Loans in Areas Having Special Flood Hazards - Homeowner Flood Insurance Affordability Act of 2014

Forms and Documents

Document Name	Status
Flood - HFIAA.doc Supporting Statement A	2014-10-07

IC Document Collections

IC ID	Document Title	Status
213420	Existing Disclosures	New
213419	Existing Recordkeeping	New
211935	New Disclosures	New

ICR Details

OMB Control No: 1557-0326	ICR Reference No: 201406-1557-001
Status: Historical Inactive	Previous ICR Reference No:
Agency/Subagency: TREAS/OCC	Agency Tracking No:
Title: Loans in Areas Having Special Flood Hazards - Homeowner Flood Insurance Affordability Act of 2014
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: Comment filed on proposed rule	Conclusion Date: 04/02/2015
	Date Received in OIRA: 10/30/2014
Terms of Clearance: Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR. The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenter’s recommendation. The next submission to OMB must include the draft final rule.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date		36 Months From Approved
Responses	0	0	0
Time Burden (Hours)	0	0	0
Cost Burden (Dollars)	0	0	0

---

Abstract: The Federal banking agencies have issued a proposal to amend 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). The proposal would establish requirements with respect to the escrow of flood insurance payments, consistent with the changes set forth in HFIAA. The proposal also would implement an exemption in HFIAA for certain detached structures from the mandatory flood insurance purchase requirement. Biggert-Waters required escrow for all new and outstanding loans in a special flood hazard area, unless certain exceptions applied. The HFIAA added several new exceptions, one of which ties the escrow requirement to a tripwire event (the origination, refinance, increase, extension, or renewal of a loan on or after January 1, 2016). While a regulated lending institution is not required to escrow until a tripwire event occurs, such institution is still required to offer and make available the option to escrow for all outstanding designated loans.

---

Authorizing Statute(s): PL: Pub.L. 93 - 234 102(d) Name of Law: Flood Disaster Protection Act of 1973
   US Code: 12 USC 4102a, 4106(b) Name of Law: National Flood Insurance Act of 1968
  

Citations for New Statutory Requirements: PL: Pub.L. 112 - 141 100208, 100209, 100239 Name of Law: Biggert-Waters Flood Insurance Reform Act of 2012
PL: Pub.L. 113 - 89 25(b) Name of Law: Homeowner Flood Insurance Affordability Act of 2014

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1557-AD84	Proposed rulemaking	79 FR 64518	10/30/2014

---

Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 3

IC Title	Form No.	Form Name
Existing Recordkeeping
Existing Disclosures
New Disclosures

---

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

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 addition of new regulatory requirements. The existing recordkeeping and disclosure requirements are approved under OMB Control No. 1557-0202. This ICR would merge them in with the new requirements under the rule and 1557-0202 would be discontinued.

---

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

---

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: 10/30/2014

---