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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
7100-0280
ICR Reference No:
201510-7100-002
Status:
Historical Active
Previous ICR Reference No:
201508-7100-009
Agency/Subagency:
FRS
Agency Tracking No:
Reg H-2
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
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Delegated
OIRA Conclusion Action:
Approved without change
Conclusion Date:
12/30/2015
Retrieve Notice of Action (NOA)
Date Received in OIRA:
12/30/2015
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
12/31/2018
36 Months From Approved
12/31/2015
Responses
544,000
0
563,550
Time Burden (Hours)
66,088
0
33,221
Cost Burden (Dollars)
0
0
0
Abstract:
The disclosure and recordkeeping requirements under this section of Regulation H are imposed on state member banks to implement requirements of the National Flood Insurance Act of 1968 (as amended) and the Flood Disaster Protection Act of 1973 (as amended). The regulation forbids banks to make or renew loans secured by real estate located in a flood hazard unless it is insured against flooding.
Authorizing Statute(s):
US Code:
42 USC 4012a
Name of Law: Flood Disaster Protection Act
US Code:
42 USC 4104a
Name of Law: National Flood Insurance Act
Citations for New Statutory Requirements:
PL: Pub.L. 113 - 89 128 Name of Law: Homeowner Flood Insurance Affordability Act of 2014
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
7100-AE22
Final or interim final rulemaking
80 FR 43216
07/21/2015
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
78 FR 65108
10/30/2013
30-day Notice:
Federal Register Citation:
Citation Date:
79 FR 64518
10/30/2014
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
9
IC Title
Form No.
Form Name
Notice of special flood hazards and availability of federal disaster relief assistance (Section 208.25(i)) Disclosure
Notice to FEMA of change in servicer (Section 208.25(j)(2)) Disclosure
Notice to borrowers of lapsed mandated flood insurance (Section 208.25(g)) Disclosure
Notice to borrowers of lapsed mandated flood insurance due to remapping (Section 208.25(g)) Disclosure
Notices to FEMA of servicer (Section 208.25(j)(1)) Disclosure
One-time notice for any designated loan outstanding on January 1, 2016 (Section 208.25(e)) Disclosure
Purchase of flood insurance on the borrower's behalf (Section 208.25(g)) Disclosure
Purchase of flood insurance on the borrower's behalf due to remapping (Section 208.25(g)) Disclosure
Retention of standard FEMA form (Section 208.25(f)(2)) Recordkeeping
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
544,000
563,550
850
-20,400
0
0
Annual Time Burden (Hours)
66,088
33,221
34,000
-1,133
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
Yes
Burden Reduction Due to:
Miscellaneous Actions
Short Statement:
The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), the Farm Credit Administration (FCA), and the National Credit Union Administration (NCUA) (collectively, the Agencies) are amending their regulations regarding loans in areas having special flood hazards to implement certain provisions of the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA), which amends some of the changes to the Flood Disaster Protection Act of 1973 mandated by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). Specifically, the July 2015 Final Rule requires the escrow of flood insurance payments on residential improved real estate securing a loan, consistent with the changes set forth in HFIAA. The July 2015 Final Rule also incorporates an exemption in HFIAA for certain detached structures from the mandatory flood insurance purchase requirement. Furthermore, the July 2015 Final Rule implements the provisions of Biggert-Waters related to the force placement of flood insurance.
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
No
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Scott Farmer 202-452-2253 Scott.W.Farmer@frb.gov
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
12/30/2015
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