Proposed Agency Information Collection Activities; Comment Request, 58003-58005 [2011-23961]

Download as PDF Federal Register / Vol. 76, No. 181 / Monday, September 19, 2011 / Notices asset-related stress score and loss severity score do not reflect a number of significant qualitative risk mitigants that suggest lower risk. VI. Additional Comments mstockstill on DSK4VPTVN1PROD with NOTICES The FDIC received two comments stating that including Troubled Debt Restructurings (TDR) in the Criticized and Classified items and/or underperforming assets ratios and/or the higher-risk concentration measure is inconsistent with the FDIC’s public remarks encouraging institutions to enter into loan modifications. In particular, the commenter cited remarks made in ‘‘Supervisory Insights: Regulatory Actions Related to Foreclosure Activities by Large Servicers and Practical Implications for Community Banks.’’ One commenter suggested that the FDIC include in the guidelines a method to adjust institutions’ scores that actively demonstrates support for the FDIC’s guidance on mortgage loan modifications. Many loan modifications, such as those to reduce the interest rate for competitive reasons, are not TDRs. However, a loan modification results in a TDR when a creditor for economic or legal reasons related to the borrower’s financial difficulties grants a concession to the borrower that the creditor would not otherwise have considered if it were not for the borrower’s financial difficulties. Restructured workout loans typically present an elevated level of credit risk as the borrowers are not able to perform according to the original contractual terms. The FDIC is interested in pricing for risk; therefore, TDRs (which display higher risk) are included in certain scorecard ratios. The FDIC does not believe the definitions and the application of those definitions in the pricing rule for these higher risk assets is inconsistent with the FDIC’s guidance to ‘‘avoid unnecessary foreclosures and consider mortgage loan modifications or other workouts that are affordable and sustainable.’’ To the extent that TDRs have risk mitigants that materially lower an institution’s risk profile relative to that institution’s total score, the FDIC would consider those specific mitigants in the adjustment process. VII. Effective Date: September 13, 2011 VIII. Paperwork Reduction Act In accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), an agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid OMB VerDate Mar<15>2010 15:46 Sep 16, 2011 Jkt 223001 control number. This Notice of Assessment Rate Adjustment Guidelines for Large and Highly Complex Institutions includes a provision allowing large and highly complex institutions to make a written request to the FDIC for an adjustment to an institution’s total score. An institution’s request for adjustment is considered only if it is supported by evidence of a material risk or risk-mitigating factor that is not adequately accounted for in the scorecard. In conjunction with publication of the Proposed Assessment Rate Adjustment Guidelines for Large and Highly Complex Institutions, the FDIC submitted to OMB a request for clearance of the paperwork burden associated with the request for adjustment. That request is still pending. The proposal requested comment on the estimated paperwork burden. One comment addressing the estimated paperwork burden was received; the commenter stated that the number of hours required to prepare an institution-initiated request for adjustment was underestimated. The FDIC agrees that there can be significant variations in the amount of time required to provide a written request for an adjustment and has altered its initial burden estimates accordingly. The revised estimated burden for the application requirement is as follows: Title: ‘‘Assessment Rate Adjustment Guidelines for Large and Highly Complex Institutions—Request for Adjustment.’’ OMB Number: 3064–0179. Respondents: Large and Highly Complex insured depository institutions. Number of Responses: 0–11 per year. Frequency of Response: Occasional. Average number of hours to prepare a response: 8–80. Total Annual Burden: 0–880 hours. Comment Request: The FDIC has an ongoing interest in public comments on its collections of information, including comments on: (1) Whether this collection of information is necessary for the proper performance of the FDIC’s functions, including whether the information has practical utility; (2) the accuracy of the estimates of the burden of the information collection, including the validity of the methodologies 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 information collection on respondents, including through the use of automated collection techniques or other forms of information technology. Comments may PO 00000 Frm 00057 Fmt 4703 Sfmt 4703 58003 be submitted to the FDIC by any of the following methods: • http://www.FDIC.gov/regulations/ laws/federal/propose.html. • E-mail: comments@fdic.gov: Include the name and number of the collection in the subject line of the message. • Mail: Gary Kuiper (202–898–3877), Counsel, Federal Deposit Insurance Corporation, 550 17th Street, NW., Washington, DC 20429. • Hand Delivery: Comments may be hand-delivered to the guard station at the rear of the 550 17th Street Building (located on F Street), on business days between 7 a.m. and 5 p.m. A copy of the comment may also be submitted to the OMB Desk Officer for the FDIC, Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Room 3208, Washington, DC 20503. All comments should refer to the ‘‘Assessment Rate Adjustment Guidelines for Large and Highly Complex Institutions—Request for Adjustment.’’ (OMB No. 3064–0179). By order of the Board of Directors. Dated at Washington, DC, this 13th day of September, 2011. Federal Deposit Insurance Corporation. Robert E. Feldman, Executive Secretary. [FR Doc. 2011–23835 Filed 9–16–11; 8:45 am] BILLING CODE 6714–01–P FEDERAL RESERVE SYSTEM Proposed Agency Information Collection Activities; Comment Request Board of Governors of the Federal Reserve System. SUMMARY: On June 15, 1984, the Office of Management and Budget (OMB) delegated to the Board of Governors of the Federal Reserve System (Board) its approval authority under the Paperwork Reduction Act (PRA), pursuant to 5 CFR 1320.16, to approve of and assign OMB control numbers to collection of information requests and requirements conducted or sponsored by the Board under conditions set forth in 5 CFR Part 1320 Appendix A.1. Board-approved collections of information are incorporated into the official OMB inventory of currently approved collections of information. Copies of the Paperwork Reduction Act Submission, supporting statements and approved collection of information instruments are placed into OMB’s public docket files. The Federal Reserve may not conduct or sponsor, and the respondent is not required to respond to, an AGENCY: E:\FR\FM\19SEN1.SGM 19SEN1 mstockstill on DSK4VPTVN1PROD with NOTICES 58004 Federal Register / Vol. 76, No. 181 / Monday, September 19, 2011 / Notices information collection that has been extended, revised, or implemented on or after October 1, 1995, unless it displays a currently valid OMB control number. DATES: Comments must be submitted on or before November 18, 2011. ADDRESSES: You may submit comments, identified by Reg H–2, by any of the following methods: • Agency Web Site: http:// www.federalreserve.gov. Follow the instructions for submitting comments at http://www.federalreserve.gov/ generalinfo/foia/ProposedRegs.cfm. • Federal eRulemaking Portal: http:// www.regulations.gov. Follow the instructions for submitting comments. • E-mail: regs.comments@federalreserve.gov. Include docket number in the subject line of the message. • FAX: 202/452–3819 or 202/452– 3102. • Mail: Jennifer J. Johnson, 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 Web site at http:// www.federalreserve.gov/generalinfo/ foia/ProposedRegs.cfm 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 MP–500 of the Board’s Martin Building (20th and C Streets, NW.,) between 9 a.m. and 5 p.m. on weekdays. Additionally, commenters should 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 Web site at: http:// www.federalreserve.gov/boarddocs/ reportforms/review.cfm or may be requested from the agency clearance officer, whose name appears below. Federal Reserve Board Clearance Officer—Cynthia Ayouch—Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, DC 20551 (202– VerDate Mar<15>2010 15:46 Sep 16, 2011 Jkt 223001 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: Request for Comment on Information Collection Proposal The following information collection, which is being handled under this delegated authority, has received initial Board approval and is hereby published for comment. At the end of the comment period, the proposed information collection, along with an analysis of comments and recommendations received, will be submitted to the Board for final approval under OMB delegated authority. 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; and 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. e. Estimates of capital or start up costs and costs of operation, maintenance, and purchase of services to provide information. Proposal To Approve Under OMB Delegated Authority the Extension for Three Years, With Revision, of the Following Report Report title: Recordkeeping and Disclosure Requirements Associated with Loans Secured by Real Estate Located in Flood Hazard Areas Pursuant to Section 208.25 of Regulation H. Agency form number: Reg H–2. OMB control number: 7100–0280. Frequency: Event-generated. Reporters: State member banks. Estimated annual reporting hours: Notice of special flood hazards to borrowers and servicers, 5,768 hours; notice to FEMA of servicer, 5,768 hours; notice to FEMA of change of servicer, 2,884 hours; notice to borrowers of lapsed mandated flood insurance, 1,167 hours; purchase flood insurance on the borrower’s behalf, 824 hours; notice to borrowers of lapsed mandated flood insurance due to remapping, 549 hours; purchase flood insurance on the PO 00000 Frm 00058 Fmt 4703 Sfmt 4703 borrower’s behalf due to remapping, 824 hours; and retention of standard FEMA form, 14,420 hours. Estimated average hours per response: Notice of special flood hazards to borrowers and servicers, 5 minutes; notice to FEMA of servicer, 5 minutes; notice to FEMA of change of servicer, 5 minutes; notice to borrowers of lapsed mandated flood insurance, 5 minutes; purchase flood insurance on the borrower’s behalf, 15 minutes; notice to borrowers of lapsed mandated flood insurance due to remapping, 5 minutes; purchase flood insurance on the borrower’s behalf due to remapping, 15 minutes; and retention of standard FEMA form, 2.5 minutes. Number of respondents: 824. General description of report: This information collection is mandatory pursuant to Section 12 of the Flood Disaster Protection Act of 1973, as amended (42 U.S.C. 4012a) and section 1364 of the National Flood Insurance Act of 1968, as amended (42 U.S.C. 4104a). Since the Federal Reserve does not collect any information associated with Reg H–2, confidentiality would not generally be an issue. However, confidentiality issues may arise should the records required by the Reg H–2 requirements come into possession of the Board during an examination of a state member bank, those records would be protected from disclosure by exemption 8 of the Freedom of Information Act. (5 U.S.C. 552(b)(8)). Abstract: Regulation H requires state member banks to notify a borrower and servicer when loans secured by real estate are determined to be in a special flood hazard area and notify them whether flood insurance is available; notify FEMA of the identity of, and any change of, the servicer of a loan secured by real estate in a special flood hazard area; and retain a completed copy of the Standard Flood Hazard Determination Form used to determine whether property securing a loan is in a special flood hazard area. Current Action: The Federal Reserve proposes to extend, with revision, the recordkeeping and disclosure requirements of Regulation H for loans secured by improved property in areas having special flood hazards.1 Although state member banks have been required to comply with Section 208.25 of Regulation H for some time, the current information collection does not include disclosures related to ensuring maintenance of flood insurance over the 1 A special flood hazard area is defined by Regulation H as land in the flood plain within a community having at least a 1 percent chance of flooding in any given year, as designated by FEMA. E:\FR\FM\19SEN1.SGM 19SEN1 Federal Register / Vol. 76, No. 181 / Monday, September 19, 2011 / Notices life of these loans. The Federal Reserve proposes to revise the information collection to account for this statutory requirement. September 14, 2011. Board of Governors of the Federal Reserve System. Jennifer J. Johnson, Secretary of the Board. [FR Doc. 2011–23961 Filed 9–16–11; 8:45 am] BILLING CODE 6210–01–P FEDERAL RESERVE SYSTEM mstockstill on DSK4VPTVN1PROD with NOTICES Change in Bank Control Notices; Acquisitions of Shares of a Bank or Bank Holding Company The notificants listed below have applied under the Change in Bank Control Act (12 U.S.C. 1817(j)) and § 225.41 of the Board’s Regulation Y (12 CFR 225.41) to acquire shares of a bank or bank holding company. The factors that are considered in acting on the notices are set forth in paragraph 7 of the Act (12 U.S.C. 1817(j)(7)). The notices are available for immediate inspection at the Federal Reserve Bank indicated. The notices also will be available for inspection at the offices of the Board of Governors. Interested persons may express their views in writing to the Reserve Bank indicated for that notice or to the offices of the Board of Governors. Comments must be received not later than October 3, 2011. A. Federal Reserve Bank of Richmond (Adam M. Drimer, Assistant Vice President) 701 East Byrd Street, Richmond, Virginia 23261–4528: 1. FIE I LLC, Newport Beach, California, a Delaware limited liability company; PIMCO BRAVO Fund, L.P., Newport Beach, California, a Delaware limited partnership; PIMCO GP IX, LLC, Newport Beach, California, a Delaware limited partnership; Pacific Investment Management Company LLC, Newport Beach, California, a Delaware limited liability company; PIMCO BRAVO Fund Special Offshore Feeder I, L.P., Newport Beach, California, a Cayman Islands exempted limited partnership; PIMCO BRAVO Fund Special Onshore Feeder I, L.P., Newport Beach, California, a Delaware limited partnership; PIMCO BRAVO Fund Offshore Feeder I, L.P., Newport Beach, California, a Cayman Islands exempted limited partnership; PIMCO BRAVO Fund Onshore Feeder I,L.P., Newport Beach, California, a Delaware limited partnership; PIMCO BRAVO Fund Special Onshore Feeder (TE) I, L.P., Newport Beach, California, a Delaware limited partnership; PIMCO BRAVO Holding Fund I, L.P., Newport VerDate Mar<15>2010 15:46 Sep 16, 2011 Jkt 223001 Beach, California, a Cayman limited partnership; Allianz Global Investors of America L.P., Newport Beach, California, a Delaware limited partnership; Allianz Global Investors of America LLC, Newport Beach, California, a Delaware limited liability company; Allianz Global Investors U.S. Holding II LLC, Newport Beach, California, a Delaware limited liability company; PFP Holdings, Inc., Newport Beach, California, a Delaware corporation; Allianz Global Investors of America Holdings Inc., Munich, Germany, a Delaware corporation; Allianz Global Investors Aktiengesellschaft, Munich, Germany, a German corporation; Allianz of America, Inc., Novato, California, a Delaware corporation; Allianz Finanzbeteiligungs GMBH, Munich, Germany, a German limited liability company; and Allianz SE, Munich, Germany, a German corporation, to acquire voting shares of ECB Bancorp, Inc., and thereby indirectly acquire voting shares of The East Carolina Bank, both in Engelhard, North Carolina. B. Federal Reserve Bank of Dallas (E. Ann Worthy, Vice President) 2200 North Pearl Street, Dallas, Texas 75201– 2272: 1. Steven Gregory Kidd, Plano, Texas, individually and as trustee for The Greg Kidd 2010 Trust, The John Luster Kidd 2011 Family Trust, and as co-trustee for The Family Trust; John Luster Kidd, Tyler, Texas, individually and as trustee for The Greg and Shelly Kidd 2011 Trust, The Luster Kidd 2010 Trust, and as co-trustee for The Family Trust; and collectively Steven Gregory Kidd and John Luster Kidd as the Kidd Family Group; to acquire voting shares of Kidd Partners, Ltd., and thereby indirectly acquire voting shares of Chandler Bancorp, Inc., both in Tyler, Texas, Chandler Bancorp of Nevada Inc., Carson City, Nevada, and Citizens State Bank, Tyler, Texas. Board of Governors of the Federal Reserve System, September 13, 2011. Robert deV. Frierson, Deputy Secretary of the Board. [FR Doc. 2011–23853 Filed 9–16–11; 8:45 am] BILLING CODE 6210–01–P FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction This notice corrects a notice (FR Doc. 2011–23321) published on page 56455 of the issue for Tuesday, September 13, 2011. PO 00000 Frm 00059 Fmt 4703 Sfmt 9990 58005 Under the Federal Reserve Bank of Atlanta heading, the entry for Trade Street Holdings, LLC Trade Street BFHI Holdings, LLC, both in Aventura Florida, and Florida Carpenters Regional Council Pension Fund, Hialeah, Florida, is revised to read as follows: A. Federal Reserve Bank of Atlanta (Chapelle Davis, Assistant Vice President) 1000 Peachtree Street, NE., Atlanta, Georgia 30309: 1. Trade Street Investment Services, LLC; Trade Street BFHI Holdings, LLC; Trade Street Financial Holdings, LLC, all in Aventura, Florida, and Florida Carpenters Regional Council Pension Fund, Hialeah, Florida; to become bank holding companies by acquiring 52.41 percent of the voting shares of Broward Financial Holdings, Inc., and its subsidiary, Broward Bank of Commerce, both in Fort Lauderdale, Florida. Comments on this application must be received by October 7, 2011. Board of Governors of the Federal Reserve System, September 13, 2011. Robert deV. Frierson, Deputy Secretary of the Board. [FR Doc. 2011–23854 Filed 9–16–11; 8:45 am] BILLING CODE 6210–01–P GOVERNMENT PRINTING OFFICE Meeting Notice; Depository Library Council to the Public Printer The Depository Library Council to the Public Printer (DLC) will meet on Monday, October 17, through Thursday, October 20, 2011, from 8 a.m. to 5:30 p.m., at the Doubletree Hotel-Crystal City, located at 300 Army Navy Drive, Arlington, Virginia, to discuss the Federal Depository Library Program. All sessions are open to the public. The sleeping rooms available at the Doubletree Hotel-Crystal City will be at the Government rate of $226.00 per night (plus applicable state and local taxes, currently 10.25%) for a single or a double. The Doubletree Hotel-Crystal City is in compliance with the requirements of Title III of the Americans with Disabilities Act and meets all Fire Safety Act regulations. William J. Boarman, Public Printer of the United States. [FR Doc. 2011–23948 Filed 9–16–11; 8:45 am] BILLING CODE 1520–01–P E:\FR\FM\19SEN1.SGM 19SEN1

Agencies

[Federal Register Volume 76, Number 181 (Monday, September 19, 2011)]
[Notices]
[Pages 58003-58005]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-23961]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: On June 15, 1984, the Office of Management and Budget (OMB) 
delegated to the Board of Governors of the Federal Reserve System 
(Board) its approval authority under the Paperwork Reduction Act (PRA), 
pursuant to 5 CFR 1320.16, to approve of and assign OMB control numbers 
to collection of information requests and requirements conducted or 
sponsored by the Board under conditions set forth in 5 CFR Part 1320 
Appendix A.1. Board-approved collections of information are 
incorporated into the official OMB inventory of currently approved 
collections of information. Copies of the Paperwork Reduction Act 
Submission, supporting statements and approved collection of 
information instruments are placed into OMB's public docket files. The 
Federal Reserve may not conduct or sponsor, and the respondent is not 
required to respond to, an

[[Page 58004]]

information collection that has been extended, revised, or implemented 
on or after October 1, 1995, unless it displays a currently valid OMB 
control number.

DATES: Comments must be submitted on or before November 18, 2011.

ADDRESSES: You may submit comments, identified by Reg H-2, by any of 
the following methods:
     Agency Web Site: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     E-mail: regs.comments@federalreserve.gov. Include docket 
number in the subject line of the message.
     FAX: 202/452-3819 or 202/452-3102.
     Mail: Jennifer J. Johnson, 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 Web site at 
http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm 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 MP-500 of the Board's Martin Building (20th and C 
Streets, NW.,) between 9 a.m. and 5 p.m. on weekdays.
    Additionally, commenters should 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 Web site at: http://www.federalreserve.gov/boarddocs/reportforms/review.cfm or may be 
requested from the agency clearance officer, whose name appears below.
    Federal Reserve Board Clearance Officer--Cynthia Ayouch--Division 
of Research and Statistics, 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: 

Request for Comment on Information Collection Proposal

    The following information collection, which is being handled under 
this delegated authority, has received initial Board approval and is 
hereby published for comment. At the end of the comment period, the 
proposed information collection, along with an analysis of comments and 
recommendations received, will be submitted to the Board for final 
approval under OMB delegated authority. 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; and
    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.
    e. Estimates of capital or start up costs and costs of operation, 
maintenance, and purchase of services to provide information.

Proposal To Approve Under OMB Delegated Authority the Extension for 
Three Years, With Revision, of the Following Report

    Report title: Recordkeeping and Disclosure Requirements Associated 
with Loans Secured by Real Estate Located in Flood Hazard Areas 
Pursuant to Section 208.25 of Regulation H.
    Agency form number: Reg H-2.
    OMB control number: 7100-0280.
    Frequency: Event-generated.
    Reporters: State member banks.
    Estimated annual reporting hours: Notice of special flood hazards 
to borrowers and servicers, 5,768 hours; notice to FEMA of servicer, 
5,768 hours; notice to FEMA of change of servicer, 2,884 hours; notice 
to borrowers of lapsed mandated flood insurance, 1,167 hours; purchase 
flood insurance on the borrower's behalf, 824 hours; notice to 
borrowers of lapsed mandated flood insurance due to remapping, 549 
hours; purchase flood insurance on the borrower's behalf due to 
remapping, 824 hours; and retention of standard FEMA form, 14,420 
hours.
    Estimated average hours per response: Notice of special flood 
hazards to borrowers and servicers, 5 minutes; notice to FEMA of 
servicer, 5 minutes; notice to FEMA of change of servicer, 5 minutes; 
notice to borrowers of lapsed mandated flood insurance, 5 minutes; 
purchase flood insurance on the borrower's behalf, 15 minutes; notice 
to borrowers of lapsed mandated flood insurance due to remapping, 5 
minutes; purchase flood insurance on the borrower's behalf due to 
remapping, 15 minutes; and retention of standard FEMA form, 2.5 
minutes.
    Number of respondents: 824.
    General description of report: This information collection is 
mandatory pursuant to Section 12 of the Flood Disaster Protection Act 
of 1973, as amended (42 U.S.C. 4012a) and section 1364 of the National 
Flood Insurance Act of 1968, as amended (42 U.S.C. 4104a). Since the 
Federal Reserve does not collect any information associated with Reg H-
2, confidentiality would not generally be an issue. However, 
confidentiality issues may arise should the records required by the Reg 
H-2 requirements come into possession of the Board during an 
examination of a state member bank, those records would be protected 
from disclosure by exemption 8 of the Freedom of Information Act. (5 
U.S.C. 552(b)(8)).
    Abstract: Regulation H requires state member banks to notify a 
borrower and servicer when loans secured by real estate are determined 
to be in a special flood hazard area and notify them whether flood 
insurance is available; notify FEMA of the identity of, and any change 
of, the servicer of a loan secured by real estate in a special flood 
hazard area; and retain a completed copy of the Standard Flood Hazard 
Determination Form used to determine whether property securing a loan 
is in a special flood hazard area.
    Current Action: The Federal Reserve proposes to extend, with 
revision, the recordkeeping and disclosure requirements of Regulation H 
for loans secured by improved property in areas having special flood 
hazards.\1\ Although state member banks have been required to comply 
with Section 208.25 of Regulation H for some time, the current 
information collection does not include disclosures related to ensuring 
maintenance of flood insurance over the

[[Page 58005]]

life of these loans. The Federal Reserve proposes to revise the 
information collection to account for this statutory requirement.
---------------------------------------------------------------------------

    \1\ A special flood hazard area is defined by Regulation H as 
land in the flood plain within a community having at least a 1 
percent chance of flooding in any given year, as designated by FEMA.

---------------------------------------------------------------------------
    September 14, 2011.

    Board of Governors of the Federal Reserve System.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2011-23961 Filed 9-16-11; 8:45 am]
BILLING CODE 6210-01-P