81 FR 23756 - Agency Information Collection Activities: Reverse Mortgage Products: Guidance for Managing Compliance and Reputation Risks; Comment Request

NATIONAL CREDIT UNION ADMINISTRATION

Federal Register Volume 81, Issue 78 (April 22, 2016)

NCUA, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on this reinstatement of a previously approved collection, as required by Paperwork Reduction Act of 1995 (Pub. L. 104-13, 44 U.S.C. Chapter 35). The purpose of this notice is to allow for 60 days of public comment. NCUA is soliciting comments on the reinstatement of the information collection described below.

[Federal Register Volume 81, Number 78 (Friday, April 22, 2016)]
[Notices]
[Page 23756]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-09379]


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NATIONAL CREDIT UNION ADMINISTRATION


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

AGENCY: National Credit Union Administration (NCUA).

ACTION: Notice and request for comment.

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SUMMARY: NCUA, as part of its continuing effort to reduce paperwork and 
respondent burden, invites the general public and other Federal 
agencies to comment on this reinstatement of a previously approved 
collection, as required by Paperwork Reduction Act of 1995 (Pub. L. 
104-13, 44 U.S.C. Chapter 35). The purpose of this notice is to allow 
for 60 days of public comment. NCUA is soliciting comments on the 
reinstatement of the information collection described below.

DATES: Comments should be received on or before June 21, 2016 to be 
assured consideration.

ADDRESSES: Interested persons are invited to submit written comments on 
the information collection to Dawn Wolfgang, National Credit Union 
Administration, 1775 Duke Street, Alexandria, Virginia 22314-3428; Fax 
No. 703-519-8579; or Email at [email protected].

FOR FURTHER INFORMATION CONTACT: Requests for additional information 
should be directed to the address above.

SUPPLEMENTARY INFORMATION:

I. Abstract and Request for Comments

    NCUA is requesting reinstatement of the previously approved 
collection of information related to the Reverse Mortgage Guidance 
which sets forth standards intended to ensure that financial 
institutions effectively assess and manage the compliance and 
reputation risks associated with reverse mortgage products. The 
information collection will allow NCUA to evaluate the adequacy of a 
federally-insured credit union's internal policies and procedures as 
they relate to reverse mortgage products.
    Comments submitted in response to this notice will be summarized 
and included in the request for Office of Management and Budget 
approval. All comments will be a matter of public record. The public is 
invited to submit comments concerning: (a) Whether the collection of 
information is necessary for the proper performance of the functions of 
the agency, including whether the information will have practical 
utility; (b) the accuracy of the agency's estimate of the burden of the 
collection of information, 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 the information on the respondents, 
including the use of automated collection techniques or other forms of 
information technology.

II. Data

    Title: Reverse Mortgage Products: Guidance for Managing Reputation 
Risks.
    OMB Number: 3133-0187.
    Type of Review: Reinstatement without change of a previously 
approved collection.
    Description: The Reverse Mortgage Guidance sets forth standards 
intended to ensure that financial institutions effectively assess and 
manage the compliance and reputation risks associated with reverse 
mortgage products. The information collection will allow NCUA to 
evaluate the adequacy of a federally-insured credit union's internal 
policies and procedures as they relate to reverse mortgage products.
    Respondents: Federally insured credit unions.
    Estimated Number of Respondents: 28.
    Frequency of Response: Once, then annually.
    Estimated Burden Hours per Response: 40 hours to initially 
implement policies and procedures and to provide training; 8 hours 
annually to maintain program.
    Estimated Total Annual Burden Hours: 1,344.

    By Gerard Poliquin, Secretary of the Board, the National Credit 
Union Administration, on April 19, 2016.
    Dated: April 19, 2016
Dawn D. Wolfgang,
NCUA PRA Clearance Officer.
[FR Doc. 2016-09379 Filed 4-21-16; 8:45 am]
 BILLING CODE 7535-01-P