[Federal Register Volume 73, Number 120 (Friday, June 20, 2008)]
[Notices]
[Pages 35210-35211]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-13937]


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DEPARTMENT OF THE TREASURY

Office of Thrift Supervision


Proposed Agency Information Collection Activities; Comment 
Request--Loans in Areas Having Special Flood Hazards

AGENCY: Office of Thrift Supervision (OTS), Treasury.

ACTION: Notice and request for comment.

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SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork and respondent burden, invites the general 
public and other Federal agencies to comment on proposed and continuing 
information collections, as required by the Paperwork Reduction Act of 
1995, 44 U.S.C. 3507. The Office of Thrift Supervision within the 
Department of the Treasury will submit the proposed information 
collection requirement described below to the Office of

[[Page 35211]]

Management and Budget (OMB) for review, as required by the Paperwork 
Reduction Act. Today, OTS is soliciting public comments on its proposal 
to extend this information collection.

DATES: Submit written comments on or before August 19, 2008.

ADDRESSES: Send comments, referring to the collection by title of the 
proposal or by OMB approval number, to Information Collection Comments, 
Chief Counsel's Office, Office of Thrift Supervision, 1700 G Street, 
NW., Washington, DC 20552; send a facsimile transmission to (202) 906-
6518; or send an e-mail to [email protected]. OTS 
will post comments and the related index on the OTS Internet Site at 
http://www.ots.treas.gov. In addition, interested persons may inspect 
comments at the Public Reading Room, 1700 G Street, NW., by 
appointment. To make an appointment, call (202) 906-5922, send an e-
mail to public.info@ots.treas.gov">public.info@ots.treas.gov, or send a facsimile transmission to 
(202) 906-7755.

FOR FURTHER INFORMATION CONTACT: You can request additional information 
about this proposed information collection from Ekita Mitchell, (202) 
906-6451, Office of Thrift Supervision, 1700 G Street, NW., Washington, 
DC 20552.

SUPPLEMENTARY INFORMATION: OTS may not conduct or sponsor an 
information collection, and respondents are not required to respond to 
an information collection, unless the information collection displays a 
currently valid OMB control number. As part of the approval process, we 
invite comments on the following information collection.
    Comments should address one or more of the following points:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the functions of OTS;
    b. The accuracy of OTS's estimate of the burden of the proposed 
information collection;
    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 information technology.
    We will summarize the comments that we receive and include them in 
the OTS request for OMB approval. All comments will become a matter of 
public record. In this notice, OTS is soliciting comments concerning 
the following information collection.
    Title of Proposal: Loans in Areas Having Special Flood Hazards.
    OMB Number: 1550-0088.
    Form Numbers: N/A.
    Regulation requirement: 12 CFR part 572.
    Description: The borrower uses the notice to make decisions 
regarding the collateral to be used to secure a loan. This notice 
advises the borrower as to whether the property securing the loan is or 
will be located in a special flood hazard area, whether flood insurance 
on the property securing the loan is required, and includes a 
description of the flood insurance purchase requirements. This notice 
also provides the borrower with information regarding the availability 
of Federal assistance in the event of a declared Federal flood 
disaster. If a loan is being serviced by a loan servicer, this notice 
also is provided by the savings association to the loan servicer to 
assist in making the servicer aware of its responsibility for 
performing certain tasks on behalf of the lender ( e.g., collecting 
insurance premiums). The statute and OTS implementing regulations 
require the lending institution to retain a record of the receipt of 
the notice to the borrower. OTS uses this record to verify compliance.
    A second notice to the borrower is required if the lending 
institution determines at any time during the life of a loan that 
adequate (required) flood insurance is not in place. This notice is 
used by the borrower to determine how much flood insurance to purchase.
    The notice to the Federal Emergency Management Agency (FEMA) 
advises FEMA of the identity of the initial loan servicer and, if 
necessary, of changes in servicers. FEMA uses this notice to maintain 
current information regarding the persons to whom it should direct 
inquiries regarding flood insurance, or to send notices of flood 
insurance policy renewals.
    A lending institution is required by statute and OTS implementing 
regulations to use the standard flood hazard determination form 
developed by FEMA when determining whether the property securing the 
loan is or will be located in a special flood hazard area.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses or other for-profit.
    Estimated Number of Respondents: 832.
    Estimated Number of Responses: 214,660.
    Estimated Frequency of Response: On occasion.
    Estimated Total Burden: 54,497 hours.
    Clearance Officer: Ira L. Mills, (202) 906-6531, Office of Thrift 
Supervision, 1700 G Street, NW., Washington, DC 20552.

    Dated: June 12, 2008.
Deborah Dakin,
Senior Deputy Chief Counsel, Regulations and Legislation Division.
[FR Doc. E8-13937 Filed 6-19-08; 8:45 am]
BILLING CODE 6720-01-P