Federal Register / Vol. 82, No. 187 / Thursday, September 28, 2017 / Notices 45287 

3https://www.fema.gov/flood-insurance-statisticscurrent-month (accessed June 15, 2017). 

4https://www.federalreserve.gov/econresdata/ 

releases/mortoutstand/mortoutstand20170331.htm 

(accessed June 15, 2017). 

in the rule should take only 3 minutes 

(0.05 hours) to complete. 

2. Title: Flood Insurance. 

OMB Number: 3064–0120. 

Form Number: None. 

Affected Public: Insured state 

nonmember banks and state savings 

associations. 

Burden Estimate: 

TABLE 1—BURDEN CALCULATION

Item Share of 

burden Hours Share Hours Hours Total hours 

1. Disclosure to the Borrower .................. 50% 0.50 90% 0.45 0.225 25,097 

2. Disclosure to the Servicer ................... ........................ ........................ ........................ ........................ 0.225 25,097 

3. Report to FEMA of a Change in 

Servicer ................................................ ........................ ........................ 10% 0.05 0.05 5,577 

4. Recordkeeping (Bank keeps a copy of 

all notifications) ..................................... 50 0.50 ........................ 0.50 0.50 55,770 

........................ 1.0 ........................ 1.0 1.0 111,540 

Respondents (FDIC supervised banks with real estate loans) ........................................................................................................... 3,718 

Frequency (Average no. of real estate loans serviced w/flood ins) .................................................................................................... 30 

Total burden ................................................................................................................................................................................. 111,540 

Sources: FDIC, FEMA, Federal Reserve Board. 

General Description of Collection: 

Each supervised lending institution is 

currently required to provide a notice of 

special flood hazards to each borrower 

with a loan secured by a building or 

mobile home located or to be located in 

an area identified by the Director of the 

Federal Emergency Management Agency 

as being subject to special flood hazards. 

The Riegle Community Development 

Act requires that each institution also 

provide a copy of the notice to the 

servicer of the loan (if different from the 

originating lender). 

There is no change in the method or 

substance of the collection. There is an 

overall reduction in burden hours 

which is the result of (1) economic 

fluctuation reflected by a decrease in the 

number of FDIC-supervised institutions 

and (2) a decrease in the number of 

flood insurance policies nationally. In 

particular, the number of respondents 

and the frequency of response (number 

of loans) have decreased while the 

hours per response remain the same. 

Changes to Data and Assumptions: 

FDIC estimates total annual burden to 

be 111,540 hours. To obtain this figure, 

FDIC relied on: (a) Data from the Federal 

Emergency Management Agency 

(FEMA) as of May 2017; (b) FDIC Call 

Report data as of March 31, 2017; and 

(c) Federal Reserve Board mortgage data 

as of March 31, 2017. 

FEMA reported there were 4,983,954 

flood insurance policies in effect with a 

total insured value of 

$1,238,657,149,400.3

FDIC Call Report data showed that as 

of March 31, 2017, there were a total of 

5,790 FDIC-insured institutions with a 

total of $4.25 trillion in 1–4 family; 

multifamily; nonfarm, nonresidential, 

and agricultural loans secured by real 

estate. As of March 31, 2017, there were 

3,718 FDIC-regulated institutions with a 

total value of about $1.19 trillion in 

these loans. Based on the foregoing, we 

estimate that FDIC-regulated banks hold 

27.9% of these assets. 

The Federal Reserve Board reported 

$14.41 trillion in mortgage debt 

outstanding in the U.S., with $4.63 

trillion (32.4%) held by depository 

institutions.4 Since this total debt held 

by banks is close to the value of these 

real estate loans from Call Report data, 

we have confidence that we can meld 

the data sets for estimation purposes. 

We therefore assume that 32.4% of the 

value of flood insurance policies will be 

held by U.S. commercial banks: $401 

billion. 

In the absence of any data on the 

number of real estate loans with flood 

insurance at any bank, we resort to 

apportion 32.4% of the number of flood 

insurance policies (1,614,801) to 

commercial banks, and 27.9% of those 

to FDIC-regulated institutions (451,177). 

Because the value of property varies 

greatly between different geographical 

regions and different banks, it is 

doubtful that this estimation of the 

number of policies is accurate. 

However, there exists no other 

reasonable method for deriving the 

number of policies at each bank given 

available data. 

Next, we apportioned the 451,177 

flood insurance policies to each FDICregulated institution according to its 

share of real estate loans to total real 

estate loans. The resulting 

apportionment results in an average of 

121 policies per bank, and a median of 

30 policies per bank. Because the 

average is skewed by the large number 

of policies at large banks, we believe the 

median is a better measure for 

calculating burden hours. 

Our subject-matter experts (SMEs) for 

this rule believe that the total burden to 

the public for complying with this rule 

is 1.0 hours per policy. We find four 

PRA related tasks in this rule: (1) 

Disclosure to Borrowers, (2) Disclosure 

to Servicers, (3) Reporting to FEMA of 

Changes in Coverage, and (4) 

Recordkeeping for tasks 1–3 above. We 

assume that Recordkeeping will 

comprise 1⁄2 hour, and the remaining 1⁄2

is split between the other tasks. We 

assume that 90% of policies will 

involve a new origination, and 10% of 

policies will involve a change in status. 

With 3,718 respondents holding a 

median of 30 policies and 1 hour of 

burden per policy, we calculate a total 

burden of 111,540 hours. This burden is 

apportioned to each task as shown in 

Table 1 above. 

Dated at Washington, DC, this 22nd day of 

September, 2017. Federal Deposit Insurance 

Corporation. 

Valerie J. Best, 

Assistant Executive Secretary. 

[FR Doc. 2017–20759 Filed 9–27–17; 8:45 am] 

BILLING CODE 6714–01–P 

FEDERAL RESERVE SYSTEM 

Formations of, Acquisitions by, and 

Mergers of Savings and Loan Holding 

Companies 

The companies listed in this notice 

have applied to the Board for approval, 

45288 Federal Register / Vol. 82, No. 187 / Thursday, September 28, 2017 / Notices 

pursuant to the Home Owners’ Loan Act 

(12 U.S.C. 1461 et seq.) (HOLA), 

Regulation LL (12 CFR part 238), and 

Regulation MM (12 CFR part 239), and 

all other applicable statutes and 

regulations to become a savings and 

loan holding company and/or to acquire 

the assets or the ownership of, control 

of, or the power to vote shares of a 

savings association and nonbanking 

companies owned by the savings and 

loan holding company, including the 

companies listed below. 

The applications listed below, as well 

as other related filings required by the 

Board, are available for immediate 

inspection at the Federal Reserve Bank 

indicated. The application also will be 

available for inspection at the offices of 

the Board of Governors. Interested 

persons may express their views in 

writing on the standards enumerated in 

the HOLA (12 U.S.C. 1467a(e)). If the 

proposal also involves the acquisition of 

a nonbanking company, the review also 

includes whether the acquisition of the 

nonbanking company complies with the 

standards in section 10(c)(4)(B) of the 

HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless 

otherwise noted, nonbanking activities 

will be conducted throughout the 

United States. 

Unless otherwise noted, comments 

regarding each of these applications 

must be received at the Reserve Bank 

indicated or the offices of the Board of 

Governors not later than October 23, 

2017. 

A. Federal Reserve Bank of Cleveland 

(Nadine Wallman, Vice President) 1455 

East Sixth Street, Cleveland, Ohio 

44101–2566. Comments can also be sent 

electronically to 

Comments.applications@clev.frb.org: 

1. First Mutual Holding Co., 

Lakewood, Ohio; to acquire Doolin 

Security Savings Bank, FSB, New 

Martinsville, West Virginia. 

Board of Governors of the Federal Reserve 

System, September 25, 2017. 

Yao-Chin Chao, 

Assistant Secretary of the Board. 

[FR Doc. 2017–20811 Filed 9–27–17; 8:45 am] 

BILLING CODE P 

FEDERAL TRADE COMMISSION 

Agency Information Collection 

Activities; Proposed Collection; 

Comment Request 

AGENCY: Federal Trade Commission 

(‘‘FTC’’ or ‘‘Commission’’). 

ACTION: Notice. 

SUMMARY: The FTC intends to ask the 

Office of Management and Budget 

(‘‘OMB’’) to extend for an additional 

three years the current Paperwork 

Reduction Act (‘‘PRA’’) clearance for 

information collection requirements 

contained in the Commission’s Business 

Opportunity Rule (‘‘Rule’’). That 

clearance expires on January 31, 2018. 

DATES: Comments must be submitted by 

November 27, 2017. 

ADDRESSES: Interested parties may file a 

comment online or on paper, by 

following the instructions in the 

Request for Comment part of the 

SUPPLEMENTARY INFORMATION section 

below. Write ‘‘Business Opportunity 

Rule Paperwork Comment, FTC File No. 

P114408’’ on your comment, and file 

your comment online at https://

ftcpublic.commentworks.com/ftc/ 

BusinessOpportunityRulePRA by 

following the instructions on the webbased form. If you prefer to file your 

comment on paper, mail your comment 

to the following address: Federal Trade 

Commission, Office of the Secretary, 

600 Pennsylvania Avenue NW., Suite 

CC–5610 (Annex J), Washington, DC 

20580, or deliver your comment to the 

following address: Federal Trade 

Commission, Office of the Secretary, 

Constitution Center, 400 7th Street SW., 

5th Floor, Suite 5610, Washington, DC 

20024. 

FOR FURTHER INFORMATION CONTACT: 

Requests for additional information 

should be addressed to Christine M. 

Todaro, Attorney, Division of Marketing 

Practices, Bureau of Consumer 

Protection, Federal Trade Commission, 

600 Pennsylvania Avenue NW., CC– 

8528, Washington, DC 20580, (202) 326– 

3711. 

SUPPLEMENTARY INFORMATION: Under the 

PRA, 44 U.S.C. 3501–3521, federal 

agencies must obtain approval from 

OMB for each collection of information 

they conduct or sponsor. ‘‘Collection of 

information’’ means agency requests or 

requirements that members of the public 

submit reports, keep records, or provide 

information to a third party. 44 U.S.C. 

3502(3); 5 CFR 1320.3(c). As required by 

section 3506(c)(2)(A) of the PRA, the 

FTC is providing this opportunity for 

public comment before requesting that 

OMB extend the existing clearance for 

the information collection requirements 

contained in the Business Opportunity 

Rule, 16 CFR part 437 (OMB Control 

Number 3084–0142). 

The FTC invites comments on: (1) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information will have practical utility; 

(2) the accuracy of the agency’s estimate 

of the burden of the proposed collection 

of information, including the validity of 

the methodology and assumptions used; 

(3) ways to enhance the quality, utility, 

and clarity of the information to be 

collected; and (4) ways to minimize the 

burden of the collection of information 

on those who are to respond, including 

through the use of appropriate 

automated, electronic, mechanical, or 

other technological collection 

techniques or other forms of information 

technology, e.g., permitting electronic 

submission of responses. 

The Business Opportunity Rule 

requires business opportunity sellers to 

furnish to prospective purchasers a 

disclosure document that provides 

information relating to the seller, the 

seller’s business, the nature of the 

proposed business opportunity, as well 

as additional information regarding any 

claims about actual or potential sales, 

income, or profits for a prospective 

business opportunity purchaser. The 

seller must also preserve information 

that forms a reasonable basis for such 

claims. These disclosure and 

recordkeeping requirements are subject 

to the PRA. 

The Rule is designed to ensure that 

prospective purchasers of a business 

opportunity receive information that 

will help them evaluate the opportunity 

that is presented to them. Sellers must 

disclose five key items of information in 

a simple, one-page document: 

• The seller’s identifying information; 

• whether the seller makes a claim 

about the purchaser’s likely earnings 

(and, if the seller checks the ‘‘yes’’ box, 

the seller must provide information 

supporting any such claims); 

• whether the seller, its affiliates or 

key personnel have been involved in 

certain legal actions (and, if yes, the 

seller must provide a separate list of 

those actions); 

• whether the seller has a 

cancellation or refund policy (and, if 

yes, the seller must provide a separate 

document stating the material terms of 

such policies); and 

• a list of persons who bought the 

business opportunity within the 

previous three years. 

Misrepresentations and omissions are 

prohibited under the Rule, and for sales 

conducted in languages other than 

English, all disclosures must be 

provided in the language in which the 

sale is conducted. 

PRA Burden Analysis 

Subject to public comment to shed 

further light, the FTC retains its 

respondent population estimates from 

its prior OMB clearance for the 

information collection requirements