to submit comments by
email if possible. Comments may be sent to: Legislative and Regulatory
Activities Division, Office of the Comptroller of the Currency,
Attention: 1557-0246, 400 7th Street SW., Suite 3E-218, Mail Stop 9W-
11, Washington, DC 20219. In addition, comments may be sent by fax to
(571) 465-4326 or by electronic mail to [email protected].
You may personally inspect and photocopy comments at the OCC, 400 7th
Street SW., Washington, DC 20219. For security reasons, the OCC
requires that visitors make an appointment to inspect comments. You may
do so by calling (202) 649-6700. Upon arrival, visitors will be
required to present valid government-issued photo identification and to
submit to security screening in order to inspect and photocopy
comments.
All comments received, including attachments and other supporting
materials, are part of the public record and subject to public
disclosure. Do not enclose any information in your comment or
supporting materials that you consider confidential or inappropriate
for public disclosure.
FDIC: Interested parties are invited to submit written comments.
All comments should refer to the name of the collection, ``Reverse
Mortgage Products Guidance.'' Comments may be submitted by any of the
following methods:
http://www.fdic.gov/regulations/laws/federal/notices.html.
Email: [email protected]. Include the name and number of
the collection in the subject line of the message.
Mail: Gary A. Kuiper (202) 898-3877, Counsel, Federal
Deposit Insurance Corporation, NYA-5046, 550 17th Street NW.,
Washington, DC 20429.
Hand Delivery: Comments may be hand-delivered to the guard
station at the rear of the 550 17th Street Building (located on F
Street), on business days between 7:00 a.m. and 5:00 p.m.
A copy of the comments may also be submitted to the FDIC Desk
Officer, Office of Information and Regulatory Affairs, Office of
Management and Budget, New Executive Office Building, Room 10235,
Washington, DC 20503.
NCUA: You may submit comments by any of the following methods
(Please send comments by one method only):
Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments.
NCUA Web site: http://www.ncua.gov/Resources/RegulationsOpinionsLaws/ProposedRegulations.aspx Follow the
instructions for submitting comments.
Email: Address to [email protected]. Include ``[Your
name] Comments on Reverse Mortgage Products Guidance, '' in the email
subject line.
Fax: (703) 518-6319. Use the subject line described above
for email.
Mail: Address to Mary F. Rupp, Secretary of the Board,
National Credit Union Administration, 1775 Duke Street, Alexandria,
Virginia 22314-3428.
Hand Delivery/Courier: Same as mail address.
[[Page 38451]]
Public inspection: All public comments are available on the
agency's Web site at http://www.ncua.gov/Resources/RegulationsOpinionsLaws/ProposedRegulations.aspx as submitted, except
as may not be possible for technical reasons. Public comments will not
be edited to remove any identifying or contact information. Paper
copies of comments may be inspected in NCUA's law library, at 1775 Duke
Street, Alexandria, Virginia 22314, by appointment weekdays between
9:00 a.m. and 3:00 p.m. To make an appointment, call (703) 518-6546 or
send an email to OGC Mail @ncua.gov.
Additionally, please send a copy of your comments by mail to: OMB
Desk Officer, 1557-0246; 3064-0176; 3133-0187, U.S. Office of
Management and Budget, 725 17th Street NW., 10235, Washington,
DC 20503, or by email to: oira [email protected].
FOR FURTHER INFORMATION CONTACT: OCC: You can request additional
information or a copy of the information collection from Johnny Vilela
or Mary H. Gottlieb, OCC Clearance Officers, (202) 649-5490,
Legislative and Regulatory Activities Division, Office of the
Comptroller of the Currency, 400 7th Street SW., Suite 3E-218, Mailstop
9W-11, Washington, DC 20219.
FDIC: Michael R. Evans, Fair Lending Specialist, Compliance Policy
Section, Division of Supervision and Consumer Protection, (202) 898-
6611; or Richard M. Schwartz, Counsel, (202) 898-7424, Legal Division,
Federal Deposit Insurance Corporation, 550 17th Street NW., Washington,
DC 20429.
NCUA: Tracy Sumpter, Paperwork Clearance Officer, 703-518-6444,
Office of the Chief Information Officer, National Credit Union
Administration, 1775 Duke Street, Alexandria, VA 22314.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), Federal
agencies must obtain approval from the Office of Management and Budget
(OMB) for each collection of information 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 the PRA (44 U.S.C. 3506(c)(2)(A)) requires
Federal agencies to provide a 60-day notice in the Federal Register
concerning each proposed collection of information, including each
proposed renewal of an existing collection of information, before
submitting the collection to OMB for approval. To comply with this
requirement, the Agencies are publishing this notice of their intent to
seek OMB PRA renewal for the information collection requirements
contained in their guidance entitled ``Reverse Mortgage Products:
Guidance for Managing Compliance and Reputation Risks.''
With respect to renewal of this collection of information, the
Agencies invite comments on:
(a) Whether the collection of information is necessary for the
proper performance of the Federal banking agencies' 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 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.
The Agencies are proposing to extend OMB approval of the following
information collection:
Title of Information Collection: Reverse Mortgage Products:
Guidance for Managing Compliance and Reputation Risks.
OMB Control Numbers: 1557-0246; 3064-0176; and 3133-0187.
Abstract: On December 16, 2009, the OCC, FDIC, FRB and NCUA sought
comment on the guidance,\1\ and they issued it in final form on August
17, 2010.\2\ The guidance focused 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. It also
addressed 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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Prior to the effective date of the final guidance, the Agencies
obtained PRA approval from OMB for the information collection
requirements contained therein. These information collection
requirements included implementation of policies and procedures,
training, and program maintenance. The requirements are outlined below:
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.
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.
Legal and compliance reviews should include oversight of
compensation programs so that lending personnel are not improperly
encouraged to direct consumers to particular products.
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.
The Agencies are now seeking renewal of the PRA approval granted by
OMB for these information collection requirements.
Affected Public:
OCC: National banks, Federal savings associations, their
subsidiaries, and Federal branches or agencies of foreign banks.
FDIC: Insured state nonmember banks.
NCUA: Federally-insured credit unions.
Type of Review: Regular.
Estimated Burden:
OCC:
Number of respondents: 97.
Burden per respondent: 40 hours to implement policies and
procedures and to provide training; 8 hours annually to maintain
program.
Total estimated annual burden: 4,656 hours.
FDIC:
Number of respondents: 48.
Burden per respondent: 40 hours to implement policies and
procedures and to provide training; 8 hours annually to maintain
program.
Total estimated annual burden: 2,304 hours.
NCUA:
Number of respondents: 85.
Burden per respondent: 40 hours to implement policies and
procedures and to provide training; 8 hours annually to maintain
program.
Total estimated annual burden: 4,080 hours.
Dated: June 14, 2013.
Michele Meyer,
Assistant Director, Legislative and Regulatory Activities Division.
Dated at Washington, DC, this 3rd day of June, 2013.
[[Page 38452]]
Federal Deposit Insurance Corporation.
Robert E Feldman,
Executive Secretary.
Dated: June 20, 2013.
By the National Credit Union Administration.
Mary F. Rupp,
Secretary of the Board.
[FR Doc. 2013-15293 Filed 6-25-13; 8:45 am]
BILLING CODE 4810-33-P- 6714-01-P; 7535-01-P;