[Federal Register Volume 87, Number 77 (Thursday, April 21, 2022)]
[Notices]
[Pages 23910-23911]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-08532]


=======================================================================
-----------------------------------------------------------------------

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 respondents are 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 May 23, 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#eb9b998a82858d84ab848888c59f998e8a98c58c849d"><span class="__cf_email__" data-cfemail="0e7e7c6f676068614e616d6d207a7c6b6f7d20696178">[email protected]</span></a>.
    <bullet> Mail: Chief Counsel's Office, Attention: Comment 
Processing, 1557-0246, Office of the Comptroller of the Currency, 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 
``1557-0246'' 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.
    Written comments and recommendations for the proposed information 
collection should also be sent within 30 days of publication of this 
notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
    On January 28, 2022, the OCC published a 60-day notice for this 
information collection, 87 FR 4711. You may review comments and other 
related materials that pertain to this information collection following 
the close of the 30-day comment period for this notice by the method 
set forth in the next bullet.
    <bullet> Viewing Comments Electronically: Go to www.reginfo.gov. 
Hover over the ``Information Collection Review'' tab and click on 
``Information Collection Review'' drop-down menu. From the ``Currently 
under Review'' drop-down menu, select ``Department of Treasury'' and 
then click ``submit.'' This information collection can be located by 
searching by OMB control number ``1557-0246'' or ``Reverse Mortgage 
Products: Guidance for Managing Compliance and Reputation Risks.'' Upon 
finding the appropriate

[[Page 23911]]

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, 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. The OCC asks 
that OMB extend its approval of the information collection in this 
document.
    Abstract: On December 16, 2009, the OCC, FDIC, FRB, and NCUA sought 
comment on proposed Guidance,\1\ which they subsequently issued in 
final form on August 17, 2010.\2\ The Guidance focuses 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 addresses related policies, procedures, 
internal controls, and third party risk management.
---------------------------------------------------------------------------

    \1\ 74 FR 66652.
    \2\ 75 FR 50801.
---------------------------------------------------------------------------

    <bullet> The information collection requirements contained in the 
Guidance address the implementation of policies and procedures, 
training, and program maintenance. 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.
    <bullet> 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.
    <bullet> Legal and compliance reviews should include oversight of 
compensation programs so that lending personnel are not improperly 
encouraged to direct consumers to particular products.
    <bullet> 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 Number of Respondents: 12.
    Frequency of Response: On occasion.
    Total Estimated Annual Burden: 136 hours.
    On January 28, 2022, the OCC published a 60-day notice for this 
information collection, 87 FR 4711. The OCC received one comment in 
response to the notice from a trade association. The commenter 
referenced the quality, utility, and clarity of the information 
collected in the context of the guidance itself. However, the commenter 
made no specific recommendations regarding the information collection. 
The OCC will consider the suggestions made by the commenter for 
revising the interagency Guidance in connection with any potential 
future discussions with the Board of Governors of the Federal Reserve 
and the FDIC.
    Comments continue to be invited on:
    (a) Whether the collection of information is necessary for the 
proper performance of the OCC's 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 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. 2022-08532 Filed 4-20-22; 8:45 am]
BILLING CODE 4810-33-P


</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>