[Federal Register Volume 83, Number 64 (Tuesday, April 3, 2018)]
[Notices]
[Pages 14314-14316]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-06582]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Information Collection 
Renewal; Comment Request; Loans in Areas Having Special Flood Hazards

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 take this opportunity to comment on a continuing 
information collection as required by the Paperwork Reduction Act of 
1995 (PRA).
    In accordance with the requirements of the PRA, the OCC may not 
conduct or sponsor, and the 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 the renewal of its 
information collection titled ``Loans in Areas Having Special Flood 
Hazards.''

DATES: Comments must be received by June 4, 2018.

ADDRESSES: 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: 1557-0326, 400 7th Street SW, Suite 3E-218, 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

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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 or, for 
persons who are deaf or hearing impaired, TTY, (202) 649-5597. Upon 
arrival, visitors will be required to present valid government-issued 
photo identification and 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 include any information in your comment or 
supporting materials that you consider confidential or inappropriate 
for public disclosure.

FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance 
Officer, (202) 649-5490 or, for persons who are deaf or hearing 
impaired, TTY, (202) 649-5597, Legislative and Regulatory Activities 
Division, Office of the Comptroller of the Currency, 400 7th Street SW, 
Suite 3E-218, Washington, DC 20219.

SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), federal 
agencies must obtain approval from the OMB for each collection of 
information that 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 title 44 requires federal agencies to provide a 60-day 
notice in the Federal Register concerning each proposed collection of 
information, including each renewal of an existing collection of 
information, before submitting the collection to OMB for approval. To 
comply with this requirement, the OCC is publishing notice of the 
renewal of the collection of information set forth in this document.
    Title: Loans in Areas Having Special Flood Hazards.
    OMB Control No.: 1557-0326.
    Type of Review: Regular.
    Description: This information collection is required to evidence 
compliance with the requirements of the federal flood insurance 
statutes with respect to lenders and servicers and set forth in OCC 
regulations at 12 CFR part 22. These provisions are required by the 
National Flood Insurance Act of 1968 and the Flood Disaster Protection 
Act of 1973, as amended.\1\ The information collection requirements in 
part 22 are as follows:
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    \1\ 42 U.S.C. 4001-4129.
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     12 CFR 22.5--Escrow Requirements--With certain exceptions 
with respect to types of loans and size of institution, national banks 
and federal savings associations, and their servicers must escrow flood 
insurance premiums and fees for all loans secured by properties located 
in a Special Flood Hazard Area made, increased, extended, or renewed on 
or after January 1, 2016. Written notice must be provided informing the 
borrower that the institution is required to escrow all premiums and 
fees for required flood insurance.
     12 CFR 22.6--Required Use of Standard Flood Hazard 
Determination Form--A national bank or federal savings association must 
use the Standard Flood Hazard Determination Form developed by FEMA.
     12 CFR 22.6(b)--Retention of Standard Flood Hazard 
Determination Form--A national bank or federal savings association must 
retain a copy of the completed Standard Flood Hazard Determination Form 
for the period of time the bank or savings association owns the loan.
     12 CFR 22.7--Notice of Forced Placement of Flood 
Insurance--If a national bank, federal savings association, or its loan 
servicer determines during the period of time the bank or savings 
association owns the loan that the property securing the loan is not 
covered by adequate flood insurance, the national bank, federal savings 
association, or its loan servicer must notify the borrower that the 
borrower should obtain adequate flood insurance coverage (forced 
placement notice). The forced placement notice informs the borrower of 
the amount of flood insurance to purchase. If the borrower fails to 
purchase insurance, the bank, savings association, or its servicer must 
purchase insurance on the borrower's behalf and may charge the borrower 
for the premiums and fees. The insurance provider must be notified to 
terminate any insurance purchased by an institution or servicer within 
30 days of receipt of confirmation of a borrower's existing flood 
insurance coverage.
     12 CFR 22.9--Notice to Borrower and Servicer--A national 
bank or federal savings association making, extending, increasing, or 
renewing a loan secured by property located in a special flood hazard 
area must provide a notice to the borrower and loan servicer (borrower 
notice). The borrower notice advises the borrower that the property 
securing the loan is located in a special flood hazard area and that 
flood insurance on the property securing the loan is required. Among 
other things, it includes a description of the flood insurance purchase 
requirements; and states that flood insurance is available under the 
National Flood Insurance Program, where applicable, that flood 
insurance may be available from private insurance companies, and that 
federal disaster relief assistance may be available in the event of a 
declared federal flood disaster.
     12 CFR 22.9(d) and (e)--Record of Borrower and Servicer 
Receipt of Notice and Alternate Method of Notice--A national bank or 
federal savings association must retain a record of the receipt of the 
borrower notice by the borrower and the loan servicer for the period of 
time the bank or savings association owns the loan. In lieu of 
providing the borrower notice, a national bank or federal savings 
association may obtain a satisfactory written assurance from a seller 
or lessor that, within a reasonable time before completion of the sale 
or lease transaction, the seller or lessor has provided such notice to 
the purchaser or lessee. The bank or savings association must retain a 
record of the written assurance from the seller or lessor for the 
period of time the bank or savings association owns the loan.
     12 CFR 22.10--Notices to FEMA--A national bank or federal 
savings association making, increasing, extending, renewing, selling, 
or transferring a loan secured by property located in a special flood 
hazard area must notify the Administrator of FEMA (or FEMA's designee) 
of the identity of the loan servicer (notice of servicer) and must 
notify the Administrator of FEMA of any change in the loan servicer 
(notice of servicer transfer) within 60 days of such change.
    Affected Public: Businesses or other for-profit.
    Estimated Number of Respondents: 1,550.
    Estimated Total Annual Burden: 106,951.
    Frequency of Response: On occasion.
    Comments submitted in response to this notice will be summarized, 
included in the request for OMB approval, and become a matter of public 
record. Comments are 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 burden of the 
collection of information;

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    (c) Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    (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: March 26, 2018.
Karen Solomon,
Acting Senior Deputy Comptroller and Chief Counsel.
[FR Doc. 2018-06582 Filed 4-2-18; 8:45 am]
 BILLING CODE 4810-33-P