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

Forms and Documents

Document Name	Status
Flood - HFIAA #2.doc Supporting Statement A	2015-04-27

IC Document Collections

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

ICR Details

OMB Control No: 1557-0326	ICR Reference No: 201504-1557-002
Status: Historical Active	Previous ICR Reference No: 201406-1557-001
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: Approved without change	Conclusion Date: 11/21/2015
	Date Received in OIRA: 07/30/2015
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2018	36 Months From Approved
Responses	4,650	0	0
Time Burden (Hours)	106,950	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The Federal banking agencies have issued a final rule amending 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 rule establishes requirements with respect to the escrow of flood insurance payments, consistent with the changes set forth in HFIAA. It also implements 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. This information collection was published for comment in connection with the proposed and final rules. Pursuant to 5 CFR 1320.11(c), OMB filed a comment in response to the ICR the OCC filed in connection with the proposed rule instructing the OCC to examine public comment in response to the proposed rule and 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. No comments were received on the information collection, which has been resubmitted to OMB in connection with the final rule.

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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

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1557-AD84	Final or interim final rulemaking	80 FR 43216	07/21/2015

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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: 3

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

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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	4,650	0	0	1,550	3,100	0
Annual Time Burden (Hours)	106,950	0	0	62,000	44,950	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: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The program change due to agency discretion (increase) reflects the additional requirements contained in the final rule. The change due to adjustment in agency estimate (increase) reflects the burden from the existing flood insurance rules (OMB Control No. 1557-0202). We are requesting a new control number because OMB Control No. 1557-0202 was undergoing renewal when we issued the proposed version of the final rule. Following approval of this ICR, all of the information collection requirements will be consolidated under this control number.

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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

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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: 07/30/2015

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