[Federal Register Volume 90, Number 98 (Thursday, May 22, 2025)]
[Notices]
[Pages 21985-21987]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-09158]
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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 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 July 21, 2025.
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-
0326, 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) 293-4835.
Instructions: You must include ``OCC'' as the agency name and
``1557-0326'' 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'' from the 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 ``1557-0326'' or ``Loans
in Areas Having Special Flood Hazards.'' 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, 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 et seq.),
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 generally 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
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comply with this requirement, the OCC is publishing notice of the
renewal/revision of this collection.
Title: Loans in Areas Having Special Flood Hazards.
OMB Control No.: 1557-0326.
Type of Review: Regular.
Affected Public: Businesses or other for-profit.
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 22.3--Requirement to Purchase Flood Insurance Where
Available--Under Sec. 22.3(c)(3), national banks and Federal savings
associations have the discretion to accept a flood insurance policy
issued by a private insurer that is not issued under the National Flood
Insurance Program (NFIP) and does not meet the definition of private
flood insurance if, among other things, the policy provides sufficient
protection of the designated loan, consistent with general safety and
soundness principles, and the bank or savings association has
documented its conclusion regarding sufficiency of the protection in
writing. Under Sec. 22.3(c)(4)(v), national banks and Federal savings
associations may accept a private policy issued by a mutual aid society
if, among other things, the coverage provides sufficient protection of
the designated loan, consistent with general safety and soundness
principles, and the bank or savings association has documented its
conclusion regarding sufficiency of the protection in writing.
12 CFR 22.5--Escrow Requirements--With certain exceptions
with respect to types of loans and size of institution, national banks,
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. Pursuant to Sec. 22.5(b), when escrow is
required, the national bank or Federal savings associations must mail
or deliver to the borrower a written notice informing the borrower that
the bank or savings association is required to escrow all premiums and
fees for required flood insurance. Pursuant to Sec. 22.5(d)(2), if a
national bank or Federal savings association no longer qualifies for an
exception to the escrow requirement, the bank or savings association,
in certain cases, must provide the borrower with a written notice
informing the borrower of the option to escrow all premiums and fees
for required flood insurance.
12 CFR 22.6(a)--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 the bank or savings association owns the loan.
12 CFR 22.7--Notice of Forced Placement of Flood
Insurance--If a national bank or 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 bank or savings association,
or its loan servicer, must notify the borrower that the borrower should
obtain adequate flood insurance coverage at the borrower's expense in
an amount at least equal to the minimum amount required under the
regulation for the remaining term of the loan. If the borrower fails to
purchase insurance, the bank or 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(a) and (b)--Notice to Borrower and Servicer--A
national bank or Federal savings association making, increasing,
extending, or renewing a loan secured by property located in a special
flood hazard area must provide a written notice to the borrower and
loan servicer (borrower notice). The borrower notice must include a
warning that the property securing the loan is located in a special
flood hazard area; a description of the flood insurance purchase
requirements; a statement indicating that flood insurance is available
under the National Flood Insurance Program, where applicable; a
statement that flood insurance providing the same level of coverage may
be available from private insurance companies; a statement that
borrowers are encouraged to compare NFIP and private flood insurance
policies; and a statement whether 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 notices 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 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 it owns the loan.
12 CFR 22.10--Notices to FEMA--A national bank or 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 the
Administrator's designee) of the identity of the loan servicer (notice
of servicer), and must notify the Administrator of FEMA (or the
Administrator's designee) of any change in the loan servicer (notice of
servicer transfer) within 60 days after the effective date of such
change.
Estimated Frequency of Response: On occasion.
Estimated Number of Respondents: 978.
Estimated Total Annual Burden: 141,239 hours.
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 burden of the
collection of information;
(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
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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.
Patrick T. Tierney,
Assistant Director, Office of the Comptroller of the Currency.
[FR Doc. 2025-09158 Filed 5-21-25; 8:45 am]
BILLING CODE 4810-33-P