[Federal Register Volume 87, Number 19 (Friday, January 28, 2022)]
[Notices]
[Pages 4711-4712]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-01700]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Information Collection 
Renewal; Comment Request; Reverse Mortgage Products: Guidance for 
Managing Compliance and Reputation Risks

AGENCY: Office of the Comptroller of the Currency, Treasury (OCC).

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 the renewal of an information collection, as 
required by the Paperwork Reduction Act of 1995 (PRA). An agency may 
not conduct or sponsor, and respondents are 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 renewal of its information collection titled 
``Reverse Mortgage Products: Guidance for Managing Compliance and 
Reputation Risks'' (Guidance).

DATES: Comments must be received by March 29, 2022.

ADDRESSES: Commenters are encouraged to submit comments by email, if 
possible. You may submit comments by any of the following methods:
     Email: [email protected].
     Mail: Chief Counsel's Office, Attention: Comment 
Processing, Office of the Comptroller of the Currency, Attention: 1557-
0246, 400 7th Street SW, suite 3E-218, Washington, DC 20219.
     Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218, 
Washington, DC 20219.
     Fax: (571) 465-4326.
    Instructions: You must include ``OCC'' as the agency name and 
``1557-0246'' in your comment. In general, the OCC will publish 
comments on www.reginfo.gov without change, including any business or 
personal information provided, such as name and address information, 
email addresses, or phone numbers. 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.
    Following the close of this notice's 60-day comment period, the OCC 
will publish a second notice with a 30-day comment period. You may 
review comments and other related materials that pertain to this 
information collection beginning on the date of publication of the 
second notice for this collection by the method set forth in the next 
bullet.
     Viewing Comments Electronically: Go to www.reginfo.gov. 
Hover over the ``Information Collection Review'' tab and click on 
``Information Collection Review'' dropdown. Underneath the ``Currently 
under Review'' section heading, from the drop-down menu select 
``Department of Treasury'' and then click ``submit.'' This information 
collection can be located by searching by OMB control number ``1557-
0246'' or ``Reverse Mortgage Products: Guidance for Managing Compliance 
and Reputation Risks.'' Upon finding the appropriate information 
collection, click on the related ``ICR Reference Number.'' On the next 
screen, select ``View Supporting Statement and Other Documents'' and 
then click on the link to any comment listed at the bottom of the 
screen.
     For assistance in navigating www.reginfo.gov, please 
contact the Regulatory Information Service Center at (202) 482-7340.

FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, Clearance Officer, 
(202) 649-5490, Chief Counsel's Office, 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

[[Page 4712]]

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 proposed renewal of an 
existing collection of information, before submitting the collection to 
OMB for approval. To comply with this requirement, the OCC is 
publishing this notice.
    Description: On December 16, 2009, the OCC, FDIC, FRB, and NCUA 
sought comment on proposed Guidance,\1\ which they subsequently issued 
in final form on August 17, 2010.\2\ The Guidance focuses on the need 
to provide adequate information to consumers about reverse mortgage 
products, to provide qualified independent counseling to consumers 
considering these products, and to avoid potential conflicts of 
interest. The Guidance also addresses related policies, procedures, 
internal controls, and third party risk management.
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    \1\ 74 FR 66652.
    \2\ 75 FR 50801.
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     The information collection requirements contained in the 
Guidance address the implementation of policies and procedures, 
training, and program maintenance. Institutions offering reverse 
mortgages should have written policies and procedures that prohibit the 
practice of directing a consumer to a particular counseling agency or 
contacting a counselor on the consumer's behalf.
     Policies should be clear so that originators do not have 
an inappropriate incentive to sell other products that appear linked to 
the granting of a mortgage.
     Legal and compliance reviews should include oversight of 
compensation programs so that lending personnel are not improperly 
encouraged to direct consumers to particular products.
     Training should be designed so that relevant lending 
personnel are able to convey information to consumers about product 
terms and risks in a timely, accurate, and balanced manner.
    Title of Information Collection: Reverse Mortgage Products: 
Guidance for Managing Compliance and Reputation Risks.
    OMB Control No.: 1557-0246.
    Affected Public: National banks, Federal savings associations, 
subsidiaries of national banks and Federal savings associations, and 
Federal branches or agencies of foreign banks.
    Type of Review: Regular.
    Estimated Number of Respondents: 12.
    Frequency of Response: On occasion.
    Total Estimated Annual Burden: 136 hours.
    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 OCC's functions, including whether the 
information has practical utility;
    (b) The accuracy of the estimates of the burden of the 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 the information collection on 
respondents, including 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.

Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2022-01700 Filed 1-27-22; 8:45 am]
BILLING CODE 4810-33-P