Reverse Mortgage Products - Guidance for Managing Reputation Risks

Forms and Documents

Document	Type	Status	Availability
LETTER REQUEST PRA EMERGENCY CLEARANCE - Interagency Reverse Mortgage Guidance (2).docx	Supplementary Document	Uploaded 2013-04-18	Repair queued
FINALrevised PRA Supporting Statement Reverse_Mortgages.doc	Supporting Statement A	Uploaded 2013-05-16	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
206613	Development of Policies and Procedures; and Training	Other-Guidance	New
206580	Program Maintenance	Other-Guidance	New

ICR Details

OMB Control No: 3133-0187	ICR Reference No: 201304-3133-001
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: NCUA	Agency Tracking No:
Title: Reverse Mortgage Products - Guidance for Managing Reputation Risks
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 04/19/2013
OIRA Conclusion Action: Approved without change	Conclusion Date: 05/16/2013
	Date Received in OIRA: 04/19/2013
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2013	6 Months From Approved
Responses	170	0	0
Time Burden (Hours)	4,080	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The guidance will assist institutions in managing the compliance and reputation risks associated with reverse mortgages. It will ensure that their risk management and consumer protection practices adequately address the compliance and reputation risks raised by reverse mortgage lending.

Emergency Justfication: Guidance (Interagency Reverse Mortgage Guidance) on managing compliance and reputation risks presented by reverse mortgage products was issued jointly by several financial regulatory agencies. NCUA is requesting a similar emergency clearance of the information collection associated with reverse mortgage products, to allow continued, consistent implementation of the interagency Guidance.

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Authorizing Statute(s): None

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Development of Policies and Procedures; and Training
Program Maintenance

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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	170	0	0	170	0	0
Annual Time Burden (Hours)	4,080	0	0	4,080	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: This is a new collection.

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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

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Common Form ICR:  No

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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: 04/19/2013

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