81 FR 41373 - Agency Information Collection Activities: Information Collection Renewal; Comment Request; Real Estate Lending and Appraisals

DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency

Federal Register Volume 81, Issue 122 (June 24, 2016)

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.''

[Federal Register Volume 81, Number 122 (Friday, June 24, 2016)]
[Notices]
[Pages 41373-41374]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-14939]


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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.''

DATES: Comments must be received by August 23, 2016.

ADDRESSES: Because paper mail in the Washington, DC area and at the OCC 
is subject to delay, commenters are encouraged to submit comments by 
email, if possible. Comments may be sent to: Legislative and Regulatory 
Activities Division, Office of the Comptroller of the Currency, 
Attention: 1557-0190, 400 7th Street SW., Suite 3E-218, Mail Stop 9W-
11, Washington, DC 20219. In addition, comments may be sent by fax to 
(571) 465-4326 or by electronic mail to [email protected]. You may 
personally inspect and photocopy comments at the OCC, 400 7th Street 
SW., Washington, DC 20219. For security reasons, the OCC requires that 
visitors make an appointment to inspect comments. You may do so by 
calling (202) 649-6700 or, for persons who are deaf or hard of hearing, 
TTY, (202) 649-5597. Upon arrival, visitors will be required to present 
valid government-issued photo identification and submit to security 
screening in order to inspect and photocopy comments.
    All 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.

FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance 
Officer, (202) 649-5490 or, for persons who are deaf or hard of 
hearing, TTY, (202) 649-5597, Legislative and Regulatory Activities 
Division, Office of the Comptroller of the Currency, 400 7th Street 
SW., Suite 3E-218, Mail Stop 9W-11, Washington, DC 20219.

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 the PRA (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 (12 CFR 34, 160, 164, 
190).
    OMB Control No.: 1557-0190.
    Type of Review: Extension, without revision, of a currently 
approved collection.
    Description: Twelve CFR parts 34 and 160 contain reporting and 
recordkeeping requirements. Twelve CFR part 34, subpart B (Adjustable-
Rate Mortgages (ARM)), subpart E (Other Real Estate Owned (OREO)), and 
part 160 contain reporting requirements. Twelve CFR part 34, subpart C 
(Appraisal Requirements), subpart D (Real Estate Lending Standards), 
and parts 160 and 164 contain recordkeeping requirements. Twelve CFR 
190.4(h) contains a disclosure requirement concerning Federally-related 
residential manufactured housing loans.
    Twelve CFR part 34, subpart B, section 34.22(a) requires 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) provide notice procedures to be used 
when seeking to use an alternative index.
    Twelve CFR 34.44 and 164.4 provide minimum standards for the 
performance of real estate appraisals, including the

[[Page 41374]]

requirement that appraisals be written 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. Real 
estate lending policies must be reviewed and approved by the 
institution's board of directors at least annually.
    Twelve CFR 34.84 requires that, after holding any real estate 
acquired for future bank expansion for one year, a national bank 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. Sections 34.85 and 160.172 require that 
national banks and Federal savings associations develop a prudent real 
estate collateral evaluation policy to monitor the value of each parcel 
of OREO in a manner consistent with prudent banking practice. Section 
34.86 requires that national banks notify the appropriate OCC 
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 bank's capital and surplus.
    Twelve CFR 190.4(h) requires that for Federally-related residential 
manufactured housing loans, a creditor must provide a debtor a notice 
of default 30 days prior to repossession, foreclosure, or acceleration.
    Affected Public: Businesses or other for-profit.
    Frequency of Response: On occasion.
    Burden Estimates:
    Estimated Number of Respondents: 1,023 national banks and 390 
Federal savings associations.
    Estimated Annual Burden: 94,512 burden hours.
    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.

    Dated: June 20, 2016.
Mary Hoyle Gottlieb,
Regulatory Specialist, Legislative and Regulatory Activities Division.
[FR Doc. 2016-14939 Filed 6-23-16; 8:45 am]
 BILLING CODE 4810-33-P