View Information Collection Request (ICR) Package
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View Supporting Statement and Other Documents
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:
3064-0176
ICR Reference No:
201002-3064-001
Status:
Historical Active
Previous ICR Reference No:
Agency/Subagency:
FDIC
Agency Tracking No:
Title:
Reverse Mortgage Products
Type of Information Collection:
New collection (Request for a new OMB Control Number)
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
10/15/2010
Retrieve Notice of Action (NOA)
Date Received in OIRA:
08/17/2010
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
10/31/2013
36 Months From Approved
Responses
48
0
0
Time Burden (Hours)
2,304
0
0
Cost Burden (Dollars)
0
0
0
Abstract:
The Federal Financial Institutions Council (FFIEC), on behalf of member Federal financial institution regulatory agencies, issued a proposed guidance document, entitled Reverse Mortgage Products: Guidance for Managing Compliance and Reputation Risks, in December 2009. When finalized, it will be issued by the agencies as supervisory guidance to their respective regulated entities. The guidance incorporates existing consumer protection and other legal requirements already covered by approved information collections as well as usual and customary business practices. However, the guidance does recommend new information collections that are not covered by already approved collections of information.
Authorizing Statute(s):
US Code:
12 USC 1828(o)
Name of Law: Federal Deposit Insurance Act
US Code:
12 USC 1819(a)
Name of Law: Federal Deposit Insurance Act
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
74 FR 66652
12/16/2009
30-day Notice:
Federal Register Citation:
Citation Date:
75 FR 50804
08/17/2010
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Reverse Mortgage Products
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
48
0
0
48
0
0
Annual Time Burden (Hours)
2,304
0
0
2,304
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Miscellaneous Actions
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The banking agencies expect a significant expansion in reverse mortgages in coming years because of increases in the elderly population in the United States and the number of homeowners eligible for such mortgages. However, reverse mortgages are complex loan products that, although beneficial when used appropriately, have the potential to present substantial risks to both consumers and institutions. The Reverse Mortgage Guidance addresses consumer protection concerns that raise compliance and reputation risks and sets forth supervisory expectations as to how institutions should manage those risks.
Annual Cost to Federal Government:
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:
Leneta Gregorie 202 898-3719
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:
08/17/2010
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