Agency Information Collection Activities; Information Collection Renewal; Reverse Mortgage Products: Guidance for Managing Compliance and Reputation Risks, 38450-38452 [2013-15293]

Agencies

• FEDERAL DEPOSIT INSURANCE CORPORATION
• National Credit Union Administration
• Office of the Comptroller of the Currency
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 78, Number 123 (Wednesday, June 26, 2013)]
[Notices]
[Pages 38450-38452]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-15293]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

FEDERAL DEPOSIT INSURANCE CORPORATION

NATIONAL CREDIT UNION ADMINISTRATION


Agency Information Collection Activities; Information Collection 
Renewal; Reverse Mortgage Products: Guidance for Managing Compliance 
and Reputation Risks

AGENCIES:  Office of the Comptroller of the Currency, Treasury (OCC); 
Federal Deposit Insurance Corporation (FDIC); and National Credit Union 
Administration (NCUA).

ACTION: Notice and request for comment.

-----------------------------------------------------------------------

SUMMARY: The OCC, FDIC, and NCUA (the Agencies), are soliciting public 
comment on the renewal of a collection of information by the Agencies. 
Under the Paperwork Reduction Act of 1995 (PRA), Federal agencies are 
required to publish notice in the Federal Register concerning each 
proposed collection of information, including each proposed extension 
of an existing collection of information, and to allow 60 days for 
public comment in response to the notice.
    The Agencies are soliciting comment concerning renewal of their 
information collection titled, ``Reverse Mortgage Products: Guidance 
for Managing Compliance and Reputation Risks.''

DATES: Comments must be received by August 26, 2013.

ADDRESSES: 
    OCC: Because paper mail in the Washington, DC area and at the OCC 
is subject to delay, commenters are encouraged to submit comments by 
email if possible. Comments may be sent to: Legislative and Regulatory 
Activities Division, Office of the Comptroller of the Currency, 
Attention: 1557-0246, 400 7th Street SW., Suite 3E-218, Mail Stop 9W-
11, Washington, DC 20219. In addition, comments may be sent by fax to 
(571) 465-4326 or by electronic mail to regs.comments@occ.treas.gov. 
You may personally inspect and photocopy comments at the OCC, 400 7th 
Street SW., Washington, DC 20219. For security reasons, the OCC 
requires that visitors make an appointment to inspect comments. You may 
do so by calling (202) 649-6700. Upon arrival, visitors will be 
required to present valid government-issued photo identification and to 
submit to security screening in order to inspect and photocopy 
comments.
    All comments received, including attachments and other supporting 
materials, are part of the public record and subject to public 
disclosure. Do not enclose any information in your comment or 
supporting materials that you consider confidential or inappropriate 
for public disclosure.
    FDIC: Interested parties are invited to submit written comments. 
All comments should refer to the name of the collection, ``Reverse 
Mortgage Products Guidance.'' Comments may be submitted by any of the 
following methods:
     https://www.fdic.gov/regulations/laws/federal/notices.html.
     Email: comments@fdic.gov. Include the name and number of 
the collection in the subject line of the message.
     Mail: Gary A. Kuiper (202) 898-3877, Counsel, Federal 
Deposit Insurance Corporation, NYA-5046, 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 7:00 a.m. and 5:00 p.m.
    A copy of the comments may also be submitted to the FDIC Desk 
Officer, Office of Information and Regulatory Affairs, Office of 
Management and Budget, New Executive Office Building, Room 10235, 
Washington, DC 20503.
    NCUA: You may submit comments by any of the following methods 
(Please send comments by one method only):
     Federal eRulemaking Portal: https://www.regulations.gov. 
Follow the instructions for submitting comments.
     NCUA Web site: https://www.ncua.gov/Resources/RegulationsOpinionsLaws/ProposedRegulations.aspx Follow the 
instructions for submitting comments.
     Email: Address to regcomments@ncua.gov. Include ``[Your 
name] Comments on Reverse Mortgage Products Guidance, '' in the email 
subject line.
     Fax: (703) 518-6319. Use the subject line described above 
for email.
     Mail: Address to Mary F. Rupp, Secretary of the Board, 
National Credit Union Administration, 1775 Duke Street, Alexandria, 
Virginia 22314-3428.
     Hand Delivery/Courier: Same as mail address.

[[Page 38451]]

    Public inspection: All public comments are available on the 
agency's Web site at https://www.ncua.gov/Resources/RegulationsOpinionsLaws/ProposedRegulations.aspx as submitted, except 
as may not be possible for technical reasons. Public comments will not 
be edited to remove any identifying or contact information. Paper 
copies of comments may be inspected in NCUA's law library, at 1775 Duke 
Street, Alexandria, Virginia 22314, by appointment weekdays between 
9:00 a.m. and 3:00 p.m. To make an appointment, call (703) 518-6546 or 
send an email to OGC Mail @ncua.gov.
    Additionally, please send a copy of your comments by mail to: OMB 
Desk Officer, 1557-0246; 3064-0176; 3133-0187, U.S. Office of 
Management and Budget, 725 17th Street NW., 10235, Washington, 
DC 20503, or by email to: oira submission@omb.eop.gov.

FOR FURTHER INFORMATION CONTACT:  OCC: You can request additional 
information or a copy of the information collection from Johnny Vilela 
or Mary H. Gottlieb, OCC Clearance Officers, (202) 649-5490, 
Legislative and Regulatory Activities Division, Office of the 
Comptroller of the Currency, 400 7th Street SW., Suite 3E-218, Mailstop 
9W-11, Washington, DC 20219.
    FDIC: Michael R. Evans, Fair Lending Specialist, Compliance Policy 
Section, Division of Supervision and Consumer Protection, (202) 898-
6611; or Richard M. Schwartz, Counsel, (202) 898-7424, Legal Division, 
Federal Deposit Insurance Corporation, 550 17th Street NW., Washington, 
DC 20429.
    NCUA: Tracy Sumpter, Paperwork Clearance Officer, 703-518-6444, 
Office of the Chief Information Officer, National Credit Union 
Administration, 1775 Duke Street, Alexandria, VA 22314.

SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), Federal 
agencies must obtain approval from the Office of Management and Budget 
(OMB) for each collection of information 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 the PRA (44 U.S.C. 3506(c)(2)(A)) requires 
Federal agencies to provide a 60-day notice in the Federal Register 
concerning each proposed collection of information, including each 
proposed renewal of an existing collection of information, before 
submitting the collection to OMB for approval. To comply with this 
requirement, the Agencies are publishing this notice of their intent to 
seek OMB PRA renewal for the information collection requirements 
contained in their guidance entitled ``Reverse Mortgage Products: 
Guidance for Managing Compliance and Reputation Risks.''
    With respect to renewal of this collection of information, the 
Agencies invite comments on:
    (a) Whether the collection of information is necessary for the 
proper performance of the Federal banking agencies' 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 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.
    The Agencies are proposing to extend OMB approval of the following 
information collection:
    Title of Information Collection: Reverse Mortgage Products: 
Guidance for Managing Compliance and Reputation Risks.
    OMB Control Numbers: 1557-0246; 3064-0176; and 3133-0187.
    Abstract: On December 16, 2009, the OCC, FDIC, FRB and NCUA sought 
comment on the guidance,\1\ and they issued it in final form on August 
17, 2010.\2\ The guidance focused 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. It also 
addressed related policies, procedures, internal controls, and third 
party risk management.
---------------------------------------------------------------------------

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

    Prior to the effective date of the final guidance, the Agencies 
obtained PRA approval from OMB for the information collection 
requirements contained therein. These information collection 
requirements included implementation of policies and procedures, 
training, and program maintenance. The requirements are outlined below:
     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.
     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.
     Legal and compliance reviews should include oversight of 
compensation programs so that lending personnel are not improperly 
encouraged to direct consumers to particular products.
     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.
    The Agencies are now seeking renewal of the PRA approval granted by 
OMB for these information collection requirements.
    Affected Public:
    OCC: National banks, Federal savings associations, their 
subsidiaries, and Federal branches or agencies of foreign banks.
    FDIC: Insured state nonmember banks.
    NCUA: Federally-insured credit unions.
    Type of Review: Regular.
    Estimated Burden:
    OCC:
    Number of respondents: 97.
    Burden per respondent: 40 hours to implement policies and 
procedures and to provide training; 8 hours annually to maintain 
program.
    Total estimated annual burden: 4,656 hours.
    FDIC:
    Number of respondents: 48.
    Burden per respondent: 40 hours to implement policies and 
procedures and to provide training; 8 hours annually to maintain 
program.
    Total estimated annual burden: 2,304 hours.
    NCUA:
    Number of respondents: 85.
    Burden per respondent: 40 hours to implement policies and 
procedures and to provide training; 8 hours annually to maintain 
program.
    Total estimated annual burden: 4,080 hours.

    Dated: June 14, 2013.
Michele Meyer,
Assistant Director, Legislative and Regulatory Activities Division.
    Dated at Washington, DC, this 3rd day of June, 2013.


[[Page 38452]]


Federal Deposit Insurance Corporation.
Robert E Feldman,
Executive Secretary.
    Dated: June 20, 2013.

    By the National Credit Union Administration.
Mary F. Rupp,
Secretary of the Board.
[FR Doc. 2013-15293 Filed 6-25-13; 8:45 am]
BILLING CODE 4810-33-P- 6714-01-P; 7535-01-P;