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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:
1557-0190
ICR Reference No:
201803-1557-006
Status:
Historical Active
Previous ICR Reference No:
201606-1557-006
Agency/Subagency:
TREAS/OCC
Agency Tracking No:
Title:
Real Estate Lending and Appraisals
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
05/16/2018
Retrieve Notice of Action (NOA)
Date Received in OIRA:
04/09/2018
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
05/31/2021
04/30/2020
04/30/2020
Responses
1,787,489
0
3,302
Time Burden (Hours)
193,857
0
94,512
Cost Burden (Dollars)
0
0
0
Abstract:
The information collections in parts 34 and 160 are required by statute to regulate real estate lending and holding by national banks and savings associations (institutions). These regulations are required by statute and are used by the OCC to ensure the safe and sound operation of institutions and institution compliance. This ICR is being filed in connection with a final rule that increases the threshold level above which appraisals would be required for commercial real estate loans from $250,000 to $ $500,000 under 12 CFR 34.43. Section 34.43 contains no information collection requirements under the Paperwork Reduction Act (PRA), but specifies when the remaining requirements in the collection must be followed. The change, which reduces regulatory burden for financial institutions, reflects comments received through the regulatory review process required by the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) and completed at the end of 2016. Ordinarily, this would result in a burden reduction. However, the OCC and the other has determined that the current burden for parts 34 and 160 is out of date and has updated its estimates, resulting in an overall increase in burden. The OCC will update the estimates for the remaining provisions in this information collection as part of the next three-year renewal. The remaining provisions are not discussed in the preamble to the final rule and OCC is not requesting an extension of the current expiration date for the collection The OCC submitted the information collection requirements to OMB in connection with the proposal under section 3507(d) of the PRA and section 1320.11 of the OMB’s implementing regulations. OMB filed a comment pursuant to 5 CFR 1320.11(c) instructing the agencies to examine public comment in response to the proposal and describe in the supporting statement of its next collection (the final rule) any public comments received regarding the collection as well as why (or why it did not) incorporate the commenter’s recommendation and include the draft final rule in its next submission. The OCC received no public comments and is resubmitting pursuant to the instruction in OMB's comments. .
Authorizing Statute(s):
US Code:
12 USC 3331 et seq.
Name of Law: Financial Institutions Reform, Recovery and Enforcement Act of 1989
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
1557-AE18
Final or interim final rulemaking
83 FR 15019
04/09/2018
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
8
IC Title
Form No.
Form Name
ARM Loan Documentation
Evaluation Policy
Issuance of Default Notice
Prior Notice of Advances under Development or Improvement Plan
Request to Use an Alternative Index
Resolution - Use of Property
Written Appraisals
Written Policies
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
1,787,489
3,302
0
0
1,784,187
0
Annual Time Burden (Hours)
193,857
94,512
0
0
99,345
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:
No
Burden Reduction Due to:
Short Statement:
The increase in burden is due to the change in the methodology for calculating the burden estimates.
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
No
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
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:
Mitchell Plave 202 874-5090 mitchell.plave@occ.treas.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:
04/09/2018
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