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)
Office of the Comptroller of the Currency
Federal Register Volume 81, Issue 133 (July 12, 2016)
| Page Range | 45221-45222 | |
| FR Document | 2016-16414 |
[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] ----------------------------------------------------------------------- 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. ----------------------------------------------------------------------- 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. --------------------------------------------------------------------------- \1\ 74 FR 66652. \2\ 75 FR 50801. --------------------------------------------------------------------------- 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
![Federal Register / Vol. 81, No. 133 / Tuesday, July 12, 2016 / Notices 45221
(8) Are the character limitations for DEPARTMENT OF THE TREASURY enclose any information in your
narrative responses appropriate? Should comment or supporting materials that
certain questions allow additional or Office of the Comptroller of the you consider confidential or
fewer characters? Currency inappropriate for public disclosure.
(9) Are there questions that lack FOR FURTHER INFORMATION CONTACT:
Agency Information Collection Shaquita Merritt, OCC Clearance
clarity as to intent or purpose? If so, Activities: Information Collection Officer, (202) 649–5490 or, for persons
which questions, and what needs to be Renewal; Submission for OMB Review; who are deaf or hard of hearing, TTY,
clarified in order to provide a Reverse Mortgage Products: Guidance (202) 649–5597, Legislative and
comprehensive response? for Managing Compliance and Regulatory Activities Division, Office of
(10) Are there questions that would Reputation Risks the Comptroller of the Currency, 400 7th
require additional guidance in order to AGENCY: Office of the Comptroller of the Street SW., Suite 3E–218, Mailstop 9W–
respond adequately? If so, which Currency, Treasury (OCC). 11, Washington, DC 20219.
questions, and what type of instructions ACTION: Notice and request for comment. SUPPLEMENTARY INFORMATION: Under the
would be helpful in order to be able to PRA (44 U.S.C. 3501–3520), Federal
provide a response? SUMMARY: The OCC, as part of its agencies must obtain approval from the
(11) Is the financial data that is continuing effort to reduce paperwork OMB for each collection of information
and respondent burden, invites the that they conduct or sponsor.
intended to be collected adequate to
general public and other Federal ‘‘Collection of information’’ is defined
assess an Applicant’s financial and
agencies to comment on the renewal of in 44 U.S.C. 3502(3) and 5 CFR
portfolio performance? an information collection, as required 1320.3(c) to include agency requests or
(12) Is there other information not by the Paperwork Reduction Act of 1995 requirements that members of the public
requested in the Application that could (PRA). submit reports, keep records, or provide
demonstrate an Applicant’s financial An agency may not conduct or information to a third party. Section
and portfolio performance? sponsor, and a respondent is not 3506(c)(2)(A) of the PRA (44 U.S.C.
(13) Tables in Questions 6 a-d ask for required to respond to, an information 3506(c)(2)(A)) requires Federal agencies
collection unless it displays a currently to provide a 60-day notice in the
certain data and information that will be
valid Office of Management and Budget Federal Register concerning each
used to assess an Applicant’s projected
(OMB) control number. proposed collection of information,
Financial Assistance activities. Is the The OCC is soliciting comment including each proposed renewal of an
data collected in these tables adequate concerning renewal of its information existing collection of information,
to assess an Applicant’s projected collection titled, ‘‘Reverse Mortgage before submitting the collection to OMB
Financial Assistance activities? Products: Guidance for Managing for approval. To comply with this
(14) Is there other information not Compliance and Reputation Risks’’ requirement, the OCC is publishing this
requested in the Application that would (Guidance). notice.
demonstrate an Applicant’s projected DATES: Comments must be received by The OCC is proposing to extend OMB
Financial Assistance activities? September 12, 2016. approval of the following information
collection:
(15) Are there requests for data in the ADDRESSES: Because paper mail in the
Abstract: On December 16, 2009, the
Application that Applicants do not have Washington, DC area and at the OCC is
OCC, FDIC, FRB and NCUA sought
readily available or that are burdensome subject to delay, commenters are comment on the guidance,1 which they
to obtain and/or calculate? encouraged to submit comments by issued in final form on August 17,
email, if possible. Comments may be 2010.2 The guidance focused on the
(16) Do the questions in the Technical
sent to: Legislative and Regulatory need to provide adequate information to
Assistance Application allow the
Activities Division, Office of the consumers about reverse mortgage
Applicant to clearly answer the Comptroller of the Currency, Attention:
evaluation criteria if the CDFI Program products, to provide qualified
1557–0246, 400 7th Street SW., Suite independent counseling to consumers
and NACA Program were to evaluate 3E–218, Mail Stop 9W–11, Washington,
Technical Assistance Awards by the considering these products, and to avoid
DC 20219. In addition, comments may potential conflicts of interest. The
applicant’s ability to achieve the be sent by fax to (571) 465–4326 or by
following for each applicant category guidance also addressed related
electronic mail to prainfo@occ.treas.gov. policies, procedures, internal controls,
type: You may personally inspect and and third party risk management.
(a) Emerging and Certifiable CDFI: photocopy comments at the OCC, 400 The information collection
Achieve certification for the Applicant; 7th Street SW., Washington, DC 20219. requirements included implementation
For security reasons, the OCC requires of policies and procedures, training, and
(b) Sponsoring Entity: Create and
that visitors make an appointment to program maintenance. The requirements
certify a new CDFI; and
inspect comments. You may do so by are outlined below:
(c) Certified CDFI: Build the capacity calling (202) 649–6700 or, for persons • Institutions offering reverse
of the Applicant to expand operations, who are deaf or hard of hearing, TTY, mortgages should have written policies
offer new products or services, or (202) 649–5597. Upon arrival, visitors and procedures that prohibit the
increase the volume of current business? will be required to present valid practice of directing a consumer to a
government-issued photo identification
mstockstill on DSK3G9T082PROD with NOTICES
Authority: Pub. L. 110–289, 12 CFR 1807. particular counseling agency or
and submit to security screening in contacting a counselor on the
Mary Ann Donovan, order to inspect and photocopy consumer’s behalf.
Director, Community Development Financial comments. • Policies should be clear so that
Institutions Fund. All comments received, including originators do not have an inappropriate
[FR Doc. 2016–16417 Filed 7–11–16; 8:45 am] attachments and other supporting
BILLING CODE 4810–70–P
materials, are part of the public record 1 74 FR 66652.
and subject to public disclosure. Do not 2 75 FR 50801.
VerDate Sep<11>2014 18:30 Jul 11, 2016 Jkt 238001 PO 00000 Frm 00101 Fmt 4703 Sfmt 4703 E:\FR\FM\12JYN1.SGM 12JYN1](https://thefederalregister.org/doc/81_FR_45354/page/1.svg)
![45222 Federal Register / Vol. 81, No. 133 / Tuesday, July 12, 2016 / Notices
incentive to sell other products that DEPARTMENT OF THE TREASURY 13–14, August 10–11, September 14–15,
appear linked to the granting of a and October 5–6, 2016.
mortgage. Internal Revenue Service
• Legal and compliance reviews SUMMARY: Notice is hereby given of
should include oversight of Open Meeting of the Taxpayer meetings of the U.S.-China Economic
compensation programs so that lending Advocacy Panel Special Projects and Security Review Commission.
personnel are not improperly Committee Name: Dennis Shea, Chairman of the
encouraged to direct consumers to U.S.-China Economic and Security
AGENCY: Internal Revenue Service (IRS)
particular products. Review Commission.
Treasury.
• Training should be designed so that The Commission is mandated by
ACTION: Notice of meeting. Congress to investigate, assess, evaluate
relevant lending personnel are able to
convey information to consumers about SUMMARY: An open meeting of the and report to Congress annually on the
product terms and risks in a timely, Taxpayer Advocacy Panel Special U.S.-China economic and security
accurate, and balanced manner. Projects Committee will be conducted. relationship. The mandate specifically
Title of Information Collection: The Taxpayer Advocacy Panel is charges the Commission to prepare a
Reverse Mortgage Products: Guidance soliciting public comments, ideas, and report to Congress ‘‘regarding the
for Managing Compliance and suggestions on improving customer national security implications and
Reputation Risks. service at the Internal Revenue Service. impact of the bilateral trade and
OMB Control No.: 1557–0246. economic relationship between the
Affected Public: National banks, DATES: The meeting will be held United States and the People’s Republic
Federal savings associations, Tuesday, August 2, 2016. of China [that] shall include a full
subsidiaries of national banks and FOR FURTHER INFORMATION CONTACT: analysis, along with conclusions and
Federal savings associations, and Stacia Jones at 1–888–912–1227 or 713– recommendations for legislative and
Federal branches or agencies of foreign 209–4818. administrative actions . . .’’
banks. SUPPLEMENTARY INFORMATION: Notice is Purpose of Meetings: Pursuant to this
Type of Review: Regular. hereby given pursuant to Section mandate, members of the Commission
Estimated Burden: 10(a)(2) of the Federal Advisory will meet in Washington, DC on July
Number of respondents: 15. Committee Act, 5 U.S.C. App. (1988) 13–14, August 10–11, September 14–15,
Burden per respondent: 40 hours to that a meeting of the Taxpayer and October 5–6, 2016 to review and
implement policies and procedures and Advocacy Panel Special Projects edit drafts of the 2016 Annual Report to
to provide training; 8 hours annually to Committee will be held Tuesday, Congress.
maintain program. August 2, 2016, at 1:00 p.m. Eastern The Commission is subject to the
Total estimated annual burden: 160 Time via teleconference. The public is Federal Advisory Committee Act
hours. invited to make oral comments or (FACA) with the enactment of the
Comments: Comments submitted in submit written statements for Science, State, Justice, Commerce and
response to this notice will be consideration. Due to limited Related Agencies Appropriations Act,
summarized and included in the request conference lines, notification of intent 2006 that was signed into law on
for OMB approval. All comments will to participate must be made with Stacia November 22, 2005 (Public Law 109–
become a matter of public record. Jones. For more information please 108). In accordance with FACA, the
Comments are invited on: contact: Stacia Jones at 1–888–912–1227 Commission’s meeting to make
(a) Whether the collection of or 713–209–4818, TAP Office, 1919 decisions concerning the substance and
information is necessary for the proper Smith, Houston, TX 77002, or contact us recommendations of its 2016 Annual
performance of the Federal banking at the Web site: http:// Report to Congress are open to the
agencies’ functions, including whether www.improveirs.org. public.
the information has practical utility; The agenda will include a discussion Topics To Be Discussed: The
(b) The accuracy of the estimates of on various special topics with IRS Commissioners will be considering draft
the burden of the information processes. report sections addressing the following
collection, including the validity of the topics:
methodology and assumptions used; Dated: July 7, 2016.
Antoinette Ross, • U.S.-China Economic and Trade
(c) Ways to enhance the quality, Relations, including: Year in Review,
utility, and clarity of the information to Acting Director, Taxpayer Advocacy Panel.
Economics and Trade; State-Owned
be collected; [FR Doc. 2016–16513 Filed 7–11–16; 8:45 am]
Enterprises, Overcapacity, and China’s
(d) Ways to minimize the burden of BILLING CODE 4830–01–P
Market Economy Status; and 13th Five-
the information collection on Year Plan.
respondents, including through the use
• U.S.-China Security Relations,
of automated collection techniques or
including: Year in Review, Security and
other forms of information technology; U.S.-CHINA ECONOMIC AND
Foreign Affairs; China’s Expeditionary
and SECURITY REVIEW COMMISSION
and Force Projection Capabilities; and
(e) Estimates of capital or start up
Notice of Open Meetings To Prepare China’s Intelligence Services and
costs and costs of operation,
the 2016 Annual Report to Congress Espionage Threats to the United States.
maintenance, and purchase of services
• China and the world, including:
mstockstill on DSK3G9T082PROD with NOTICES
to provide information. Advisory Committee: U.S.-China China and South Asia, China and
Dated: July 6, 2016. Economic and Security Review Taiwan, China and Hong Kong, and
Mary Hoyle Gottlieb, Commission. China and North Korea.
Regulatory Specialist, Legislative and ACTION: Notice of open meetings to be • China and the U.S. Rebalance to
Regulatory Activities Division. held in Washington, DC to review and Asia.
[FR Doc. 2016–16414 Filed 7–11–16; 8:45 am] edit drafts of the 2016 Annual Report to Dates, Times, and Room Locations
BILLING CODE 4810–33–P Congress on the following dates: July (Eastern Daylight Time):
VerDate Sep<11>2014 18:30 Jul 11, 2016 Jkt 238001 PO 00000 Frm 00102 Fmt 4703 Sfmt 4703 E:\FR\FM\12JYN1.SGM 12JYN1](https://thefederalregister.org/doc/81_FR_45354/page/2.svg)
Document Created: 2016-07-12 01:59:00
Document Modified: 2016-07-12 01:59:00
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| Action | Notice and request for comment. | |
| Dates | Comments must be received by September 12, 2016. | |
| 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. | |
| FR Citation | 81 FR 45221 |
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