[Federal Register Volume 76, Number 232 (Friday, December 2, 2011)]
[Notices]
[Pages 75547-75548]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-30991]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: Notice is hereby given of the final approval of a proposed 
information collection by the Board of Governors of the Federal Reserve 
System (Board) under OMB delegated authority, as per 5 CFR 1320.16 (OMB 
Regulations on Controlling Paperwork Burdens on the Public). 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 instrument(s) 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 information 
collection that has been extended, revised, or implemented on or after 
October 1, 1995, unless it displays a currently valid OMB control 
number.

FOR FURTHER INFORMATION CONTACT: 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.
    OMB Desk Officer--Shagufta Ahmed--Office of Information and 
Regulatory Affairs, Office of

[[Page 75548]]

Management and Budget, New Executive Office Building, Room 10235, 725 
17th Street NW., Washington, DC 20503.
    Final approval under OMB delegated authority of 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 Actions: On September 19, 2011 the Federal Reserve 
published a notice in the Federal Register (76 FR 58003) requesting 
public comment for 60 days on the extension, with revision, of the Reg 
H-2 information collection. The comment period for this notice expired 
on November 18, 2011. The Federal Reserve did not receive any comments. 
The revisions will be implemented as proposed.

    Board of Governors of the Federal Reserve System, November 29, 
2011.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2011-30991 Filed 12-1-11; 8:45 am]
BILLING CODE 6210-01-P