Loans in Areas Having Special Flood Hazards, 51885-51886 [E8-20565]

Agencies

• DEPARTMENT OF THE TREASURY
• Office of Thrift Supervision
• Thrift Supervision Office

[Federal Register Volume 73, Number 173 (Friday, September 5, 2008)]
[Notices]
[Pages 51885-51886]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-20565]


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DEPARTMENT OF THE TREASURY

Office of Thrift Supervision


Loans in Areas Having Special Flood Hazards

AGENCY: Office of Thrift Supervision (OTS), Treasury.

ACTION: Notice and request for comment.

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SUMMARY: The proposed information collection request (ICR) described 
below has been submitted to the Office of Management and Budget (OMB) 
for review and approval, as required by the Paperwork Reduction Act of 
1995. OTS is soliciting public comments on the proposal.

DATES: Submit written comments on or before October 6, 2008. A copy of 
this ICR, with applicable supporting documentation, can be obtained 
from RegInfo.gov at https://www.reginfo.gov/public/do/PRAMain.

[[Page 51886]]


ADDRESSES: Send comments, referring to the collection by title of the 
proposal or by OMB approval number, to OMB and OTS at these addresses: 
Office of Information and Regulatory Affairs, Attention: Desk Officer 
for OTS, U.S. Office of Management and Budget, 725--17th Street, NW., 
Room 10235, Washington, DC 20503, or by fax to (202) 395-6974; and 
Information Collection Comments, Chief Counsel's Office, Office of 
Thrift Supervision, 1700 G Street, NW., Washington, DC 20552, by fax to 
(202) 906-6518, or by e-mail to infocollection.comments@ots.treas.gov. 
OTS will post comments and the related index on the OTS Internet Site 
at https://www.ots.treas.gov. In addition, interested persons may 
inspect comments at the Public Reading Room, 1700 G Street, NW., by 
appointment. To make an appointment, call (202) 906-5922, send an e-
mail to public.info@ots.treas.gov, or send a facsimile transmission to 
(202) 906-7755.

FOR FURTHER INFORMATION CONTACT: For further information or to obtain a 
copy of the submission to OMB, please contact Ira L. Mills at, 
ira.mills@ots.treas.gov (202) 906-6531, or facsimile number (202) 906-
6518, Regulations and Litigation Division, Chief Counsel's Office, 
Office of Thrift Supervision, 1700 G Street, NW., Washington, DC 20552.

SUPPLEMENTARY INFORMATION: OTS may not conduct or sponsor an 
information collection, and respondents are not required to respond to 
an information collection, unless the information collection displays a 
currently valid OMB control number. As part of the approval process, we 
invite comments on the following information collection.
    Title of Proposal: Loans in Areas Having Special Flood Hazards.
    OMB Number: 1550-0088.
    Form Number: N/A.
    Description: The borrower uses the notice to make decisions 
regarding the collateral to be used to secure a loan. This notice 
advises the borrower as to whether the property securing the loan is or 
will be located in a special flood hazard area, whether flood insurance 
on the property securing the loan is required, and includes a 
description of the flood insurance purchase requirements. This notice 
also provides the borrower with information regarding the availability 
of Federal assistance in the event of a declared Federal flood 
disaster. If a loan is being serviced by a loan servicer, this notice 
also is provided by the savings association to the loan servicer to 
assist in making the servicer aware of its responsibility for 
performing certain tasks on behalf of the lender (e.g., collecting 
insurance premiums). The statute and OTS implementing regulations 
require the lending institution to retain a record of the receipt of 
the notice to the borrower. OTS uses this record to verify compliance.
    A second notice to the borrower is required if the lending 
institution determines at any time during the life of a loan that 
adequate (required) flood insurance is not in place. This notice is 
used by the borrower to determine how much flood insurance to purchase.
    The notice to the Federal Emergency Management Agency (FEMA) 
advises FEMA of the identity of the initial loan servicer and, if 
necessary, of changes in servicers. FEMA uses this notice to maintain 
current information regarding the persons to whom it should direct 
inquiries regarding flood insurance, or to send notices of flood 
insurance policy renewals.
    A lending institution is required by statute and OTS implementing 
regulations to use the standard flood hazard determination form 
developed by FEMA when determining whether the property securing the 
loan is or will be located in a special flood hazard area.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit.
    Estimated Number of Respondents: 832.
    Estimated Number of Responses: 214,660.
    Estimated Burden Hours per Response: 15 minutes.
    Estimated Frequency of Response: On occasion.
    Estimated Total Burden: 54,497 hours.
    Clearance Officer: Ira L. Mills, (202) 906-6531, Office of Thrift 
Supervision, 1700 G Street, NW., Washington, DC 20552.

    Dated: August 29, 2008.
Deborah Dakin,
Senior Deputy Chief Counsel, Regulations and Legislation Division.
[FR Doc. E8-20565 Filed 9-4-08; 8:45 am]
BILLING CODE 6720-01-P