83 FR 46948 - Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
FEDERAL RESERVE SYSTEM Federal Register Volume 83, Issue 180 (September 17, 2018)
Federal Register Volume 83, Issue 180 (September 17, 2018)
| Page Range | 46948-46948 | |
| FR Document | 2018-20139 |
[Federal Register Volume 83, Number 180 (Monday, September 17, 2018)] [Notices] [Page 46948] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-20139] [[Page 46948]] ======================================================================= ----------------------------------------------------------------------- FEDERAL RESERVE SYSTEM Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB AGENCY: Board of Governors of the Federal Reserve System. SUMMARY: The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, without revision, the Interagency Guidance on Managing Compliance and Reputation Risks for Reverse Mortgage Products (FR 4029; OMB No. 7100-0330). FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of Governors of the Federal Reserve System, Washington, DC 20551, (202) 452-3829. Telecommunications Device for the Deaf (TDD) users may contact (202) 263-4869, Board of Governors of the Federal Reserve System, Washington, DC 20551. OMB Desk Officer--Shagufta Ahmed--Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Room 10235, 725 17th Street NW, Washington, DC 20503 or by fax to (202) 395-6974. SUPPLEMENTARY INFORMATION: On June 15, 1984, the Office of Management and Budget (OMB) delegated to the Board authority under the Paperwork Reduction Act (PRA) to approve and assign OMB control numbers to collection of information requests and requirements conducted or sponsored by the Board. Board-approved collections of information are incorporated into the official OMB inventory of currently approved collections of information. Copies of the Paperwork Reduction Act Submission, supporting statements and approved collection of information instrument(s) are placed into OMB's public docket files. The Board may not conduct or sponsor, and the respondent is not required to respond to, an information collection that has been extended, revised, or implemented on or after October 1, 1995, unless it displays a currently valid OMB control number. Final approval under OMB delegated authority of the extension for three years, without revision, of the following information collection: Report title: Interagency Guidance on Managing Compliance and Reputation Risks for Reverse Mortgage Products. Agency form number: FR 4029. OMB control number: 7100-0330. Frequency: Annual. Respondents: State member banks that originate proprietary reverse mortgages. Estimated number of respondents: Implementation of policies and procedures, 1 respondent; and Review and maintenance of policies and procedures, 15 respondents. Estimated average hours per response: Implementation of policies and procedures, 40 hours; and Review and maintenance of policies and procedures, 8 hours. Estimated annual burden hours: Implementation of policies and procedures, 40 hours; and Review and maintenance of policies and procedures, 120 hours. General description of report: Reverse mortgages are home-secured loans typically offered to elderly consumers. Financial institutions currently provide two types of reverse mortgage products: The lenders' own proprietary reverse mortgage products and reverse mortgages insured by the U.S. Department of Housing and Urban Development's Federal Housing Administration (FHA). Reverse mortgage loans insured by the FHA are made pursuant to the guidelines and rules established by the U.S. Department of Housing and Urban Development's Home Equity Conversion Mortgage (HECM) program.\1\ HECM loans and proprietary reverse mortgages are also subject to consumer financial protection laws and regulations, e.g., the regulations that implement laws such as the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA). --------------------------------------------------------------------------- \1\ See 12 U.S.C. 1715z-20; 24 CFR part 206. --------------------------------------------------------------------------- In August 2010, the Federal Financial Institutions Examination Council (FFIEC), on behalf of its member agencies,\2\ published a Federal Register notice adopting supervisory guidance titled ``Reverse Mortgage Products: Guidance for Managing Compliance and Reputation Risks.'' \3\ The guidance is designed to help financial institutions with risk management and assist financial institutions' efforts to ensure that their reverse mortgage lending practices adequately address consumer compliance and reputation risks. --------------------------------------------------------------------------- \2\ The Federal Reserve, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision. \3\ 75 FR 50801. --------------------------------------------------------------------------- The reverse mortgage guidance discusses the reporting, recordkeeping, and disclosures required by federal laws and regulations and also discusses consumer disclosures that financial institutions typically provide as a standard business practice. Certain portions of the guidance are ``information collections'' subject to the PRA's requirements. Legal authorization and confidentiality: The information collection is authorized pursuant to section 11 of the Federal Reserve Act, 12 U.S.C. 248 (state member banks); sections 25 and 25A of the Federal Reserve Act, 12 U.S.C. 625 (Edge and Agreement corporations); section 5 of the Bank Holding Company Act of 1956, 12 U.S.C. 1844 (bank holding companies and, in conjunction with section 8 of the International Banking Act, 12 U.S.C. 3106, foreign banking organizations); section 7(c) of the International Banking Act of 1978, 12 U.S.C. 3105(c) (branches and agencies of foreign banks); and section 10 of the Home Owners' Loan Act, 12 U.S.C. 1467a, (savings and loan holding companies). This guidance is voluntary. Because the documentation required by the guidance is maintained by each institution, the Freedom of Information Act (FOIA) would only be implicated if the Federal Reserve's examiners retained a copy of this information as part of an examination or as part of its supervision of a financial institution. However, records obtained as a part of an examination or supervision of a financial institution are exempt from disclosure under FOIA exemption (b)(8) (5 U.S.C. 552(b)(8)). In addition, the information may also be kept confidential under exemption 4 of the FOIA which protects commercial or financial information obtained from a person that is privileged or confidential (5 U.S.C. 552(b)(4)). Current actions: On July 3, 2018, the Board published a notice in the Federal Register (83 FR 31146) requesting public comment for 60 days on the extension, without revision, of the Interagency Guidance on Managing Compliance and Reputation Risks for Reverse Mortgage Products. The comment period for this notice expired on September 4, 2018. The Board did not receive any comments. Board of Governors of the Federal Reserve System, September 12, 2018. Michele Taylor Fennell, Assistant Secretary of the Board. [FR Doc. 2018-20139 Filed 9-14-18; 8:45 am] BILLING CODE 6210-01-P
![46948 Federal Register / Vol. 83, No. 180 / Monday, September 17, 2018 / Notices
FEDERAL RESERVE SYSTEM Frequency: Annual. standard business practice. Certain
Respondents: State member banks portions of the guidance are
Agency Information Collection that originate proprietary reverse ‘‘information collections’’ subject to the
Activities: Announcement of Board mortgages. PRA’s requirements.
Approval Under Delegated Authority Estimated number of respondents:
Implementation of policies and Legal authorization and
and Submission to OMB
procedures, 1 respondent; and Review confidentiality: The information
AGENCY: Board of Governors of the and maintenance of policies and collection is authorized pursuant to
Federal Reserve System. procedures, 15 respondents. section 11 of the Federal Reserve Act, 12
SUMMARY: The Board of Governors of the Estimated average hours per response: U.S.C. 248 (state member banks);
Federal Reserve System (Board) is Implementation of policies and sections 25 and 25A of the Federal
adopting a proposal to extend for three procedures, 40 hours; and Review and Reserve Act, 12 U.S.C. 625 (Edge and
years, without revision, the Interagency maintenance of policies and procedures, Agreement corporations); section 5 of
Guidance on Managing Compliance and 8 hours. the Bank Holding Company Act of 1956,
Reputation Risks for Reverse Mortgage Estimated annual burden hours: 12 U.S.C. 1844 (bank holding companies
Products (FR 4029; OMB No. 7100– Implementation of policies and and, in conjunction with section 8 of the
0330). procedures, 40 hours; and Review and International Banking Act, 12 U.S.C.
maintenance of policies and procedures, 3106, foreign banking organizations);
FOR FURTHER INFORMATION CONTACT:
120 hours. section 7(c) of the International Banking
Federal Reserve Board Clearance General description of report: Reverse
Officer—Nuha Elmaghrabi—Office of mortgages are home-secured loans Act of 1978, 12 U.S.C. 3105(c) (branches
the Chief Data Officer, Board of typically offered to elderly consumers. and agencies of foreign banks); and
Governors of the Federal Reserve Financial institutions currently provide section 10 of the Home Owners’ Loan
System, Washington, DC 20551, (202) two types of reverse mortgage products: Act, 12 U.S.C. 1467a, (savings and loan
452–3829. Telecommunications Device The lenders’ own proprietary reverse holding companies). This guidance is
for the Deaf (TDD) users may contact mortgage products and reverse voluntary.
(202) 263–4869, Board of Governors of mortgages insured by the U.S. Because the documentation required
the Federal Reserve System, Department of Housing and Urban by the guidance is maintained by each
Washington, DC 20551. Development’s Federal Housing
OMB Desk Officer—Shagufta institution, the Freedom of Information
Administration (FHA). Reverse Act (FOIA) would only be implicated if
Ahmed—Office of Information and mortgage loans insured by the FHA are
Regulatory Affairs, Office of the Federal Reserve’s examiners
made pursuant to the guidelines and retained a copy of this information as
Management and Budget, New rules established by the U.S.
Executive Office Building, Room 10235, part of an examination or as part of its
Department of Housing and Urban
725 17th Street NW, Washington, DC supervision of a financial institution.
Development’s Home Equity Conversion
20503 or by fax to (202) 395–6974. Mortgage (HECM) program.1 HECM However, records obtained as a part of
SUPPLEMENTARY INFORMATION: On June loans and proprietary reverse mortgages an examination or supervision of a
15, 1984, the Office of Management and are also subject to consumer financial financial institution are exempt from
Budget (OMB) delegated to the Board protection laws and regulations, e.g., the disclosure under FOIA exemption (b)(8)
authority under the Paperwork regulations that implement laws such as (5 U.S.C. 552(b)(8)). In addition, the
Reduction Act (PRA) to approve and the Real Estate Settlement Procedures information may also be kept
assign OMB control numbers to Act (RESPA) and the Truth in Lending confidential under exemption 4 of the
collection of information requests and Act (TILA). FOIA which protects commercial or
requirements conducted or sponsored In August 2010, the Federal Financial financial information obtained from a
by the Board. Board-approved Institutions Examination Council person that is privileged or confidential
collections of information are (FFIEC), on behalf of its member (5 U.S.C. 552(b)(4)).
incorporated into the official OMB agencies,2 published a Federal Register Current actions: On July 3, 2018, the
inventory of currently approved notice adopting supervisory guidance
Board published a notice in the Federal
collections of information. Copies of the titled ‘‘Reverse Mortgage Products:
Register (83 FR 31146) requesting
Paperwork Reduction Act Submission, Guidance for Managing Compliance and
Reputation Risks.’’ 3 The guidance is public comment for 60 days on the
supporting statements and approved
designed to help financial institutions extension, without revision, of the
collection of information instrument(s)
with risk management and assist Interagency Guidance on Managing
are placed into OMB’s public docket
files. The Board may not conduct or financial institutions’ efforts to ensure Compliance and Reputation Risks for
sponsor, and the respondent is not that their reverse mortgage lending Reverse Mortgage Products. The
required to respond to, an information practices adequately address consumer comment period for this notice expired
collection that has been extended, compliance and reputation risks. on September 4, 2018. The Board did
revised, or implemented on or after The reverse mortgage guidance not receive any comments.
October 1, 1995, unless it displays a discusses the reporting, recordkeeping, Board of Governors of the Federal Reserve
currently valid OMB control number. and disclosures required by federal laws System, September 12, 2018.
Final approval under OMB delegated and regulations and also discusses
Michele Taylor Fennell,
authority of the extension for three consumer disclosures that financial
daltland on DSKBBV9HB2PROD with NOTICES
institutions typically provide as a Assistant Secretary of the Board.
years, without revision, of the following
[FR Doc. 2018–20139 Filed 9–14–18; 8:45 am]
information collection:
1 See 12 U.S.C. 1715z–20; 24 CFR part 206. BILLING CODE 6210–01–P
Report title: Interagency Guidance on
2 The Federal Reserve, the Federal Deposit
Managing Compliance and Reputation
Insurance Corporation, the National Credit Union
Risks for Reverse Mortgage Products. Administration, the Office of the Comptroller of the
Agency form number: FR 4029. Currency, and the Office of Thrift Supervision.
OMB control number: 7100–0330. 3 75 FR 50801.
VerDate Sep<11>2014 17:47 Sep 14, 2018 Jkt 244001 PO 00000 Frm 00039 Fmt 4703 Sfmt 9990 E:\FR\FM\17SEN1.SGM 17SEN1](https://thefederalregister.org/doc/83_FR_47128/page/1.svg)
Document Created: 2018-09-15 01:37:27
Document Modified: 2018-09-15 01:37:27
| 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 | On July 3, 2018, the Board published a notice in the Federal Register (83 FR 31146) requesting public comment for 60 days on the extension, without revision, of the Interagency Guidance on Managing Compliance and Reputation Risks for Reverse Mortgage Products. The comment period for this notice expired on September 4, 2018. The Board did not receive any comments. | |
| Contact | Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of Governors of the Federal Reserve System, Washington, DC 20551, (202) 452-3829. Telecommunications Device for the Deaf (TDD) users may contact (202) 263-4869, Board of Governors of the Federal Reserve System, Washington, DC 20551. | |
| FR Citation | 83 FR 46948 |
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