Agency Information Collection Activities: Information Collection Renewal; Comment Request; Loans in Areas Having Special Flood Hazards, 21985-21987 [2025-09158]
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Federal Register / Vol. 90, No. 98 / Thursday, May 22, 2025 / Notices
information is necessary for FAA’s
performance; (b) the accuracy of the
estimated burden; (c) ways for FAA to
enhance the quality, utility and clarity
of the information collection; and (d)
ways that the burden could be
minimized without reducing the quality
of the collected information.
OMB Control Number: 2120–0514.
Title: Aviation Insurance.
Form Numbers: Not applicable.
Type of Review: Renewal of an
information collection.
Background: The Federal Register
Notice with a 60-day comment period
soliciting comments on the following
collection of information was published
on December 30, 2024 (89 FR 106727).
The FAA Aviation Insurance Program
derives its authority from Title 49,
United States Code, chapter 443 to issue
aviation war risk insurance to air
carriers with and without premium.
FAA coverage is issued in support of
mission objectives and operations when
insurance is not available commercially
on reasonable terms and conditions. Air
carriers never insured must submit an
application before the FAA can provide
coverage. Applicants provide business
information, aircraft to be covered by
the policy, and information about
commercial insurance policies. As a
condition of FAA coverage, air carriers
must submit any changes to the initial
application information as necessary.
Air carriers must also provide a copy of
their current commercial insurance
policy on an ongoing basis, as well as
information for any new aircraft the air
carrier would like to add to the FAA
policy. This information is provided
electronically to the FAA through a
web-based system. The information is
used to form the insurance policy
between the FAA and the air carrier.
Respondents: Air carriers applying for
aviation insurance and updating
required information.
Frequency: Initial one-time
application and updates to application
information 1–2 times per year.
Estimated Average Burden per
Response: Initial application—4 hours;
commercial policy submission—10
minutes; business information update—
5 minutes; and aircraft schedule
update—2 minutes per aircraft.
Estimated Total Annual Burden: 10
minutes to 4 hours per respondent.
Cumulative total 158 hours (maximum).
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Issued in Boonsboro, MD, on May 19, 2025.
Stacy Ditto,
Program Manager, Aviation Insurance
Command and Control Communications (C3)
Division (AXE–400), Office of National
Security Programs and Incident Response,
Federal Aviation Administration.
[FR Doc. 2025–09230 Filed 5–21–25; 8:45 am]
BILLING CODE 4910–13–P
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
Agency Information Collection
Activities: Information Collection
Renewal; Comment Request; Loans in
Areas Having Special Flood Hazards
Office of the Comptroller of the
Currency (OCC), Treasury.
ACTION: Notice and request for comment.
AGENCY:
The OCC, as part of its
continuing effort to reduce paperwork
and respondent burden, invites
comment on a continuing information
collection, as required by the Paperwork
Reduction Act of 1995 (PRA). In
accordance with the requirements of the
PRA, the OCC may not conduct or
sponsor, and the 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 the
renewal of its information collection
titled, ‘‘Loans in Areas Having Special
Flood Hazards.’’
DATES: Comments must be received by
July 21, 2025.
ADDRESSES: Commenters are encouraged
to submit comments by email, if
possible. You may submit comments by
any of the following methods:
• Email: prainfo@occ.treas.gov.
• Mail: Chief Counsel’s Office,
Attention: Comment Processing, Office
of the Comptroller of the Currency,
Attention: 1557–0326, 400 7th Street
SW, Suite 3E–218, Washington, DC
20219.
• Hand Delivery/Courier: 400 7th
Street SW, Suite 3E–218, Washington,
DC 20219.
• Fax: (571) 293–4835.
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘1557–
0326’’ in your comment. In general, the
OCC will publish comments on
www.reginfo.gov without change,
including any business or personal
information provided, such as name and
address information, email addresses, or
phone numbers. Comments received,
including attachments and other
SUMMARY:
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21985
supporting materials, are part of the
public record and subject to public
disclosure. Do not include any
information in your comment or
supporting materials that you consider
confidential or inappropriate for public
disclosure.
Following the close of this notice’s
60-day comment period, the OCC will
publish a second notice with a 30-day
comment period. You may review
comments and other related materials
that pertain to this information
collection beginning on the date of
publication of the second notice for this
collection by the method set forth in the
next bullet.
• Viewing Comments Electronically:
Go to www.reginfo.gov. Hover over the
‘‘Information Collection Review’’ tab
and click on ‘‘Information Collection
Review’’ from the drop-down menu.
From the ‘‘Currently under Review’’
drop-down menu, select ‘‘Department of
Treasury’’ and then click ‘‘submit.’’ This
information collection can be located by
searching by OMB control number
‘‘1557–0326’’ or ‘‘Loans in Areas Having
Special Flood Hazards.’’ Upon finding
the appropriate information collection,
click on the related ‘‘ICR Reference
Number.’’ On the next screen, select
‘‘View Supporting Statement and Other
Documents’’ and then click on the link
to any comment listed at the bottom of
the screen.
• For assistance in navigating
www.reginfo.gov, please contact the
Regulatory Information Service Center
at (202) 482–7340.
FOR FURTHER INFORMATION CONTACT:
Shaquita Merritt, Clearance Officer,
(202) 649–5490, Chief Counsel’s Office,
Office of the Comptroller of the
Currency, 400 7th Street SW,
Washington, DC 20219. If you are deaf,
hard of hearing, or have a speech
disability, please dial 7–1–1 to access
telecommunications relay services.
SUPPLEMENTARY INFORMATION: Under the
PRA (44 U.S.C. 3501 et seq.), Federal
agencies must obtain approval from the
OMB for each collection of information
that 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 title 44 generally
requires Federal agencies to provide a
60-day notice in the Federal Register
concerning each proposed collection of
information, including each proposed
extension of an existing collection of
information, before submitting the
collection to OMB for approval. To
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21986
Federal Register / Vol. 90, No. 98 / Thursday, May 22, 2025 / Notices
comply with this requirement, the OCC
is publishing notice of the renewal/
revision of this collection.
Title: Loans in Areas Having Special
Flood Hazards.
OMB Control No.: 1557–0326.
Type of Review: Regular.
Affected Public: Businesses or other
for-profit.
Description: This information
collection is required to evidence
compliance with the requirements of the
Federal flood insurance statutes with
respect to lenders and servicers and set
forth in OCC regulations at 12 CFR part
22. These provisions are required by the
National Flood Insurance Act of 1968
and the Flood Disaster Protection Act of
1973, as amended.1 The information
collection requirements in part 22 are as
follows:
• 12 CFR 22.3—Requirement to
Purchase Flood Insurance Where
Available—Under § 22.3(c)(3), national
banks and Federal savings associations
have the discretion to accept a flood
insurance policy issued by a private
insurer that is not issued under the
National Flood Insurance Program
(NFIP) and does not meet the definition
of private flood insurance if, among
other things, the policy provides
sufficient protection of the designated
loan, consistent with general safety and
soundness principles, and the bank or
savings association has documented its
conclusion regarding sufficiency of the
protection in writing. Under
§ 22.3(c)(4)(v), national banks and
Federal savings associations may accept
a private policy issued by a mutual aid
society if, among other things, the
coverage provides sufficient protection
of the designated loan, consistent with
general safety and soundness principles,
and the bank or savings association has
documented its conclusion regarding
sufficiency of the protection in writing.
• 12 CFR 22.5—Escrow
Requirements—With certain exceptions
with respect to types of loans and size
of institution, national banks, Federal
savings associations, and their servicers
must escrow flood insurance premiums
and fees for all loans secured by
properties located in a Special Flood
Hazard Area made, increased, extended,
or renewed on or after January 1, 2016.
Pursuant to § 22.5(b), when escrow is
required, the national bank or Federal
savings associations must mail or
deliver to the borrower a written notice
informing the borrower that the bank or
savings association is required to escrow
all premiums and fees for required flood
insurance. Pursuant to § 22.5(d)(2), if a
national bank or Federal savings
1 42
U.S.C. 4001–4129.
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association no longer qualifies for an
exception to the escrow requirement,
the bank or savings association, in
certain cases, must provide the borrower
with a written notice informing the
borrower of the option to escrow all
premiums and fees for required flood
insurance.
• 12 CFR 22.6(a)—Required Use of
Standard Flood Hazard Determination
Form—A national bank or Federal
savings association must use the
Standard Flood Hazard Determination
Form developed by FEMA.
• 12 CFR 22.6(b)—Retention of
Standard Flood Hazard Determination
Form—A national bank or Federal
savings association must retain a copy
of the completed Standard Flood Hazard
Determination Form for the period the
bank or savings association owns the
loan.
• 12 CFR 22.7—Notice of Forced
Placement of Flood Insurance—If a
national bank or Federal savings
association, or its loan servicer,
determines during the period of time the
bank or savings association owns the
loan that the property securing the loan
is not covered by adequate flood
insurance, the bank or savings
association, or its loan servicer, must
notify the borrower that the borrower
should obtain adequate flood insurance
coverage at the borrower’s expense in an
amount at least equal to the minimum
amount required under the regulation
for the remaining term of the loan. If the
borrower fails to purchase insurance,
the bank or savings association, or its
servicer, must purchase insurance on
the borrower’s behalf and may charge
the borrower for the premiums and fees.
The insurance provider must be notified
to terminate any insurance purchased
by an institution or servicer within 30
days of receipt of confirmation of a
borrower’s existing flood insurance
coverage.
• 12 CFR 22.9(a) and (b)—Notice to
Borrower and Servicer—A national bank
or Federal savings association making,
increasing, extending, or renewing a
loan secured by property located in a
special flood hazard area must provide
a written notice to the borrower and
loan servicer (borrower notice). The
borrower notice must include a warning
that the property securing the loan is
located in a special flood hazard area; a
description of the flood insurance
purchase requirements; a statement
indicating that flood insurance is
available under the National Flood
Insurance Program, where applicable; a
statement that flood insurance
providing the same level of coverage
may be available from private insurance
companies; a statement that borrowers
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are encouraged to compare NFIP and
private flood insurance policies; and a
statement whether Federal disaster
relief assistance may be available in the
event of a declared Federal flood
disaster.
• 12 CFR 22.9(d) and (e)—Record of
Borrower and Servicer Receipt of Notice
and Alternate Method of Notice—A
national bank or Federal savings
association must retain a record of the
receipt of the borrower notices by the
borrower and the loan servicer for the
period of time the bank or savings
association owns the loan. In lieu of
providing the borrower notice, a
national bank or savings association
may obtain a satisfactory written
assurance from a seller or lessor that,
within a reasonable time before
completion of the sale or lease
transaction, the seller or lessor has
provided such notice to the purchaser or
lessee. The bank or savings association
must retain a record of the written
assurance from the seller or lessor for
the period it owns the loan.
• 12 CFR 22.10—Notices to FEMA—
A national bank or savings association
making, increasing, extending,
renewing, selling, or transferring a loan
secured by property located in a special
flood hazard area must notify the
Administrator of FEMA (or the
Administrator’s designee) of the identity
of the loan servicer (notice of servicer),
and must notify the Administrator of
FEMA (or the Administrator’s designee)
of any change in the loan servicer
(notice of servicer transfer) within 60
days after the effective date of such
change.
Estimated Frequency of Response: On
occasion.
Estimated Number of Respondents:
978.
Estimated Total Annual Burden:
141,239 hours.
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 collection
of information;
(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
through the use of automated collection
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Federal Register / Vol. 90, No. 98 / Thursday, May 22, 2025 / Notices
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.
Patrick T. Tierney,
Assistant Director, Office of the Comptroller
of the Currency.
[FR Doc. 2025–09158 Filed 5–21–25; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Agency Information Collection
Activities; Proposed Renewal;
Comment Request; Renewal Without
Change of Prohibition on
Correspondent Accounts for Foreign
Shell Banks; Records Concerning
Owners of Foreign Banks and Agents
for Service of Legal Process
Financial Crimes Enforcement
Network (FinCEN), Treasury.
ACTION: Notice and request for
comments.
AGENCY:
As part of its continuing effort
to reduce paperwork and respondent
burden, FinCEN invites comments on
the proposed renewal, without change,
of certain existing information
collection requirements found in Bank
Secrecy Act (BSA) regulations
applicable to certain covered financial
institutions. Under these regulations,
among other requirements, a covered
financial institution is prohibited from
establishing, maintaining,
administering, or managing
correspondent accounts in the United
States for or on behalf of a foreign shell
bank. The regulations require that a
covered financial institution take
reasonable steps to ensure that any
correspondent account that it
establishes, maintains, administers, or
manages in the United States for a
foreign bank is not used by the foreign
bank to indirectly provide banking
services to a foreign shell bank. The
regulations also mandate that a covered
financial institution that maintains a
correspondent account in the United
States for a foreign bank retain records
in the United States identifying the
owners of each such foreign bank whose
shares are not publicly traded, unless
the foreign bank files a Form FR–Y with
the Federal Reserve Board identifying
the current owners of the foreign bank,
and the name and street address of a
person who resides in the United States
and is authorized, and has agreed to be
an agent to accept service of legal
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SUMMARY:
VerDate Sep<11>2014
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process for records regarding each such
correspondent account. This request for
comments is made pursuant to the
Paperwork Reduction Act of 1995.
DATES: Written comments are welcome
and must be received on or before July
21, 2025.
ADDRESSES: Comments may be
submitted by any of the following
methods:
• Federal E-rulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
Refer to Docket Number FINCEN–2025–
0005 and the Office of Management and
Budget (OMB) control number 1506–
0043.
• Mail: Policy Division, Financial
Crimes Enforcement Network, P.O. Box
39, Vienna, VA 22183. Refer to Docket
Number FINCEN–2025–0005 and OMB
control number 1506–0043.
Please submit comments by one
method only. Comments will be
reviewed consistent with the Paperwork
Reduction Act of 1995 and applicable
OMB regulations and guidance. All
comments submitted in response to this
notice will become a matter of public
record. Therefore, you should submit
only information that you wish to make
publicly available.
FOR FURTHER INFORMATION CONTACT:
FinCEN’s Regulatory Support Section by
submitting an inquiry at
www.fincen.gov/contact.
SUPPLEMENTARY INFORMATION:
I. Statutory and Regulatory Provisions
The legislative framework generally
referred to as the BSA consists of the
Currency and Foreign Transactions
Reporting Act of 1970, as amended by
the Uniting and Strengthening America
by Providing Appropriate Tools
Required to Intercept and Obstruct
Terrorism Act of 2001 (USA PATRIOT
Act),1 and other legislation, including
the Anti-Money Laundering Act of 2020
(AML Act).2 The BSA is codified at 12
U.S.C. 1829b, 1951–1960 and 31 U.S.C.
5311–5314, 5316–5336, including notes
thereto, with implementing regulations
at 31 CFR chapter X.
The BSA authorizes the Secretary of
the Treasury (Secretary) to, inter alia,
require financial institutions to keep
records and file reports that are
determined to have a high degree of
usefulness in criminal, tax, or regulatory
matters, risk assessments or
1 Public Law 107–56, 115 Stat. 272 (Oct. 26,
2001).
2 The AML Act was enacted as Division F,
sections 6001–6511, of the William M. (Mac)
Thornberry National Defense Authorization Act for
Fiscal Year 2021, Public Law 116–283, 134 Stat.
3388 (Jan. 1, 2021).
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21987
proceedings, or in intelligence or
counter-intelligence activities, including
analysis, to protect against terrorism,
and to implement anti-money
laundering/countering the financing of
terrorism (AML/CFT) programs and
compliance procedures.3 The Secretary
has delegated to the Director of FinCEN
(Director) the authority to administer
the BSA.4
31 U.S.C. 5318(j) prohibits a covered
financial institution 5 from maintaining
correspondent accounts in the United
States for, or on behalf of, foreign banks
that do not have a physical presence in
any country. In addition, under 31
U.S.C. 5318(k), a covered financial
institution maintaining a correspondent
account in the United States for a
foreign bank, must retain records
identifying: (i) the owners of record and
the beneficial owners of the foreign
bank, and (ii) the name and address of
a person residing in the United States
who is authorized to accept service of
legal process for the foreign bank.6 The
regulations implementing 31 U.S.C.
5318(j) and 31 U.S.C. 5318(k) appear at
31 CFR 1010.630.
31 CFR 1010.630(a)(1) prohibits a
covered financial institution 7 from
establishing, maintaining,
administering, or managing
3 See
31 U.S.C. 5311(1)–(2).
Order 180–01 (Reaffirmed Jan. 14,
2020); see also 31 U.S.C. 310(b)(2)(I) (providing that
the Director of FinCEN shall ‘‘[a]dminister the
requirements of subchapter II of chapter 53 of this
title, chapter 2 of title I of Public Law 91–508, and
section 21 of the Federal Deposit Insurance Act, to
the extent delegated such authority by the
Secretary.’’).
5 A covered financial institution is any financial
institution described in subparagraphs (A) through
(G) of 31 U.S.C. 5312(a)(2), including an insured
bank, as defined in section 3(h) of the Federal
Deposit Insurance Act (12 U.S.C. 1813(h)); a
commercial bank or trust company; a private
banker; an agency or branch of a foreign bank in the
United States; any credit union; a thrift institution;
and a broker or dealer registered with the Securities
and Exchange Commission (SEC) under the
Securities Exchange Act of 1934 (15 U.S.C. 78a et
seq.). 31 U.S.C. 5318(j)(1).
6 31 U.S.C. 5318(k)(3)(A) and (B). The AML Act
amended the provision by including a reference to
‘‘record and beneficial’’ ownership and by
indicating, with respect to agents for service of
process, that requests could involve records related
to the correspondent account or accounts held at
the foreign bank.
7 A covered financial institution for purposes of
31 CFR 1010.630 is: (i) an insured bank (as defined
in section 3(h) of the Federal Deposit Insurance Act
(12 U.S.C. 1813(h))); (ii) a commercial bank or trust
company; (iii) a private banker; (iv) an agency or
branch of a foreign bank in the United States; (v)
a credit union; (vi) a savings association; (vii) a
corporation acting under section 25A of the Federal
Reserve Act (12 U.S.C. 611 et seq.); and (viii) a
broker or dealer in securities registered, or required
to be registered, with the SEC under the Securities
Exchange Act of 1934 (15 U.S.C. 78a, et seq.),
except persons who register pursuant to section
15(b)(11) of the Securities Exchange Act of 1934. 31
CFR 1010.605(e)(2).
4 Treasury
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]]>Agencies
[Federal Register Volume 90, Number 98 (Thursday, May 22, 2025)]
[Notices]
[Pages 21985-21987]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-09158]
=======================================================================
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Comment Request; Loans in Areas Having Special Flood Hazards
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 comment on a continuing information
collection, as required by the Paperwork Reduction Act of 1995 (PRA).
In accordance with the requirements of the PRA, the OCC may not conduct
or sponsor, and the 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 the renewal of its information collection titled,
``Loans in Areas Having Special Flood Hazards.''
DATES: Comments must be received by July 21, 2025.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
Email: [email protected].
Mail: Chief Counsel's Office, Attention: Comment
Processing, Office of the Comptroller of the Currency, Attention: 1557-
0326, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
Fax: (571) 293-4835.
Instructions: You must include ``OCC'' as the agency name and
``1557-0326'' in your comment. In general, the OCC will publish
comments on www.reginfo.gov without change, including any business or
personal information provided, such as name and address information,
email addresses, or phone numbers. Comments received, including
attachments and other supporting materials, are part of the public
record and subject to public disclosure. Do not include any information
in your comment or supporting materials that you consider confidential
or inappropriate for public disclosure.
Following the close of this notice's 60-day comment period, the OCC
will publish a second notice with a 30-day comment period. You may
review comments and other related materials that pertain to this
information collection beginning on the date of publication of the
second notice for this collection by the method set forth in the next
bullet.
Viewing Comments Electronically: Go to www.reginfo.gov.
Hover over the ``Information Collection Review'' tab and click on
``Information Collection Review'' from the drop-down menu. From the
``Currently under Review'' drop-down menu, select ``Department of
Treasury'' and then click ``submit.'' This information collection can
be located by searching by OMB control number ``1557-0326'' or ``Loans
in Areas Having Special Flood Hazards.'' Upon finding the appropriate
information collection, click on the related ``ICR Reference Number.''
On the next screen, select ``View Supporting Statement and Other
Documents'' and then click on the link to any comment listed at the
bottom of the screen.
For assistance in navigating www.reginfo.gov, please
contact the Regulatory Information Service Center at (202) 482-7340.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, Clearance Officer,
(202) 649-5490, Chief Counsel's Office, Office of the Comptroller of
the Currency, 400 7th Street SW, Washington, DC 20219. If you are deaf,
hard of hearing, or have a speech disability, please dial 7-1-1 to
access telecommunications relay services.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501 et seq.),
Federal agencies must obtain approval from the OMB for each collection
of information that 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 title 44 generally requires Federal agencies
to provide a 60-day notice in the Federal Register concerning each
proposed collection of information, including each proposed extension
of an existing collection of information, before submitting the
collection to OMB for approval. To
[[Page 21986]]
comply with this requirement, the OCC is publishing notice of the
renewal/revision of this collection.
Title: Loans in Areas Having Special Flood Hazards.
OMB Control No.: 1557-0326.
Type of Review: Regular.
Affected Public: Businesses or other for-profit.
Description: This information collection is required to evidence
compliance with the requirements of the Federal flood insurance
statutes with respect to lenders and servicers and set forth in OCC
regulations at 12 CFR part 22. These provisions are required by the
National Flood Insurance Act of 1968 and the Flood Disaster Protection
Act of 1973, as amended.\1\ The information collection requirements in
part 22 are as follows:
---------------------------------------------------------------------------
\1\ 42 U.S.C. 4001-4129.
---------------------------------------------------------------------------
12 CFR 22.3--Requirement to Purchase Flood Insurance Where
Available--Under Sec. 22.3(c)(3), national banks and Federal savings
associations have the discretion to accept a flood insurance policy
issued by a private insurer that is not issued under the National Flood
Insurance Program (NFIP) and does not meet the definition of private
flood insurance if, among other things, the policy provides sufficient
protection of the designated loan, consistent with general safety and
soundness principles, and the bank or savings association has
documented its conclusion regarding sufficiency of the protection in
writing. Under Sec. 22.3(c)(4)(v), national banks and Federal savings
associations may accept a private policy issued by a mutual aid society
if, among other things, the coverage provides sufficient protection of
the designated loan, consistent with general safety and soundness
principles, and the bank or savings association has documented its
conclusion regarding sufficiency of the protection in writing.
12 CFR 22.5--Escrow Requirements--With certain exceptions
with respect to types of loans and size of institution, national banks,
Federal savings associations, and their servicers must escrow flood
insurance premiums and fees for all loans secured by properties located
in a Special Flood Hazard Area made, increased, extended, or renewed on
or after January 1, 2016. Pursuant to Sec. 22.5(b), when escrow is
required, the national bank or Federal savings associations must mail
or deliver to the borrower a written notice informing the borrower that
the bank or savings association is required to escrow all premiums and
fees for required flood insurance. Pursuant to Sec. 22.5(d)(2), if a
national bank or Federal savings association no longer qualifies for an
exception to the escrow requirement, the bank or savings association,
in certain cases, must provide the borrower with a written notice
informing the borrower of the option to escrow all premiums and fees
for required flood insurance.
12 CFR 22.6(a)--Required Use of Standard Flood Hazard
Determination Form--A national bank or Federal savings association must
use the Standard Flood Hazard Determination Form developed by FEMA.
12 CFR 22.6(b)--Retention of Standard Flood Hazard
Determination Form--A national bank or Federal savings association must
retain a copy of the completed Standard Flood Hazard Determination Form
for the period the bank or savings association owns the loan.
12 CFR 22.7--Notice of Forced Placement of Flood
Insurance--If a national bank or Federal savings association, or its
loan servicer, determines during the period of time the bank or savings
association owns the loan that the property securing the loan is not
covered by adequate flood insurance, the bank or savings association,
or its loan servicer, must notify the borrower that the borrower should
obtain adequate flood insurance coverage at the borrower's expense in
an amount at least equal to the minimum amount required under the
regulation for the remaining term of the loan. If the borrower fails to
purchase insurance, the bank or savings association, or its servicer,
must purchase insurance on the borrower's behalf and may charge the
borrower for the premiums and fees. The insurance provider must be
notified to terminate any insurance purchased by an institution or
servicer within 30 days of receipt of confirmation of a borrower's
existing flood insurance coverage.
12 CFR 22.9(a) and (b)--Notice to Borrower and Servicer--A
national bank or Federal savings association making, increasing,
extending, or renewing a loan secured by property located in a special
flood hazard area must provide a written notice to the borrower and
loan servicer (borrower notice). The borrower notice must include a
warning that the property securing the loan is located in a special
flood hazard area; a description of the flood insurance purchase
requirements; a statement indicating that flood insurance is available
under the National Flood Insurance Program, where applicable; a
statement that flood insurance providing the same level of coverage may
be available from private insurance companies; a statement that
borrowers are encouraged to compare NFIP and private flood insurance
policies; and a statement whether Federal disaster relief assistance
may be available in the event of a declared Federal flood disaster.
12 CFR 22.9(d) and (e)--Record of Borrower and Servicer
Receipt of Notice and Alternate Method of Notice--A national bank or
Federal savings association must retain a record of the receipt of the
borrower notices by the borrower and the loan servicer for the period
of time the bank or savings association owns the loan. In lieu of
providing the borrower notice, a national bank or savings association
may obtain a satisfactory written assurance from a seller or lessor
that, within a reasonable time before completion of the sale or lease
transaction, the seller or lessor has provided such notice to the
purchaser or lessee. The bank or savings association must retain a
record of the written assurance from the seller or lessor for the
period it owns the loan.
12 CFR 22.10--Notices to FEMA--A national bank or savings
association making, increasing, extending, renewing, selling, or
transferring a loan secured by property located in a special flood
hazard area must notify the Administrator of FEMA (or the
Administrator's designee) of the identity of the loan servicer (notice
of servicer), and must notify the Administrator of FEMA (or the
Administrator's designee) of any change in the loan servicer (notice of
servicer transfer) within 60 days after the effective date of such
change.
Estimated Frequency of Response: On occasion.
Estimated Number of Respondents: 978.
Estimated Total Annual Burden: 141,239 hours.
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
collection of information;
(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 through the use of automated collection
[[Page 21987]]
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.
Patrick T. Tierney,
Assistant Director, Office of the Comptroller of the Currency.
[FR Doc. 2025-09158 Filed 5-21-25; 8:45 am]
BILLING CODE 4810-33-P
