[Federal Register Volume 87, Number 69 (Monday, April 11, 2022)]
[Notices]
[Pages 21123-21124]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-07639]


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FEDERAL DEPOSIT INSURANCE CORPORATION

[OMB No. 3064-0207]


Agency Information Collection Activities: Proposed Collection 
Renewal; Comment Request

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice and request for comment.

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SUMMARY: The FDIC, as part of its obligations under the Paperwork 
Reduction Act of 1995 (PRA), invites the general public and other 
Federal agencies to take this opportunity to comment on the renewal of 
the existing information collection described below (OMB Control No. 
3064-0207).

DATES: Comments must be submitted on or before June 10, 2022.

ADDRESSES: Interested parties are invited to submit written comments to 
the FDIC by any of the following methods:
     Agency Website: https://www.fdic.gov/resources/regulations/federal-register-publications/.
     Email: [email protected]. Include the name and number of 
the collection in the subject line of the message.
     Mail: Manny Cabeza (202-898-3767), Regulatory Counsel, MB-
3128, Federal Deposit Insurance Corporation, 550 17th Street NW, 
Washington, DC 20429.
     Hand Delivery: Comments may be hand-delivered to the guard 
station at the rear of the 17th Street NW building (located on F Street 
NW), on business days between 7:00 a.m. and 5:00 p.m.
    All comments should refer to the relevant OMB control number. A 
copy of the comments may also be submitted to the OMB desk officer for 
the FDIC: Office of Information and Regulatory Affairs, Office of 
Management and Budget, New Executive Office Building, Washington, DC 
20503.

FOR FURTHER INFORMATION CONTACT: Manny Cabeza, Regulatory Counsel, 202-
898-3767, [email protected], MB-3128, Federal Deposit Insurance 
Corporation, 550 17th Street NW, Washington, DC 20429.

SUPPLEMENTARY INFORMATION: 
    Proposal to renew the following currently approved collection of 
information:
    1. Title: Loans in Areas Having Special Flood Hazards.
    OMB Number: 3064-0207.
    Form Number: None.
    Affected Public: Private Sector.
    Burden Estimate:

                                               Burden Calculation
                                               [OMB No. 3064-0207]
----------------------------------------------------------------------------------------------------------------
                                                                     Estimated
                                                     Estimated     annual number     Estimated
                   Description                     annual number   of responses      hours per      Total hours
                                                  of respondents  per respondent     response
----------------------------------------------------------------------------------------------------------------
Recordkeeping:
    Private flood Insurance (Required to obtain            3,106               1           0.500        1,553.00
     benefits)..................................
    Standard flood hazard determination form               3,106             313           0.042       40,831.48
     (Mandatory)................................
    Retention of notice of special flood hazards           3,106              36           0.250       27,954.00
     and availability of Federal disaster relief
     assistance (Mandatory).....................
Disclosure:
    Notice of requirement to escrow flood                    470              82           0.083        3,198.82
     insurance payments and fees (Mandatory)....
    Change in status (Mandatory)................              30               2              40        2,400.00
    Notice of option to escrow flood insurance                30              22           0.083           54.78
     payments and fees (Mandatory)..............
    Notice to borrower to purchase flood                   3,106              10           0.083        2,577.98
     insurance (Mandatory)......................
    Notification to terminate flood insurance              3,106               1           0.250          776.50
     purchased on behalf of a borrower
     (Mandatory)................................
    Notice of special flood hazards and                    3,106              36           0.250       27,954.00
     availability of Federal disaster relief
     assistance (Mandatory).....................
    Notice to Administrator of FEMA of                     3,106              18           0.083        4,640.36
     servicer's identity (Mandatory)............
    Notice to Administrator of FEMA of a change            3,106              22           0.083        5,671.56
     in loan servicer (Mandatory)...............
----------------------------------------------------------------------------------------------------------------

    Total Estimated Burden Hours: $117,612.48.
    General Description of Collection: Each supervised lending 
institution is required to provide a notice of special flood hazards to 
a borrower acquiring a loan secured by a building on real property 
located in an area identified by FEMA as subject to special flood 
hazards, and various other notices to borrowers, servicers and FEMA. 
The Riegle Community Development Act

[[Page 21124]]

requires that each institution also provide a copy of the notice to the 
servicer of the loan (if different from the originating lender). 
Section 100239 of the Biggert-Waters Flood Insurance Reform Act of 2012 
requires each federal banking agency (including the FDIC), and the Farm 
Credit Administration, to adopt implementing regulations to direct 
regulated lending institutions to accept ``private flood insurance,'' 
as defined by the Biggert-Waters Act. A lending institution would be 
required to implement policies and procedures to comply with the 
Biggert-Waters Act provision and verify in writing that a private 
insurance policy satisfies the criteria included in the definition or 
document findings that separate required criteria have been met when 
accepting a private flood insurance policy in satisfaction of the 
mandatory flood insurance purchase requirement of the Flood Disaster 
Protection Act. The institution must also maintain records to permit 
examination staff to ascertain how the institution has met the 
requirements of the regulation.
    The FDIC has reviewed its previous submission related to the PRA 
and has updated its methodology to align with the Office of the 
Comptroller of the Currency's corresponding information collection 
(1557-0326). The decrease in the estimated annual burden of 409,935 
hours is the result of this change in methodology.

Request for Comment

    Comments are invited on: (a) Whether the collection of information 
is necessary for the proper performance of the FDIC'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; and (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology. All 
comments will become a matter of public record.

Federal Deposit Insurance Corporation.

    Dated at Washington, DC, on April 5, 2022.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2022-07639 Filed 4-8-22; 8:45 am]
BILLING CODE 6714-01-P