[Federal Register Volume 75, Number 126 (Thursday, July 1, 2010)]
[Notices]
[Pages 38175-38176]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-15890]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Submission for OMB 
Review; Comment Request

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 the general public and other Federal 
agencies to comment on a continuing information collection, as required 
by the Paperwork Reduction Act of 1995. An agency may not conduct or 
sponsor, and a 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 an extension of OMB approval of the information collection 
titled, ``Real Estate Lending and Appraisals (12 CFR 34).'' The OCC is 
also giving notice that it has submitted the collection to OMB for 
review.

DATES: Comments must be submitted on or before August 2, 2010.

ADDRESSES: Communications Division, Office of the Comptroller of the 
Currency, Mailstop 2-3, Attention: 1557-0190, 250 E Street, SW., 
Washington, DC 20219. In addition, comments may be sent by fax to (202) 
874-5274, or by electronic mail to [email protected]. You may 
personally inspect and photocopy comments at the OCC, 250 E 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) 874-4700. 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, please send a copy of your comments to OCC Desk 
Officer, 1557-0190, by mail to U.S. Office of Management and Budget, 
725 17th Street, NW., 10235, Washington, DC 20503, or by fax 
to (202) 395-6974.

FOR FURTHER INFORMATION CONTACT: You may request additional information 
or a copy of the collection and supporting documentation submitted to 
OMB by contacting: Mary H. Gottlieb, (202) 874-5090, Legislative and 
Regulatory Activities Division, Office of the Comptroller of the 
Currency, 250 E Street, SW., Washington, DC 20219.

SUPPLEMENTARY INFORMATION: 
    Title: Real Estate Lending and Appraisals (12 CFR 34).
    OMB Control No.: 1557-0190.
    Type of Review: Extension, without revision, of a currently 
approved collection.
    Description: Twelve CFR Part 34 contains a number of reporting and 
recordkeeping requirements. Subpart B (Adjustable-Rate Mortgages (ARM)) 
and Subpart E (Other Real Estate Owned) contain reporting requirements. 
Subpart C (Appraisal Requirements) and Subpart D (Real Estate Lending 
Standards) contain recordkeeping requirements.
    Subpart B, Sec.  34.22(a) requires that for ARM loans, the loan 
documentation must specify an index or combination of indices to which 
changes in the interest rate will be linked. Section 34.22(b) provides 
notice procedures to be used when a national bank seeks to use an index 
other than the one described in paragraph (a).
    Subpart C, Sec.  34.44 provides minimum standards for the 
performance of real estate appraisals, including the requirement that 
appraisals be written and contain sufficient information and analysis 
to support the institution's decision to engage in the transaction.
    Subpart D, Sec.  34.62(a) requires each national bank to adopt and 
maintain written policies that establish appropriate limits and 
standards for extensions of credit that are secured by liens on or 
interests in real estate, or that are made for the purpose of financing 
permanent improvements to real estate. Section 34.62(b)(iii) requires 
real estate lending policies to be reviewed and approved by the bank's 
board of directors at least annually.
    Subpart E, Sec.  34.83(b) provides that national banks must 
maintain documentation adequate to reflect their efforts to dispose of 
each parcel of OREO. Section 34.84 requires that after holding any real 
estate acquired for future bank expansion for one year, a national bank 
must state, by resolution or other official action, definite plans for 
the use of the property and make the resolution or other action 
available for inspection by bank examiners. Section 34.85(a)(2) 
requires banks to develop a prudent real estate collateral evaluation 
policy to monitor the value of each parcel of OREO in a manner 
consistent with prudent banking practice. Section 34.86(b) requires 
banks to notify the appropriate supervisory office at least 30 days 
before making advances under a development or improvement plan for OREO 
if the total investment in the property will exceed 10 percent of the 
bank's capital and surplus.
    Affected Public: Businesses or other for-profit.
    Burden Estimates:
    Estimated Number of Respondents: 1,650.
    Estimated Number of Responses: 1,650.
    Estimated Annual Burden: 94,095 hours.
    Frequency of Response: On occasion.
    Comments: The OCC issued a 60-Day Federal Register notice on April 
21, 2010. 75 FR 20883. No comments were received. Comments continue to 
be 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 information 
collection burden;
    (c) Ways to enhance the quality, utility, and clarity of the 
information to be collected;

[[Page 38176]]

    (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.

    Dated: June 24, 2010.
Michele Meyer,
Assistant Director, Legislative and Regulatory Activities Division, 
Office of the Comptroller of the Currency.
[FR Doc. 2010-15890 Filed 6-30-10; 8:45 am]
BILLING CODE 4810-33-P