[Federal Register Volume 83, Number 128 (Tuesday, July 3, 2018)]
[Notices]
[Pages 31146-31148]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-14303]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice, request for comment.

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SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
invites comment on a proposal to extend for three years, without 
revision, the Interagency Guidance on Managing Compliance and 
Reputation Risks for

[[Page 31147]]

Reverse Mortgage Products (FR 4029; OMB No. 7100-0330).

DATES: Comments must be submitted on or before September 4, 2018.

ADDRESSES: You may submit comments, identified by FR 4029, by any of 
the following methods:
    <bullet> Agency Website: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx.
    <bullet> Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
    <bullet> Email: <a href="/cdn-cgi/l/email-protection#e496818397ca878b8989818a9097a48281808196858896819781969281ca838b92"><span class="__cf_email__" data-cfemail="54263133277a373b3939313a20271432313031263538263127312622317a333b22">[email protected]</span></a>. Include OMB 
number in the subject line of the message.
    <bullet> Fax: (202) 452-3819 or (202) 452-3102.
    <bullet> Mail: Ann E. Misback, Secretary, Board of Governors of the 
Federal Reserve System, 20th Street and Constitution Avenue NW, 
Washington, DC 20551.
    All public comments are available from the Board's website at 
http://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted, 
unless modified for technical reasons. Accordingly, your comments will 
not be edited to remove any identifying or contact information. Public 
comments may also be viewed electronically or in paper form in Room 
3515, 1801 K Street (between 18th and 19th Streets NW) Washington, DC 
20006 between 9:00 a.m. and 5:00 p.m. on weekdays. For security 
reasons, the Board requires that visitors make an appointment to 
inspect comments. You may do so by calling (202) 452-3684. Upon 
arrival, visitors will be required to present valid government-issued 
photo identification and to submit to security screening in order to 
inspect and photocopy comments.
    Additionally, commenters may send a copy of their comments to the 
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.

FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission, 
including the proposed reporting form and instructions, supporting 
statement, and other documentation will be placed into OMB's public 
docket files, once approved. These documents will also be made 
available on the Federal Reserve Board's public website at: http://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested 
from the agency clearance officer, whose name appears below.
    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.

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 of and assign OMB control numbers to 
collection of information requests and requirements conducted or 
sponsored by the Board. In exercising this delegated authority, the 
Board is directed to take every reasonable step to solicit comment. In 
determining whether to approve a collection of information, the Board 
will consider all comments received from the public and other agencies.

Request for Comment on Information Collection Proposal

    The Board invites public comment on the following information 
collection, which is being reviewed under authority delegated by the 
OMB under the PRA. Comments are invited on the following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Federal Reserve's functions, including 
whether the information has practical utility;
    b. The accuracy of the Federal Reserve's estimate of the burden of 
the proposed 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 information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology; and
    e. Estimates of capital or startup costs and costs of operation, 
maintenance, and purchase of services to provide information.
    At the end of the comment period, the comments and recommendations 
received will be analyzed to determine the extent to which the Federal 
Reserve should modify the proposal prior to giving final approval.
    Proposal to approve under OMB delegated authority the extension for 
three years, without revision, of the following report:
    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 HUD'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).
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    \1\ See 12 U.S.C. 1715z-20; 24 CFR part 206.
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    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.
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    \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.
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    The reverse mortgage guidance discusses the reporting, 
recordkeeping, and disclosures required by federal laws

[[Page 31148]]

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)).

    Board of Governors of the Federal Reserve System, June 28, 2018.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2018-14303 Filed 7-2-18; 8:45 am]
 BILLING CODE 6210-01-P


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