[Federal Register Volume 83, Number 128 (Tuesday, July 3, 2018)]
[Notices]
[Pages 31146-31148]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-14303]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment.
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SUMMARY: The Board of Governors of the Federal Reserve System (Board)
invites comment on a proposal to extend for three years, without
revision, the Interagency Guidance on Managing Compliance and
Reputation Risks for
[[Page 31147]]
Reverse Mortgage Products (FR 4029; OMB No. 7100-0330).
DATES: Comments must be submitted on or before September 4, 2018.
ADDRESSES: You may submit comments, identified by FR 4029, by any of
the following methods:
Agency Website: http://www.federalreserve.gov. Follow the
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx.
Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments.
Email: [email protected]. Include OMB
number in the subject line of the message.
Fax: (202) 452-3819 or (202) 452-3102.
Mail: Ann E. Misback, 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 website at
http://www.federalreserve.gov/apps/foia/proposedregs.aspx 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
3515, 1801 K Street (between 18th and 19th Streets NW) Washington, DC
20006 between 9:00 a.m. and 5:00 p.m. on weekdays. For security
reasons, the Board requires that visitors make an appointment to
inspect comments. You may do so by calling (202) 452-3684. 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.
Additionally, commenters may 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 website at: http://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested
from the agency clearance officer, whose name appears below.
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. 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: On June 15, 1984, the Office of Management
and Budget (OMB) delegated to the Board authority under the Paperwork
Reduction Act (PRA) to approve of and assign OMB control numbers to
collection of information requests and requirements conducted or
sponsored by the Board. In exercising this delegated authority, the
Board is directed to take every reasonable step to solicit comment. In
determining whether to approve a collection of information, the Board
will consider all comments received from the public and other agencies.
Request for Comment on Information Collection Proposal
The Board invites public comment on the following information
collection, which is being reviewed under authority delegated by the
OMB under the PRA. 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;
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; and
e. Estimates of capital or startup costs and costs of operation,
maintenance, and purchase of services to provide information.
At the end of the comment period, the comments and recommendations
received will be analyzed to determine the extent to which the Federal
Reserve should modify the proposal prior to giving final approval.
Proposal to approve under OMB delegated authority the extension for
three years, without revision, of the following report:
Report title: Interagency Guidance on Managing Compliance and
Reputation Risks for Reverse Mortgage Products.
Agency form number: FR 4029.
OMB control number: 7100-0330.
Frequency: Annual.
Respondents: State member banks that originate proprietary reverse
mortgages.
Estimated number of respondents: Implementation of policies and
procedures, 1 respondent; and Review and maintenance of policies and
procedures, 15 respondents.
Estimated average hours per response: Implementation of policies
and procedures, 40 hours; and Review and maintenance of policies and
procedures, 8 hours.
Estimated annual burden hours: Implementation of policies and
procedures, 40 hours; and Review and maintenance of policies and
procedures, 120 hours.
General description of report: Reverse mortgages are home-secured
loans typically offered to elderly consumers. Financial institutions
currently provide two types of reverse mortgage products: the lenders'
own proprietary reverse mortgage products and reverse mortgages insured
by the U.S. Department of Housing and Urban Development's Federal
Housing Administration (FHA). Reverse mortgage loans insured by the FHA
are made pursuant to the guidelines and rules established by HUD's Home
Equity Conversion Mortgage (HECM) program.\1\ HECM loans and
proprietary reverse mortgages are also subject to consumer financial
protection laws and regulations, e.g., the regulations that implement
laws such as the Real Estate Settlement Procedures Act (RESPA) and the
Truth in Lending Act (TILA).
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\1\ See 12 U.S.C. 1715z-20; 24 CFR part 206.
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In August 2010, the Federal Financial Institutions Examination
Council (FFIEC), on behalf of its member agencies,\2\ published a
Federal Register notice adopting supervisory guidance titled ``Reverse
Mortgage Products: Guidance for Managing Compliance and Reputation
Risks.'' \3\ The guidance is designed to help financial institutions
with risk management and assist financial institutions' efforts to
ensure that their reverse mortgage lending practices adequately address
consumer compliance and reputation risks.
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\2\ The Federal Reserve, the Federal Deposit Insurance
Corporation, the National Credit Union Administration, the Office of
the Comptroller of the Currency, and the Office of Thrift
Supervision.
\3\ 75 FR 50801.
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The reverse mortgage guidance discusses the reporting,
recordkeeping, and disclosures required by federal laws
[[Page 31148]]
and regulations and also discusses consumer disclosures that financial
institutions typically provide as a standard business practice. Certain
portions of the guidance are ``information collections'' subject to the
PRA's requirements.
Legal authorization and confidentiality: The information collection
is authorized pursuant to section 11 of the Federal Reserve Act, 12
U.S.C. 248 (state member banks); sections 25 and 25A of the Federal
Reserve Act, 12 U.S.C. 625 (Edge and Agreement corporations); section 5
of the Bank Holding Company Act of 1956, 12 U.S.C. 1844 (bank holding
companies and, in conjunction with section 8 of the International
Banking Act, 12 U.S.C. 3106, foreign banking organizations); section
7(c) of the International Banking Act of 1978, 12 U.S.C. 3105(c)
(branches and agencies of foreign banks); and section 10 of the Home
Owners' Loan Act, 12 U.S.C. 1467a, (savings and loan holding
companies). This guidance is voluntary.
Because the documentation required by the guidance is maintained by
each institution, the Freedom of Information Act (FOIA) would only be
implicated if the Federal Reserve's examiners retained a copy of this
information as part of an examination or as part of its supervision of
a financial institution. However, records obtained as a part of an
examination or supervision of a financial institution are exempt from
disclosure under FOIA exemption (b)(8) (5 U.S.C. 552(b)(8)). In
addition, the information may also be kept confidential under exemption
4 of the FOIA which protects commercial or financial information
obtained from a person that is privileged or confidential (5 U.S.C.
552(b)(4)).
Board of Governors of the Federal Reserve System, June 28, 2018.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2018-14303 Filed 7-2-18; 8:45 am]
BILLING CODE 6210-01-P