81 FR 45221 - Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Reverse Mortgage Products: Guidance for Managing Compliance and Reputation Risks

DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency

Federal Register Volume 81, Issue 133 (July 12, 2016)

The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on the renewal of an information collection, as required by the Paperwork Reduction Act of 1995 (PRA). An agency may not conduct or sponsor, and a 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, ``Reverse Mortgage Products: Guidance for Managing Compliance and Reputation Risks'' (Guidance).

[Federal Register Volume 81, Number 133 (Tuesday, July 12, 2016)]
[Notices]
[Pages 45221-45222]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-16414]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Information Collection 
Renewal; Submission for OMB Review; Reverse Mortgage Products: Guidance 
for Managing Compliance and Reputation Risks

AGENCY: Office of the Comptroller of the Currency, Treasury (OCC).

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 comment on the renewal of an information collection, as 
required by the Paperwork Reduction Act of 1995 (PRA).
    An agency may not conduct or sponsor, and a 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, ``Reverse Mortgage Products: Guidance for Managing 
Compliance and Reputation Risks'' (Guidance).

DATES: Comments must be received by September 12, 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: 1557-0246, 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 enclose 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, Mailstop 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 
renewal of an existing collection of information, before submitting the 
collection to OMB for approval. To comply with this requirement, the 
OCC is publishing this notice.
    The OCC is proposing to extend OMB approval of the following 
information collection:
    Abstract: On December 16, 2009, the OCC, FDIC, FRB and NCUA sought 
comment on the guidance,\1\ which they issued in final form on August 
17, 2010.\2\ The guidance focused on the need to provide adequate 
information to consumers about reverse mortgage products, to provide 
qualified independent counseling to consumers considering these 
products, and to avoid potential conflicts of interest. The guidance 
also addressed related policies, procedures, internal controls, and 
third party risk management.
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    \1\ 74 FR 66652.
    \2\ 75 FR 50801.
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    The information collection requirements included implementation of 
policies and procedures, training, and program maintenance. The 
requirements are outlined below:
     Institutions offering reverse mortgages should have 
written policies and procedures that prohibit the practice of directing 
a consumer to a particular counseling agency or contacting a counselor 
on the consumer's behalf.
     Policies should be clear so that originators do not have 
an inappropriate

[[Page 45222]]

incentive to sell other products that appear linked to the granting of 
a mortgage.
     Legal and compliance reviews should include oversight of 
compensation programs so that lending personnel are not improperly 
encouraged to direct consumers to particular products.
     Training should be designed so that relevant lending 
personnel are able to convey information to consumers about product 
terms and risks in a timely, accurate, and balanced manner.
    Title of Information Collection: Reverse Mortgage Products: 
Guidance for Managing Compliance and Reputation Risks.
    OMB Control No.: 1557-0246.
    Affected Public: National banks, Federal savings associations, 
subsidiaries of national banks and Federal savings associations, and 
Federal branches or agencies of foreign banks.
    Type of Review: Regular.
    Estimated Burden:
    Number of respondents: 15.
    Burden per respondent: 40 hours to implement policies and 
procedures and to provide training; 8 hours annually to maintain 
program.
    Total estimated annual burden: 160 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 Federal banking agencies' 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;
    (d) Ways to minimize the burden of the information 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: July 6, 2016.
Mary Hoyle Gottlieb,
Regulatory Specialist, Legislative and Regulatory Activities Division.
[FR Doc. 2016-16414 Filed 7-11-16; 8:45 am]
 BILLING CODE 4810-33-P