Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Reverse Mortgage Products: Guidance for Managing Compliance and Reputation Risks, 72673-72674 [2016-25388]

Download as PDF Federal Register / Vol. 81, No. 203 / Thursday, October 20, 2016 / Notices mstockstill on DSK3G9T082PROD with NOTICES Section 48.15 requires a national bank or Federal savings association to provide a retail forex customer with 30 days prior notice of any assignment of any position or transfer of any account of the retail forex customer. It also requires a national bank or Federal savings association to which retail forex accounts or positions are assigned or transferred to provide the affected customers with risk disclosure statements and forms of acknowledgment and obtain the signed acknowledgments within 60 days. The customer dispute resolution provisions in § 48.16 require certain endorsements, acknowledgments, and signatures. The section also requires that a national bank or Federal savings association, within 10 days after receipt of notice from the retail forex customer that the customer intends to submit a claim to arbitration, provide the customer with a list of persons qualified in the dispute resolution. Policies and Procedures; Recordkeeping Sections 48.7 and 48.13 require that a national bank or Federal savings association engaging in retail forex transactions keep full, complete, and systematic records and to establish and implement internal rules, procedures, and controls. Section 48.7 also requires that a national bank or Federal savings association keep account, financial ledger, transaction, and daily records, as well as memorandum orders, postexecution allocation of bunched orders, records regarding its ratio of profitable accounts, possible violations of law, records for noncash margin, and monthly statements and confirmations. Section 48.9 requires policies and procedures for haircuts for noncash margin collected under the rule’s margin requirements and annual evaluations and modifications of the haircuts. Comments submitted in response to this notice will be summarized and included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the OCC, including whether the information has practical utility; (b) The accuracy of the OCC’s estimate of the burden of the information collection; (c) Ways to enhance the quality, utility, and clarity of the information to be collected; (d) Ways to minimize the burden of the collection on respondents, including VerDate Sep<11>2014 16:40 Oct 19, 2016 Jkt 241001 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. Dated: October 13, 2016. Karen Solomon, Deputy Chief Counsel, Office of the Comptroller of the Currency. [FR Doc. 2016–25391 Filed 10–19–16; 8:45 am] BILLING CODE 4810–33–P 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 (OCC), Treasury. 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 a respondent is 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 November 21, 2016. ADDRESSES: 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 prainfo@occ.treas.gov. You may personally inspect and PO 00000 Frm 00112 Fmt 4703 Sfmt 4703 72673 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 or, for persons who are deaf or hard of hearing, TTY, (202) 649–5597. Upon arrival, visitors will be required to present valid government-issued photo identification and 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. Additionally, please send a copy of your comments by mail to: OCC Desk Officer, 1557–0246, 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: Shaquita Merritt, OCC Clearance Officer, (202) 649–5490 or, for persons who are deaf or hard of hearing, TTY, (202) 649–5597, Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, 400 7th Street SW., Suite 3E–218, Mail Stop 9W–11, Washington, DC 20219. SUPPLEMENTARY INFORMATION: The OCC is proposing to extend OMB approval of the following information collection: Abstract: On December 16, 2009, the OCC, FDIC, FRB and NCUA sought comment on the Guidance,1 which they issued 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. The Guidance also addressed related policies, procedures, internal controls, and third party risk management. The information collection requirements included implementation of policies and procedures, training, and program maintenance. These 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. 1 74 2 75 FR 66652. FR 50801. E:\FR\FM\20OCN1.SGM 20OCN1 mstockstill on DSK3G9T082PROD with NOTICES 72674 Federal Register / Vol. 81, No. 203 / Thursday, October 20, 2016 / Notices • 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. 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 Burden: Number of respondents: 15. Burden per respondent: 40 hours to implement policies and procedures and to provide training; 8 hours annually to maintain program. Total estimated annual burden: 160 hours. Comments: On July 12, 2016, the OCC issued a 60-day notice soliciting comment on the information collection, 81 FR 45221. One comment was received from an individual. The commenter stated that the collection of information is necessary and vital for the proper performance of the Federal banking agencies’ functions and that it has a practical utility. The commenter believes that, in any information collection, automated collection techniques would reduce the burden of information collection requirements on the public and the agencies. The commenter suggested that requests for information from the public should include a link to a Web site where the requested information may be uploaded. The commenter doesn’t believe that this would add significant cost and feels that it would make providing information less burdensome. The OCC uses automated collection techniques whenever possible in its information collections, including links where information may be uploaded. Comments are invited 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; VerDate Sep<11>2014 16:40 Oct 19, 2016 Jkt 241001 (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. Dated: October 13, 2016. Karen Solomon, Deputy Chief Counsel, Office of the Comptroller of the Currency. [FR Doc. 2016–25388 Filed 10–19–16; 8:45 am] Bob Faber, Acting Treasury PRA Clearance Officer. BILLING CODE 4810–33–P DEPARTMENT OF THE TREASURY Submission for OMB Review; Comment Request October 14, 2016. The Department of the Treasury will submit the following information collection request(s) to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, Public Law 104–13, on or after the date of publication of this notice. DATES: Comments should be received on or before November 21, 2016 to be assured of consideration. ADDRESSES: Send comments regarding the burden estimates, or any other aspect of the information collection(s), including suggestions for reducing the burden, to (1) Office of Information and Regulatory Affairs, Office of Management and Budget, Attention: Desk Officer for Treasury, New Executive Office Building, Room 10235, Washington, DC 20503, or email at OIRA_Submission@OMB.EOP.gov and (2) Treasury PRA Clearance Officer, 1750 Pennsylvania Ave. NW., Suite 8142, Washington, DC 20220, or email at PRA@treasury.gov. FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be obtained by emailing PRA@treasury.gov, calling (202) 622–0934, or viewing the entire information collection request at www.reginfo.gov. Departmental Offices (DO) OMB Control Number: 1505–0221. Type of Review: Extension of a currently approved collection. PO 00000 Frm 00113 Fmt 4703 Title: Annual Performance Report and Certification for Section 1603: Payments for Specified Renewable Energy Property in Lieu of Tax Credits. Abstract: The purpose of the 1603 payment is to reimburse eligible applicants for a portion of the cost of installing specified energy property used in a trade or business or for the production of income. A 1603 payment is made after the energy property is placed in service. Applicants for Section 1603 payments commit in the terms and conditions that are part of the Treasury program application to submitting an annual report for five years from the date the energy property is placed in service. Affected Public: State, Local, and Tribal Governments. Estimated Total Annual Burden Hours: 37,500. Sfmt 4703 [FR Doc. 2016–25324 Filed 10–19–16; 8:45 am] BILLING CODE 4810–25–P DEPARTMENT OF VETERANS AFFAIRS Loan Guaranty: Assistance to Eligible Individuals in Acquiring Specially Adapted Housing; Cost-ofConstruction Index AGENCY: ACTION: Department of Veterans Affairs. Notice. SUMMARY: The U.S. Department of Veterans Affairs (VA) announces that the aggregate amounts of assistance available under the Specially Adapted Housing (SAH) grant program will increase by 4.797 percent for Fiscal Year (FY) 2017. FOR FURTHER INFORMATION CONTACT: John Bell, III, Assistant Director for Loan Policy and Valuation, Department of Veterans Affairs, 810 Vermont Avenue NW., Washington, DC 20420, (202) 632– 8786 (not a toll-free number). DATES: October 20, 2016. SUPPLEMENTARY INFORMATION: In accordance with 38 U.S.C. 2102(e) and 38 U.S.C. 2102A(b)(2) and 38 CFR 36.4411, the Secretary of Veterans Affairs announces for FY 2017 the aggregate amounts of assistance available to veterans and servicemembers eligible for SAH program grants. Public Law 110–289, the Housing and Economic Recovery Act of 2008, authorized the Secretary to increase the aggregate amounts of SAH assistance annually based on a residential home cost-of-construction index. Per 38 CFR E:\FR\FM\20OCN1.SGM 20OCN1

Agencies

[Federal Register Volume 81, Number 203 (Thursday, October 20, 2016)]
[Notices]
[Pages 72673-72674]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-25388]


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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 (OCC), Treasury.

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 a respondent is 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 November 21, 2016.

ADDRESSES: 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 prainfo@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 or, for persons who are deaf or hard of hearing, 
TTY, (202) 649-5597. Upon arrival, visitors will be required to present 
valid government-issued photo identification and 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.
    Additionally, please send a copy of your comments by mail to: OCC 
Desk Officer, 1557-0246, 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: Shaquita Merritt, OCC Clearance 
Officer, (202) 649-5490 or, for persons who are deaf or hard of 
hearing, TTY, (202) 649-5597, Legislative and Regulatory Activities 
Division, Office of the Comptroller of the Currency, 400 7th Street 
SW., Suite 3E-218, Mail Stop 9W-11, Washington, DC 20219.

SUPPLEMENTARY INFORMATION: The OCC is proposing to extend OMB approval 
of the following information collection:
    Abstract: On December 16, 2009, the OCC, FDIC, FRB and NCUA sought 
comment on the Guidance,\1\ which they issued 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. The Guidance also addressed 
related policies, procedures, internal controls, and third party risk 
management.
---------------------------------------------------------------------------

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

    The information collection requirements included implementation of 
policies and procedures, training, and program maintenance. These 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.

[[Page 72674]]

     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.
    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 Burden:
    Number of respondents: 15.
    Burden per respondent: 40 hours to implement policies and 
procedures and to provide training; 8 hours annually to maintain 
program.
    Total estimated annual burden: 160 hours.
    Comments: On July 12, 2016, the OCC issued a 60-day notice 
soliciting comment on the information collection, 81 FR 45221. One 
comment was received from an individual.
    The commenter stated that the collection of information is 
necessary and vital for the proper performance of the Federal banking 
agencies' functions and that it has a practical utility. The commenter 
believes that, in any information collection, automated collection 
techniques would reduce the burden of information collection 
requirements on the public and the agencies. The commenter suggested 
that requests for information from the public should include a link to 
a Web site where the requested information may be uploaded. The 
commenter doesn't believe that this would add significant cost and 
feels that it would make providing information less burdensome.
    The OCC uses automated collection techniques whenever possible in 
its information collections, including links where information may be 
uploaded. Comments are invited 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.

    Dated: October 13, 2016.
Karen Solomon,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2016-25388 Filed 10-19-16; 8:45 am]
 BILLING CODE 4810-33-P