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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:
201906-7100-004
Status:
Historical Active
Previous ICR Reference No:
201906-7100-002
Agency/Subagency:
FRS
Agency Tracking No:
FR 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:
06/18/2019
Retrieve Notice of Action (NOA)
Date Received in OIRA:
06/18/2019
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
06/30/2022
36 Months From Approved
06/30/2019
Responses
523,285
0
507,381
Time Burden (Hours)
34,551
0
30,575
Cost Burden (Dollars)
0
0
0
Abstract:
In general, the federal flood insurance statutes and Regulation H - Membership of State Banking Institutions in the Federal Reserve System (12 CFR 208) provide that a lender shall not make, increase, extend, or renew a loan secured by a building or mobile home located in a special flood hazard area unless the secured property is covered by flood insurance for the term of the loan. With respect to the recordkeeping and disclosure provisions, the regulation requires state member banks to: • retain a completed copy of the Standard Flood Hazard Determination Form developed by the Federal Emergency Management Agency (standard FEMA form). The form is used by lenders to document their determination of whether improved property securing a loan is in a special flood hazard area, • notify a borrower and servicer when loans secured by improved property are determined to be in a special flood hazard area and retain a record of receipt of the notice, • notify a borrower of a loan secured by residential improved property or a mobile home that the state member bank is required to escrow all premiums and fees for required flood insurance when the bank makes, increases, extends, or renews the loan. For loans secured by residential improved property or a mobile home that were outstanding on January 1, 2016, or July 1 of the first year in which the bank loses its exception from the escrow requirement, the state member bank must mail or deliver information on the option to escrow flood premiums and fees, • notify a borrower of the borrower’s obligation to obtain flood insurance if the lender determines at any time during the term of the loan that the improved property securing the loan is not covered by adequate flood insurance. If the borrower fails to obtain the flood insurance within 45 days of this notification, the state member bank or its servicer must purchase insurance and may charge the borrower for the cost of the premiums. If the state member bank receives confirmation of a borrower’s existing flood insurance coverage after it has force placed insurance on behalf of the borrower, the bank or its servicer shall notify the insurance provider to terminate any insurance purchased by the bank or its servicer, and • notify the Federal Emergency Management Agency (FEMA) of the identity of, and any change in, the servicer of a loan secured by improved property in a special flood hazard area. The information collection requirements under the flood hazard provisions of Regulation H are triggered by specific events in the lending process.
Authorizing Statute(s):
US Code:
42 USC 4012a
Name of Law: Flood Disaster Protection Act of 1973
US Code:
42 USC 4104a
Name of Law: National Flood Insurance Act of 1968
US Code:
12 USC 321
Name of Law: Federal Reserve Act
US Code:
12 USC 248(i)
Name of Law: Federal Reserve Act
Citations for New Statutory Requirements:
PL: Pub.L. 112 - 141 126 Name of Law: Biggert-Waters Flood Insurance Reform Act of 2012
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
7100-AE22
Final or interim final rulemaking
84 FR 4953
02/20/2019
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
81 FR 78063
11/07/2016
30-day Notice:
Federal Register Citation:
Citation Date:
84 FR 4953
02/20/2019
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
10
IC Title
Form No.
Form Name
Disclosure Section 208.25(e)(4) One-time notice for any designated loan outstanding on July 1 of the year SMB no longer qualifies for small lender exception
Disclosure Section 208.25(g) Notice to borrowers of lapsed mandated flood insurance
Disclosure Section 208.25(g) Notice to borrowers of lapsed mandated flood insurance due to remapping
Disclosure Section 208.25(g) Purchase of flood insurance on the borrower's behalf
Disclosure Section 208.25(g) Purchase of flood insurance on the borrower's behalf due to remapping
Disclosure Section 208.25(j)(1) Notice to FEMA of servicer
Disclosure Section 208.25(j)(2) Notice to FEMA of change of servicer
Disclosure Sections 208.25(i) and (e) Notice of special flood hazards and availability of federal disaster relief assistance with escrow notice, as applicable
Recordkeeping Section 208.25(f)(2) Retention of standard FEMA form
Recordkeeping Sections 208.25(c)(3)(iii) and (iv) Private flood insurance
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
523,285
507,381
15,904
0
0
0
Annual Time Burden (Hours)
34,551
30,575
3,976
0
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:
No
Burden Reduction Due to:
Short Statement:
The Office of the Comptroller of the Currency (OCC), the Board, the Federal Deposit Insurance Corporation (FDIC), the Farm Credit Administration (FCA), and the National Credit Union Administration (NCUA) (collectively, the agencies) have amended their regulations regarding loans in areas having special flood hazards to implement the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act). Specifically, the final rule requires regulated lending institutions to accept policies that meet the statutory definition of “private flood insurance” in the Biggert-Waters Act and permits regulated lending institutions to exercise their discretion to accept flood insurance policies issued by private insurers and plans providing flood coverage issued by mutual aid societies that do not meet the statutory definition of “private flood insurance,” subject to certain restrictions. The FR H 2 has been revised to add new recordkeeping requirements for the private flood insurance. The final rule is effective on July 1, 2019.
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:
Lois Lawrence 202-452-2984 Lois.D.Lawrence@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:
06/18/2019
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