81_FR_72876 81 FR 72673 - Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Reverse Mortgage Products: Guidance for Managing Compliance and Reputation Risks

81 FR 72673 - 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 203 (October 20, 2016)

Page Range72673-72674
FR Document2016-25388

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). The OCC also is giving notice that it has sent the collection to OMB for review.

Federal Register, Volume 81 Issue 203 (Thursday, October 20, 2016) 
[Federal Register Volume 81, Number 203 (Thursday, October 20, 2016)]
[Notices]
[Pages 72673-72674]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-25388]


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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 (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 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). The OCC also is giving 
notice that it has sent the collection to OMB for review.

DATES: Comments must be received by November 21, 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.
    Additionally, please send a copy of your comments by mail to: OCC 
Desk Officer, 1557-0246, U.S. Office of Management and Budget, 725 17th 
Street NW., #10235, Washington, DC 20503 or by email to: oira 
[email protected].

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: 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 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. These 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.

[[Page 72674]]

     Policies should be clear so that originators do not have 
an inappropriate 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: On July 12, 2016, the OCC issued a 60-day notice 
soliciting comment on the information collection, 81 FR 45221. One 
comment was received from an individual.
    The commenter stated that the collection of information is 
necessary and vital for the proper performance of the Federal banking 
agencies' functions and that it has a practical utility. The commenter 
believes that, in any information collection, automated collection 
techniques would reduce the burden of information collection 
requirements on the public and the agencies. The commenter suggested 
that requests for information from the public should include a link to 
a Web site where the requested information may be uploaded. The 
commenter doesn't believe that this would add significant cost and 
feels that it would make providing information less burdensome.
    The OCC uses automated collection techniques whenever possible in 
its information collections, including links where information may be 
uploaded. 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: October 13, 2016.
Karen Solomon,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2016-25388 Filed 10-19-16; 8:45 am]
 BILLING CODE 4810-33-P

Federal Register / Vol. 81, No. 203 / Thursday, October 20, 2016 / Notices 72673 Section 48.15 requires a national bank through the use of automated collection photocopy comments at the OCC, 400 or Federal savings association to techniques or other forms of information 7th Street SW., Washington, DC 20219. provide a retail forex customer with 30 technology; and For security reasons, the OCC requires days prior notice of any assignment of (e) Estimates of capital or start-up that visitors make an appointment to any position or transfer of any account costs and costs of operation, inspect comments. You may do so by of the retail forex customer. It also maintenance, and purchase of services calling (202) 649–6700 or, for persons requires a national bank or Federal to provide information. who are deaf or hard of hearing, TTY, savings association to which retail forex Dated: October 13, 2016. (202) 649–5597. Upon arrival, visitors accounts or positions are assigned or Karen Solomon, will be required to present valid transferred to provide the affected Deputy Chief Counsel, Office of the government-issued photo identification customers with risk disclosure Comptroller of the Currency. and submit to security screening in statements and forms of order to inspect and photocopy [FR Doc. 2016–25391 Filed 10–19–16; 8:45 am] acknowledgment and obtain the signed comments. BILLING CODE 4810–33–P acknowledgments within 60 days. All comments received, including The customer dispute resolution attachments and other supporting provisions in § 48.16 require certain materials, are part of the public record DEPARTMENT OF THE TREASURY endorsements, acknowledgments, and and subject to public disclosure. Do not signatures. The section also requires Office of the Comptroller of the enclose any information in your that a national bank or Federal savings Currency comment or supporting materials that association, within 10 days after receipt you consider confidential or of notice from the retail forex customer Agency Information Collection inappropriate for public disclosure. that the customer intends to submit a Activities: Information Collection Additionally, please send a copy of claim to arbitration, provide the Renewal; Submission for OMB Review; your comments by mail to: OCC Desk customer with a list of persons qualified Reverse Mortgage Products: Guidance Officer, 1557–0246, U.S. Office of in the dispute resolution. for Managing Compliance and Management and Budget, 725 17th Reputation Risks Street NW., #10235, Washington, DC Policies and Procedures; 20503 or by email to: oira submission@ Recordkeeping AGENCY: Office of the Comptroller of the omb.eop.gov. Sections 48.7 and 48.13 require that a Currency (OCC), Treasury. FOR FURTHER INFORMATION CONTACT: national bank or Federal savings ACTION: Notice and request for comment. Shaquita Merritt, OCC Clearance association engaging in retail forex Officer, (202) 649–5490 or, for persons SUMMARY: The OCC, as part of its transactions keep full, complete, and who are deaf or hard of hearing, TTY, continuing effort to reduce paperwork systematic records and to establish and (202) 649–5597, Legislative and and respondent burden, invites the implement internal rules, procedures, Regulatory Activities Division, Office of general public and other Federal and controls. Section 48.7 also requires the Comptroller of the Currency, 400 7th agencies to comment on the renewal of that a national bank or Federal savings Street SW., Suite 3E–218, Mail Stop an information collection, as required association keep account, financial 9W–11, Washington, DC 20219. by the Paperwork Reduction Act of 1995 ledger, transaction, and daily records, as SUPPLEMENTARY INFORMATION: The OCC (PRA). well as memorandum orders, post- An agency may not conduct or is proposing to extend OMB approval of execution allocation of bunched orders, sponsor, and a respondent is not the following information collection: records regarding its ratio of profitable required to respond to, an information Abstract: On December 16, 2009, the accounts, possible violations of law, collection unless it displays a currently OCC, FDIC, FRB and NCUA sought records for noncash margin, and valid Office of Management and Budget comment on the Guidance,1 which they monthly statements and confirmations. (OMB) control number. issued on August 17, 2010.2 The Section 48.9 requires policies and The OCC is soliciting comment Guidance focused on the need to procedures for haircuts for noncash concerning renewal of its information provide adequate information to margin collected under the rule’s collection titled, ‘‘Reverse Mortgage consumers about reverse mortgage margin requirements and annual Products: Guidance for Managing products, to provide qualified evaluations and modifications of the Compliance and Reputation Risks’’ independent counseling to consumers haircuts. (Guidance). The OCC also is giving considering these products, and to avoid Comments submitted in response to notice that it has sent the collection to potential conflicts of interest. The this notice will be summarized and OMB for review. Guidance also addressed related included in the request for OMB policies, procedures, internal controls, DATES: Comments must be received by approval. All comments will become a and third party risk management. matter of public record. Comments are November 21, 2016. The information collection invited on: ADDRESSES: Because paper mail in the requirements included implementation (a) Whether the collection of Washington, DC area and at the OCC is of policies and procedures, training, and information is necessary for the proper subject to delay, commenters are program maintenance. These are performance of the functions of the encouraged to submit comments by outlined below: OCC, including whether the information email, if possible. Comments may be • Institutions offering reverse has practical utility; sent to: Legislative and Regulatory mortgages should have written policies Activities Division, Office of the mstockstill on DSK3G9T082PROD with NOTICES (b) The accuracy of the OCC’s and procedures that prohibit the estimate of the burden of the Comptroller of the Currency, Attention: practice of directing a consumer to a information collection; 1557–0246, 400 7th Street SW., Suite particular counseling agency or (c) Ways to enhance the quality, 3E–218, Mail Stop 9W–11, Washington, contacting a counselor on the utility, and clarity of the information to DC 20219. In addition, comments may consumer’s behalf. be collected; be sent by fax to (571) 465–4326 or by (d) Ways to minimize the burden of electronic mail to prainfo@occ.treas.gov. 1 74 FR 66652. the collection on respondents, including You may personally inspect and 2 75 FR 50801. VerDate Sep<11>2014 16:40 Oct 19, 2016 Jkt 241001 PO 00000 Frm 00112 Fmt 4703 Sfmt 4703 E:\FR\FM\20OCN1.SGM 20OCN1

72674 Federal Register / Vol. 81, No. 203 / Thursday, October 20, 2016 / Notices • Policies should be clear so that (b) The accuracy of the estimates of Title: Annual Performance Report and originators do not have an inappropriate the burden of the information Certification for Section 1603: Payments incentive to sell other products that collection, including the validity of the for Specified Renewable Energy appear linked to the granting of a methodology and assumptions used; Property in Lieu of Tax Credits. mortgage. (c) Ways to enhance the quality, Abstract: The purpose of the 1603 • Legal and compliance reviews utility, and clarity of the information to payment is to reimburse eligible should include oversight of be collected; applicants for a portion of the cost of compensation programs so that lending (d) Ways to minimize the burden of installing specified energy property personnel are not improperly the information collection on used in a trade or business or for the encouraged to direct consumers to respondents, including through the use production of income. A 1603 payment particular products. of automated collection techniques or is made after the energy property is • Training should be designed so that other forms of information technology; placed in service. Applicants for Section relevant lending personnel are able to and 1603 payments commit in the terms and convey information to consumers about (e) Estimates of capital or start up conditions that are part of the Treasury product terms and risks in a timely, costs and costs of operation, program application to submitting an accurate, and balanced manner. maintenance, and purchase of services annual report for five years from the Title of Information Collection: to provide information. date the energy property is placed in Reverse Mortgage Products: Guidance Dated: October 13, 2016. service. for Managing Compliance and Affected Public: State, Local, and Karen Solomon, Reputation Risks. Tribal Governments. OMB Control No.: 1557–0246. Deputy Chief Counsel, Office of the Estimated Total Annual Burden Affected Public: National banks, Comptroller of the Currency. Hours: 37,500. Federal savings associations, [FR Doc. 2016–25388 Filed 10–19–16; 8:45 am] subsidiaries of national banks and BILLING CODE 4810–33–P Bob Faber, Federal savings associations, and Acting Treasury PRA Clearance Officer. Federal branches or agencies of foreign [FR Doc. 2016–25324 Filed 10–19–16; 8:45 am] banks. DEPARTMENT OF THE TREASURY BILLING CODE 4810–25–P Type of Review: Regular. Estimated Burden: Submission for OMB Review; Number of respondents: 15. Comment Request DEPARTMENT OF VETERANS Burden per respondent: 40 hours to October 14, 2016. AFFAIRS implement policies and procedures and The Department of the Treasury will to provide training; 8 hours annually to submit the following information Loan Guaranty: Assistance to Eligible maintain program. collection request(s) to the Office of Individuals in Acquiring Specially Total estimated annual burden: 160 Management and Budget (OMB) for Adapted Housing; Cost-of- hours. review and clearance in accordance Construction Index Comments: On July 12, 2016, the OCC with the Paperwork Reduction Act of AGENCY: Department of Veterans Affairs. issued a 60-day notice soliciting 1995, Public Law 104–13, on or after the ACTION: Notice. comment on the information collection, date of publication of this notice. 81 FR 45221. One comment was DATES: Comments should be received on SUMMARY: The U.S. Department of received from an individual. or before November 21, 2016 to be Veterans Affairs (VA) announces that The commenter stated that the assured of consideration. the aggregate amounts of assistance collection of information is necessary ADDRESSES: Send comments regarding available under the Specially Adapted and vital for the proper performance of the burden estimates, or any other Housing (SAH) grant program will the Federal banking agencies’ functions aspect of the information collection(s), increase by 4.797 percent for Fiscal Year and that it has a practical utility. The including suggestions for reducing the (FY) 2017. commenter believes that, in any information collection, automated burden, to (1) Office of Information and FOR FURTHER INFORMATION CONTACT: John collection techniques would reduce the Regulatory Affairs, Office of Bell, III, Assistant Director for Loan burden of information collection Management and Budget, Attention: Policy and Valuation, Department of requirements on the public and the Desk Officer for Treasury, New Veterans Affairs, 810 Vermont Avenue agencies. The commenter suggested that Executive Office Building, Room 10235, NW., Washington, DC 20420, (202) 632– requests for information from the public Washington, DC 20503, or email at 8786 (not a toll-free number). should include a link to a Web site OIRA_Submission@OMB.EOP.gov and DATES: October 20, 2016. where the requested information may be (2) Treasury PRA Clearance Officer, SUPPLEMENTARY INFORMATION: In uploaded. The commenter doesn’t 1750 Pennsylvania Ave. NW., Suite accordance with 38 U.S.C. 2102(e) and believe that this would add significant 8142, Washington, DC 20220, or email 38 U.S.C. 2102A(b)(2) and 38 CFR cost and feels that it would make at PRA@treasury.gov. 36.4411, the Secretary of Veterans providing information less burdensome. FOR FURTHER INFORMATION CONTACT: Affairs announces for FY 2017 the The OCC uses automated collection Copies of the submissions may be aggregate amounts of assistance techniques whenever possible in its obtained by emailing PRA@treasury.gov, available to veterans and information collections, including links servicemembers eligible for SAH mstockstill on DSK3G9T082PROD with NOTICES calling (202) 622–0934, or viewing the where information may be uploaded. entire information collection request at program grants. Comments are invited on: www.reginfo.gov. Public Law 110–289, the Housing and (a) Whether the collection of Economic Recovery Act of 2008, information is necessary for the proper Departmental Offices (DO) authorized the Secretary to increase the performance of the Federal banking OMB Control Number: 1505–0221. aggregate amounts of SAH assistance agencies’ functions, including whether Type of Review: Extension of a annually based on a residential home the information has practical utility; currently approved collection. cost-of-construction index. Per 38 CFR VerDate Sep<11>2014 16:40 Oct 19, 2016 Jkt 241001 PO 00000 Frm 00113 Fmt 4703 Sfmt 4703 E:\FR\FM\20OCN1.SGM 20OCN1


Document Created: 2016-10-21 09:58:48
Document Modified: 2016-10-21 09:58:48
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
ActionNotice and request for comment.
DatesComments must be received by November 21, 2016.
ContactShaquita 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.
FR Citation81 FR 72673 
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