[Federal Register Volume 87, Number 104 (Tuesday, May 31, 2022)]
[Notices]
[Pages 32415-32416]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-11576]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Agency Information Collection Activities: Proposed Collection 
Renewal; Comment Request; OMB No. 3064-0207

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Agency information collection activities: Submission for OMB 
review; comment request.

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SUMMARY: In accordance with the requirements of the Paperwork Reduction 
Act of 1995 (PRA), The Federal Deposit Insurance Corporation (FDIC) is 
seeking public comments concerning an information collection which has 
been assigned control number 3064-0207 by the Office of Management and 
Budget (OMB). FDIC intends to submit the information collection for 
review and approval of a three-year extension of the information 
collection on or after the publication of this notice.

DATES: Comments must be submitted on or before June 30, 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.
    Written comments and recommendations for the proposed information 
collection should be sent within 30 days of publication of this notice 
to www.reginfo.gov/public/do/PRAMain. Find this particular information 
collection by selecting ``Currently under 30-day Review--Open for 
Public Comments'' or by using the search function.

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 collections 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)
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                                                                     Estimated
                                                     Estimated     annual number     Estimated
                   Description                     annual number   of responses      hours per      Total hours
                                                  of respondents        per          response
                                                                    respondent
----------------------------------------------------------------------------------------------------------------
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)...............
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    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

[[Page 32416]]

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 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 May 24, 2022.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2022-11576 Filed 5-27-22; 8:45 am]
BILLING CODE 6714-01-P