Recordkeeping and Disclosure Requirements Associated with Loans Secured by Real Estate Located in Flood Hazard Areas Pursuant to Section 208.25 of Regulation H

Forms and Documents

Document	Type	Status	Availability
RegH2_20151230_omb.pdf	Supporting Statement A	Uploaded 2015-12-30	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
36316	Retention of standard FEMA form (Section 208.25(f)(2)) Recordkeeping		Modified
219054	One-time notice for any designated loan outstanding on January 1, 2016 (Section 208.25(e)) Disclosure		New
199397	Purchase of flood insurance on the borrower's behalf due to remapping (Section 208.25(g)) Disclosure		Modified
199396	Notice to borrowers of lapsed mandated flood insurance due to remapping (Section 208.25(g)) Disclosure		Modified
199395	Purchase of flood insurance on the borrower's behalf (Section 208.25(g)) Disclosure		Modified
199391	Notice to borrowers of lapsed mandated flood insurance (Section 208.25(g)) Disclosure		Modified
184841	Notice to FEMA of change in servicer (Section 208.25(j)(2)) Disclosure		Modified
184840	Notices to FEMA of servicer (Section 208.25(j)(1)) Disclosure		Modified
184839	Notice of special flood hazards and availability of federal disaster relief assistance (Section 208.25(i)) Disclosure		Modified

ICR Details

OMB Control No: 7100-0280	ICR Reference No: 201510-7100-002
Status: Historical Active	Previous ICR Reference No: 201508-7100-009
Agency/Subagency: FRS	Agency Tracking No: Reg 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: 12/30/2015
	Date Received in OIRA: 12/30/2015
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2018	36 Months From Approved	12/31/2015
Responses	544,000	0	563,550
Time Burden (Hours)	66,088	0	33,221
Cost Burden (Dollars)	0	0	0

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Abstract: The disclosure and recordkeeping requirements under this section of Regulation H are imposed on state member banks to implement requirements of the National Flood Insurance Act of 1968 (as amended) and the Flood Disaster Protection Act of 1973 (as amended). The regulation forbids banks to make or renew loans secured by real estate located in a flood hazard unless it is insured against flooding.

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Authorizing Statute(s): US Code: 42 USC 4012a Name of Law: Flood Disaster Protection Act
   US Code: 42 USC 4104a Name of Law: National Flood Insurance Act
  

Citations for New Statutory Requirements: PL: Pub.L. 113 - 89 128 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:
7100-AE22	Final or interim final rulemaking	80 FR 43216	07/21/2015

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 65108	10/30/2013
30-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 64518	10/30/2014
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 9

IC Title	Form No.	Form Name
Notice to borrowers of lapsed mandated flood insurance (Section 208.25(g)) Disclosure
Purchase of flood insurance on the borrower's behalf (Section 208.25(g)) Disclosure
Notices to FEMA of servicer (Section 208.25(j)(1)) Disclosure
Notice of special flood hazards and availability of federal disaster relief assistance (Section 208.25(i)) Disclosure
Retention of standard FEMA form (Section 208.25(f)(2)) Recordkeeping
Notice to FEMA of change in servicer (Section 208.25(j)(2)) Disclosure
Purchase of flood insurance on the borrower's behalf due to remapping (Section 208.25(g)) Disclosure
Notice to borrowers of lapsed mandated flood insurance due to remapping (Section 208.25(g)) Disclosure
One-time notice for any designated loan outstanding on January 1, 2016 (Section 208.25(e)) Disclosure

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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	544,000	563,550	850	-20,400	0	0
Annual Time Burden (Hours)	66,088	33,221	34,000	-1,133	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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), the Farm Credit Administration (FCA), and the National Credit Union Administration (NCUA) (collectively, the Agencies) are 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). Specifically, the July 2015 Final Rule requires the escrow of flood insurance payments on residential improved real estate securing a loan, consistent with the changes set forth in HFIAA. The July 2015 Final Rule also incorporates an exemption in HFIAA for certain detached structures from the mandatory flood insurance purchase requirement. Furthermore, the July 2015 Final Rule implements the provisions of Biggert-Waters related to the force placement of flood insurance.

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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: 12/30/2015

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