[Federal Register Volume 87, Number 45 (Tuesday, March 8, 2022)]
[Notices]
[Pages 13043-13044]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-04809]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Information Collection 
Renewal; Comment Request; Loans in Areas Having Special Flood Hazards

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 take this opportunity to comment on a continuing 
information collection as required by the Paperwork Reduction Act of 
1995 (PRA). In accordance with the requirements of the PRA, the OCC may 
not conduct or sponsor, and the 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 the renewal of its information collection 
titled ``Loans in Areas Having Special Flood Hazards.''

DATES: Comments must be received by May 9, 2022.

ADDRESSES:  Commenters are encouraged to submit comments by email, if 
possible. You may submit comments by any of the following methods:
    <bullet> Email: <a href="/cdn-cgi/l/email-protection#fa8a889b93949c95ba959999d48e889f9b89d49d958c"><span class="__cf_email__" data-cfemail="3d4d4f5c54535b527d525e5e13494f585c4e135a524b">[email protected]</span></a>.
    <bullet> Mail: Chief Counsel's Office, Attention: Comment 
Processing, Office of the Comptroller of the Currency, Attention: 1557-
0326, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
    <bullet> Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218, 
Washington, DC 20219.
    <bullet> Fax: (571) 465-4326.
    Instructions: You must include ``OCC'' as the agency name and 
``1557-0326'' in your comment. In general, the OCC will publish 
comments on www.reginfo.gov without change, including any business or 
personal information provided, such as name and address information, 
email addresses, or phone numbers. Comments received, including 
attachments and other supporting materials, are part of the public 
record and subject to public disclosure. Do not include any information 
in your comment or supporting materials that you consider confidential 
or inappropriate for public disclosure. Following the close of this 
notice's 60-day comment period, the OCC will publish a second notice 
with a 30-day comment period. You may review comments and other related 
materials that pertain to this information collection beginning on the 
date of publication of the second notice for this collection by the 
method set forth in the next bullet.
    Viewing Comments Electronically: Go to www.reginfo.gov. Hover over 
the ``Information Collection Review'' tab and click on ``Information 
Collection Review'' dropdown. Underneath the ``Currently under Review'' 
section heading, from the drop-down menu select ``Department of 
Treasury'' and then click ``submit.'' This information collection can 
be located by searching by OMB control number ``1557-0326'' or ``Loans 
in Areas Having Special Flood Hazards.''
    <bullet> Upon finding the appropriate information collection, click 
on the related ``ICR Reference Number.'' On the next screen, select 
``View Supporting Statement and Other Documents'' and then click on the 
link to any comment listed at the bottom of the screen.
    <bullet> For assistance in navigating www.reginfo.gov, please 
contact the Regulatory Information Service Center at (202) 482-7340.

FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance 
Officer, (202) 649-5490, Chief Counsel's Office, Office of the 
Comptroller of the Currency, 400 7th Street SW, Suite 3E-218, 
Washington, DC 20219. If you are deaf, hard of hearing, or have a 
speech disability, please dial 7-1-1 to access telecommunications relay 
services.

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 title 44 requires Federal agencies to provide a 60-day 
notice in the Federal Register concerning each proposed collection of 
information, including each renewal of an existing collection of 
information, before submitting the collection to OMB for approval. To 
comply with this requirement, the OCC is publishing notice of the 
renewal of the collection of information set forth in this document.
    Title: Loans in Areas Having Special Flood Hazards.
    OMB Control No.: 1557-0326.
    Type of Review: Regular.
    Abstract: This information collection is required to evidence 
compliance with the requirements of the Federal flood insurance 
statutes with respect to lenders and servicers and set forth in OCC 
regulations at 12 CFR part 22. These provisions are required by the 
National Flood Insurance Act of 1968 and the Flood Disaster Protection 
Act of 1973, as amended.\1\ The information collection requirements in 
part 22 are as follows:
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    \1\ 42 U.S.C. 4001-4129.
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    <bullet> 12 CFR 22.3--Requirement to Purchase Flood Insurance Where 
Available--Under Sec.  22.3(c)(3), national banks and Federal savings 
associations have the discretion to accept a flood insurance policy 
issued by a private insurer that is not issued under the National Flood 
Insurance Program (NFIP) and does not meet the definition of private 
flood insurance if, among other things, the policy provides sufficient 
protection of the designated loan, consistent with general safety and 
soundness principles, and the bank or savings association has 
documented its conclusion regarding sufficiency of the protection in 
writing. Under Sec.  22.3(c)(4)(v), national banks and Federal savings 
associations may accept a private policy issued by a mutual aid society 
if, among other things, the

[[Page 13044]]

coverage provides sufficient protection of the designated loan, 
consistent with general safety and soundness principles, and the bank 
or savings association has documented its conclusion regarding 
sufficiency of the protection in writing.
    <bullet> 12 CFR 22.5--Escrow Requirements--With certain exceptions 
with respect to types of loans and size of institution, national banks, 
Federal savings associations, and their servicers must escrow flood 
insurance premiums and fees for all loans secured by properties located 
in a Special Flood Hazard Area made, increased, extended, or renewed on 
or after January 1, 2016. When escrow is required, the national bank or 
Federal savings associations must mail or deliver to the borrower a 
written notice informing the borrower that the bank or savings 
association is required to escrow all premiums and fees for required 
flood insurance.
    <bullet> 12 CFR 22.6(a)--Required Use of Standard Flood Hazard 
Determination Form--A national bank or Federal savings association must 
use the Standard Flood Hazard Determination Form developed by FEMA.
    <bullet> 12 CFR 22.6(b)--Retention of Standard Flood Hazard 
Determination Form--A national bank or Federal savings association must 
retain a copy of the completed Standard Flood Hazard Determination Form 
for the period of time the bank or savings association owns the loan.
    <bullet> 12 CFR 22.7--Notice of Forced Placement of Flood 
Insurance--If a national bank or Federal savings association, or its 
loan servicer, determines during the period of time the bank or savings 
association owns the loan that the property securing the loan is not 
covered by adequate flood insurance, the bank or savings association, 
or its loan servicer, must notify the borrower that the borrower should 
obtain adequate flood insurance coverage at the borrower's expense in 
an amount at least equal to the minimum amount required under the 
regulation for the remaining term of the loan. If the borrower fails to 
purchase insurance, the bank or savings association, or its servicer, 
must purchase insurance on the borrower's behalf and may charge the 
borrower for the premiums and fees. The insurance provider must be 
notified to terminate any insurance purchased by an institution or 
servicer within 30 days of receipt of confirmation of a borrower's 
existing flood insurance coverage.
    <bullet> 12 CFR 22.9(a) and (b)--Notice to Borrower and Servicer--A 
national bank or Federal savings association making, increasing, 
extending, or renewing a loan secured by property located in a special 
flood hazard area must provide a written notice to the borrower and 
loan servicer (borrower notice). The borrower notice must include a 
warning that the property securing the loan is located in a special 
flood hazard area; a description of the flood insurance purchase 
requirements; a statement indicating that flood insurance is available 
under the National Flood Insurance Program, where applicable; a 
statement that flood insurance providing the same level of coverage may 
be available from private insurance companies; a statement that 
borrowers are encouraged to compare NFIP and private flood insurance 
policies; and a statement whether Federal disaster relief assistance 
may be available in the event of a declared Federal flood disaster.
    <bullet> 12 CFR 22.9(d) and (e)--Record of Borrower and Servicer 
Receipt of Notice and Alternate Method of Notice--A national bank or 
Federal savings association must retain a record of the receipt of the 
borrower notices by the borrower and the loan servicer for the period 
of time the bank or savings association owns the loan. In lieu of 
providing the borrower notice, a national bank or savings association 
may obtain a satisfactory written assurance from a seller or lessor 
that, within a reasonable time before completion of the sale or lease 
transaction, the seller or lessor has provided such notice to the 
purchaser or lessee. The bank or savings association must retain a 
record of the written assurance from the seller or lessor for the 
period of time it owns the loan.
    <bullet> 12 CFR 22.10--Notices to FEMA--A national bank or savings 
association making, increasing, extending, renewing, selling, or 
transferring a loan secured by property located in a special flood 
hazard area must notify the Administrator of FEMA (or the 
Administrator's designee) of the identity of the loan servicer (notice 
of servicer), and must notify the Administrator of FEMA (or the 
Administrator's designee) of any change in the loan servicer (notice of 
servicer transfer) within 60 days after the effective date of such 
change.
    Affected Public: Businesses or other for-profit.
    Estimated Number of Respondents: 1,550.
    Estimated Total Annual Burden: 121,069.
    Frequency of Response: On occasion.
    Comments submitted in response to this notice will be summarized, 
included in the request for OMB approval, and become a matter of public 
record. Comments are invited on:
    (a) Whether the collection of information is necessary for the 
proper performance of the functions of the OCC, including whether the 
information has practical utility;
    (b) The accuracy of the OCC's estimate of the burden of the 
collection of information;
    (c) Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    (d) Ways to minimize the burden of the 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.

Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2022-04809 Filed 3-7-22; 8:45 am]
BILLING CODE 4810-33-P


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