[Federal Register Volume 87, Number 109 (Tuesday, June 7, 2022)]
[Notices]
[Pages 34756-34758]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-12204]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Information Collection 
Renewal; Comment Request; Real Estate Lending and Appraisals

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 renewal of its information collection 
titled, ``Real Estate Lending and Appraisals.''

[[Page 34757]]


DATES: Comments must be received by August 8, 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-
0190, 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 
``1557-0190'' 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'' drop down menu. From 
the ``Currently under Review'' drop-down menu, select ``Department of 
Treasury'' and then click ``submit.'' This information collection can 
be located by searching by OMB control number ``1557-0190'' or ``Real 
Estate Lending and Appraisals.'' 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, OCC Clearance 
Officer, (202) 649-5490, Chief Counsel's Office, Office of the 
Comptroller of the Currency, 400 7th Street SW, Suite 3E-218, Mail Stop 
9W-11, Washington, DC 20219. If you are deaf, hard of hearing, or have 
a speech disability, please dial 7-1-1 to access telecommunications 
relay services.

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 part 44 (44 U.S.C. 3506(c)(2)(A)) requires Federal 
agencies to provide a 60-day notice in the Federal Register concerning 
each proposed collection of information, including each proposed 
extension 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 proposed collection of information 
set forth in this document.
    Title: Real Estate Lending and Appraisals.
    OMB Control No.: 1557-0190.
    Type of Review: Extension, without revision, of a currently 
approved collection.
    Description: Twelve CFR parts 34 and 160 contain a number of 
reporting, recordkeeping, and disclosure requirements. Twelve CFR part 
34, subpart B (Adjustable-Rate Mortgages (ARM)), subpart E (Other Real 
Estate Owned (OREO)) and part 160 (Lending and Investment) contain 
reporting requirements. Twelve CFR part 34, subpart C (Appraisal 
Requirements), subpart D (Real Estate Lending Standards), and part 160 
contains recordkeeping requirements. Twelve CFR 190.4(h) contains a 
disclosure requirement concerning Federally-related residential 
manufactured housing loans.
    Twelve CFR part 34, subpart B, Sec.  34.22(a) and Sec.  160.35 
require that for ARM loans, the loan documentation must specify an 
index or combination of indices to which changes in the interest rate 
will be linked. Sections 34.22(b) and 160.35(d)(3) set forth the notice 
procedures for national banks and Federal savings associations to use 
when seeking to use an alternative index.
    Twelve CFR 34.44 provides minimum standards for the performance of 
real estate appraisals, including the requirement that appraisals be in 
writing and contain sufficient information and analysis to support the 
institution's decision to engage in the transaction.
    Twelve CFR 34.62, 160.101, and the related appendices require each 
institution to adopt and maintain written policies that establish 
appropriate limits and standards for extensions of credit that are 
secured by liens on or interests in real estate, or that are made for 
the purpose of financing permanent improvements to real estate. The 
institution's board of directors must approve the real estate lending 
policies at least annually.
    Twelve CFR 7.1024(d) requires that, after holding any real estate 
acquired for future bank expansion for one year, a national bank or 
Federal savings association must state, by resolution or other official 
action, its plans for the use of the property and make the resolution 
or other action available for inspection by examiners. Twelve CFR 34.85 
requires national banks and Federal savings associations to develop 
prudent real estate collateral evaluation policies to monitor the value 
of each parcel of OREO in a manner consistent with prudent banking 
practice. Twelve CFR 34.85 establishes the appraisal requirements for 
OREO held by institutions, with reference to the appraisal requirements 
in 12 CFR 34, subpart C, ``Appraisals.''
    Twelve CFR 34.85 requires national banks and Federal savings 
associations to obtain an appraisal or evaluation, as appropriate, to 
substantiate the market value of each parcel upon transfer to OREO. If 
the institution has a valid and compliant appraisal or evaluation that 
was previously obtained in connection with the underlying real estate 
loan, it does not need to obtain a new appraisal or evaluation to 
comply with these regulations.
    Section 34.86 requires national banks and Federal savings 
associations to notify the appropriate supervisory office at least 30 
days before making advances under a development or improvement plan for 
OREO if the total investment in the property will exceed 10 percent of 
the institution's capital and surplus.
    Twelve CFR 190.4(h) requires that for Federally-related residential 
manufactured housing loans, a creditor must send a debtor a notice of 
default at least 30 days prior to any repossession, foreclosure, or 
acceleration of payments.
    Affected Public: Businesses or other for-profit.
    Frequency of Response: On occasion.
    Burden Estimates:
    Estimated Number of Respondents:

[[Page 34758]]

    Estimated Annual Burden:
    Comments: Comments submitted in response to this notice will be 
summarized and included in the request for OMB approval. All comments 
will 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 information 
collection burden;
    (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.

Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2022-12204 Filed 6-6-22; 8:45 am]
BILLING CODE 4810-33-P