30-Day Federal register Notice

FR2-0120 Flood Insurance 82 FR 45285 September 28 2018.pdf

Flood Insurance

30-Day Federal register Notice

OMB: 3064-0120

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Federal Register / Vol. 82, No. 187 / Thursday, September 28, 2017 / Notices
feet. River flows between 159 and 1,408
cfs are used for power generation, while
flows in excess of 1,408 cfs are passed
over the flashboards and spillway. Flow
to the generating units is controlled by
five manually operated square slide
gates. The total installed capacity of the
project is 3,300 kW between the five
generating units. The project generates
approximately 8,784 megawatt-hours
annually, which are sold to a local
utility.
The co-licensees propose to continue
to operate and maintain the Lower
Pelzer Project as is required in the
existing license, and to develop canoe
portage facilities. The co-licensees also
propose to remove the existing threemile-long, 3,300-volt overhead
transmission line, which is no longer in
use, from the project boundary under a
new license. Instead, the project would
use a 165-foot-long, 3,300-volt
transmission line that interconnects
with the grid at an applicant-owned
transformer.
No changes to project operations are
proposed. Other than the development
of canoe portage facilities, no new
construction or major project
modifications are proposed.
m. A copy of the application is
available for review at the Commission
in the Public Reference Room, or may be
viewed on the Commission’s Web site at
http://www.ferc.gov using the eLibrary
link. Enter the docket number excluding
the last three digits in the docket
number field to access the document.
For assistance, contact FERC Online
Support. A copy is also available for
inspection and reproduction at the
address in item h above.
You may also register online at http://
www.ferc.gov/docs-filing/
esubscription.asp to be notified via
email of new filings and issuances
related to this or other pending projects.
For assistance, contact FERC Online
Support.
n. Anyone may submit a protest or a
motion to intervene in accordance with
the requirements of Rules of Practice
and Procedure, 18 CFR 385.210, .211,
and .214. In determining the appropriate
action to take, the Commission will
consider all protests or other comments
filed, but only those who file a motion
to intervene in accordance with the
Commission’s Rules may become a
party to the proceeding. Any protests or
motions to intervene must be received
on or before the specified comment date
for the particular application.
All filings must: (1) Bear in all capital
letters the title PROTEST or MOTION
TO INTERVENE; (2) set forth in the

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heading the name of the applicant and
the project number of the application to
which the filing responds; (3) furnish
the name, address, and telephone
number of the person protesting or
intervening; and (4) otherwise comply
with the requirements of 18 CFR
385.2001 through 385.2005. Agencies
may obtain copies of the application
directly from the applicant. A copy of
any protest or motion to intervene must
be served upon each representative of
the applicant specified in the particular
application.
Dated: September 21, 2017.
Kimberly D. Bose,
Secretary.
[FR Doc. 2017–20788 Filed 9–27–17; 8:45 am]
BILLING CODE 6717–01–P

FEDERAL DEPOSIT INSURANCE
CORPORATION
Agency Information Collection
Activities: Submission for OMB
Review; Comment Request (OMB Nos.
3064–0085 and 3064–0120)
Federal Deposit Insurance
Corporation (FDIC).
ACTION: Notice and request for comment.
AGENCY:

The Federal Deposit
Insurance Corporation (FDIC) will
submit the following information
collection request to the Office of
Management and Budget (OMB) for
review and approval in accordance with
the Paperwork Reduction Act of 1995.
The proposed information collections
were previously published in the
Federal Register on July 6, 2017,
allowing for a 60-day comment.
DATES: Comments are encouraged and
will be accepted for an additional 30
days until October 30, 2017.
ADDRESSES: Interested parties are
invited to submit written comments to
the FDIC by any of the following
methods:
• http://www.FDIC.gov/regulations/
laws/federal/notices.html
• Email: [email protected]. Please
include the name and OMB control
number of the relevant information
collection in the subject line of the
message.
• Mail: Manny Cabeza, Counsel,
Room MB–3007, Federal Deposit
Insurance Corporation, 550 17th Street
NW., Washington, DC 20429.
• Hand Delivery: Comments may be
hand-delivered to the guard station at
the rear of the 17th Street Building
(located on F Street), on business days
between 7:00 a.m. and 5:00 p.m.
SUMMARY:

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45285

All comments should refer to the
relevant OMB control number. Written
comments and/or suggestions can also
be directed to the Office of Management
and Budget, Office of Information and
Regulatory Affairs, attention FDIC Desk
Officer, New Executive Office Building,
Washington DC 20503 or sent to OIRA_
[email protected].
FOR FURTHER INFORMATION CONTACT: If
you have additional comments,
particularly with respect to the
estimated public burden or associated
response time, have suggestions, need a
copy of any proposed information
collection instrument and instructions,
or desire any other additional
information, please contact Manny
Cabeza, Counsel, FDIC Legal Division
either by mail at Room MB–3007,
Federal Deposit Insurance Corporation,
550 17th Street NW., Washington, DC
20429; by email at [email protected]; or
by telephone at (202) 898–3767.
SUPPLEMENTARY INFORMATION: Written
comments and suggestions from the
public and affected agencies concerning
the proposed collections of information
are encouraged. All comments received
will become a matter of public record.
Your comments should address one or
more of the following four points:
—Evaluate whether the proposed
collection of information is necessary
for the proper performance of the
functions of the agency, including
whether the information has practical
utility;
—Evaluate the accuracy of the agency’s
estimate of the burden of the
proposed information collection,
including the validity of the
methodology and assumptions used;
—Evaluate whether and if so, how, the
quality, utility, and clarity of the
information to be collected can be
enhanced; and
—Ways to minimize the burden of the
information collection on
respondents, including through the
use of automated collection
techniques or other forms of
information technology.
Overview of the Information Collection
Request
1. Title: Record Keeping, Reporting
and Disclosure Requirements in
Connection with the Equal Credit
Opportunity Act Regulation B.
OMB Number: 3064–0085.
Form Number: None.
Affected Public: Insured state
nonmember banks and state savings
associations.

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Federal Register / Vol. 82, No. 187 / Thursday, September 28, 2017 / Notices

Burden Estimate: 1
Number of
respondents

Source and burden
Reporting burden:
Credit Reporting History (1002.10) ...............................
Demographic Information Collected for Monitoring
Purposes (1002.13(a)&(b)) .......................................

Annual
frequency

Total
responses

Average time
per response
(Minutes)

Estimated
annual burden
(Hours)

3,711

1,333

4,946,763

82,466

3,711

279

1,035,369

17,256

Total Reporting ......................................................
Disclosure Burden:
Disclosure for Optional Self-Test (1002.5) ...................
Notification (1002.9) ......................................................
Appraisal Report ...........................................................
(1002.14(a)(1)) ..............................................................
Disclosure of Information Collected for Monitoring
Purposes(1002.13(c)) ................................................
Notice of Right to Appraisal (1002.14(a)(2)) .........

........................

99,702

50
3,711

1
333

50
1,235,763

2
3

2
61,788

3,711

279

1,035,369

51,768

3,711
3,711

279
279

1,035,369
1,035,369

1
1

17,256
17,256

Total Disclosure .....................................................
Recordkeeping Burden:
Record Retention (Applications, Actions, Pre-Screened
Solicitations)(1002.12) ......................................................
Record Retention (Self-Testing)(1002.12)(b)(6) ..................

........................

148,071

3,711
50

1,333
1

4,946,763
50

3
3

247,338
3

Total Recordkeeping .....................................................

........................

247,341

Total Burden Hours ......................................................

........................

495,113

General Description of Collection:
Regulation B (12 CFR part 1002) issued
by the Consumer Financial Protection
Bureau, prohibits creditors from
discriminating against applicants on any
bases specified by the Equal Credit
Opportunity Act; imposes, reporting,
record keeping and disclosure
requirements; establishes guidelines for
gathering and evaluating credit
information; and requires creditors to
give applicants certain written notices.
There is no change in the method or
substance of the collection. The overall
107,276 hour reduction in total
estimated annual burden (from 602,389
to 495,113 hours) is a result of economic
fluctuation reflected in a reduction in
the number of FDIC-supervised
institutions, and because of the revision
of the FDIC’s estimates of the number of
responses and the average time required
to respond to the various information
collections tasks.
Changes to Data and Assumptions:
The burden estimates shown above
include several changes from the
estimates the FDIC previously provided
for this information collection. The
FDIC currently supervises 3,711 insured
financial institutions, a decrease of 687
from the 4,398 reported in 2014.
Whereas the FDIC previously estimated
that 25 percent (1,100) of its supervised
institutions would conduct optional
1 The average hours per response shown in the
table are rounded, but the Estimated Annual
Burden is calculated using the full decimal and
then is rounded to the nearest hour.

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self-testing, the FDIC’s experience
shows that very few banks actually
conduct these optional tests; our revised
estimate of 50 banks is likely high. The
FDIC has also updated the annual
frequencies for each burden. The FDIC
believes the prior estimate of 850
approved loans per year, on average,
was too low and has increased its
estimate to 1,000. The agency has also
corrected the frequencies for sections
1002.5 and 1002.12 which are
completed only once per year. As a
conservative estimate, FDIC assumes
that the denial rate for residential real
estate loans applications for covered
institutions is 14 percent. According to
Home Mortgage Disclosure Act (HMDA)
data from 2015, the denial rate for
conventional home-purchase loan
applications was 10.8 percent, and the
denial rate for nonconventional homepurchase loans was 13.9 percent.2 Call
report data from June 30, 2017 shows
that approximately 24 percent of total
loan and lease balances are residential
real estate loans (RRE), so, for purposes
of estimating burden, FDIC assumes that
24 percent of the number of loans relate
to RRE. The FDIC estimates that
approximately 25 percent of non-RRE
loans are denied.
The foregoing assumptions result in
the following estimates:
1,000 loans approved/(1 ¥ 25 percent)
= 1,333 loan applications
2 Federal Reserve Bulletin, November 2016, Vol.
102, No. 6.

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1,333 loan applications × 25 percent =
333 loans denied
1,000 loans approved × 24 percent = 240
RRE loans
240 RRE loans/(1 ¥ 14 percent) = 279
RRE loan applications
The table above now includes the
burden estimate for section 1002.13 that
was inadvertently omitted from prior
information collection submissions.
Section 1002.13(a), to monitor
compliance, requires lenders to collect
demographic information from loan
applicants either on the application
form or on a separate form. Section
1002.13(b) & (c) involve disclosing to
loan applicants the purpose and use of
this demographic information.
The burden table also deletes the
prior estimated burden for 1002.15
which only describes the eligibility for
incentives for self-testing and selfcorrection and does not involve any
disclosures, reporting, or recordkeeping
requirements.
The FDIC has updated its estimate of
the number of burden hours required to
complete each task. It has estimated a
burden of one to three minutes for most
tasks (0.017 to 0.05 hours), a figure not
significantly different from the prior
estimates. However, the FDIC believes
that the prior burden estimates for selftesting were greatly overstated. Whereas
previously, self-testing under section
1002.12 was estimated to require two (2)
hours to complete, the FDIC believes the
recordkeeping requirement articulated

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Federal Register / Vol. 82, No. 187 / Thursday, September 28, 2017 / Notices
in the rule should take only 3 minutes
(0.05 hours) to complete.
2. Title: Flood Insurance.
OMB Number: 3064–0120.

Form Number: None.
Affected Public: Insured state
nonmember banks and state savings
associations.

Burden Estimate:

TABLE 1—BURDEN CALCULATION
Item

Share of
burden

Hours

1. Disclosure to the Borrower ..................
2. Disclosure to the Servicer ...................
3. Report to FEMA of a Change in
Servicer ................................................
4. Recordkeeping (Bank keeps a copy of
all notifications) .....................................

50%
........................

0.50
........................

90%
........................

0.45
........................

0.225
0.225

25,097
25,097

........................

10%

0.05

5,577

50
........................

0.50
1.0

........................
........................

0.50
1.0

55,770
111,540

Respondents (FDIC supervised banks with real estate loans) ...........................................................................................................
Frequency (Average no. of real estate loans serviced w/flood ins) ....................................................................................................

3,718
30

Total burden .................................................................................................................................................................................

111,540

Hours

Total hours

Sources: FDIC, FEMA, Federal Reserve Board.

General Description of Collection:
Each supervised lending institution is
currently required to provide a notice of
special flood hazards to each borrower
with a loan secured by a building or
mobile home located or to be located in
an area identified by the Director of the
Federal Emergency Management Agency
as being subject to special flood hazards.
The Riegle Community Development
Act requires that each institution also
provide a copy of the notice to the
servicer of the loan (if different from the
originating lender).
There is no change in the method or
substance of the collection. There is an
overall reduction in burden hours
which is the result of (1) economic
fluctuation reflected by a decrease in the
number of FDIC-supervised institutions
and (2) a decrease in the number of
flood insurance policies nationally. In
particular, the number of respondents
and the frequency of response (number
of loans) have decreased while the
hours per response remain the same.
Changes to Data and Assumptions:
FDIC estimates total annual burden to
be 111,540 hours. To obtain this figure,
FDIC relied on: (a) Data from the Federal
Emergency Management Agency
(FEMA) as of May 2017; (b) FDIC Call
Report data as of March 31, 2017; and
(c) Federal Reserve Board mortgage data
as of March 31, 2017.
FEMA reported there were 4,983,954
flood insurance policies in effect with a
total insured value of
$1,238,657,149,400.3
FDIC Call Report data showed that as
of March 31, 2017, there were a total of
5,790 FDIC-insured institutions with a
total of $4.25 trillion in 1–4 family;
3 https://www.fema.gov/flood-insurance-statistics-

current-month (accessed June 15, 2017).

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multifamily; nonfarm, nonresidential,
and agricultural loans secured by real
estate. As of March 31, 2017, there were
3,718 FDIC-regulated institutions with a
total value of about $1.19 trillion in
these loans. Based on the foregoing, we
estimate that FDIC-regulated banks hold
27.9% of these assets.
The Federal Reserve Board reported
$14.41 trillion in mortgage debt
outstanding in the U.S., with $4.63
trillion (32.4%) held by depository
institutions.4 Since this total debt held
by banks is close to the value of these
real estate loans from Call Report data,
we have confidence that we can meld
the data sets for estimation purposes.
We therefore assume that 32.4% of the
value of flood insurance policies will be
held by U.S. commercial banks: $401
billion.
In the absence of any data on the
number of real estate loans with flood
insurance at any bank, we resort to
apportion 32.4% of the number of flood
insurance policies (1,614,801) to
commercial banks, and 27.9% of those
to FDIC-regulated institutions (451,177).
Because the value of property varies
greatly between different geographical
regions and different banks, it is
doubtful that this estimation of the
number of policies is accurate.
However, there exists no other
reasonable method for deriving the
number of policies at each bank given
available data.
Next, we apportioned the 451,177
flood insurance policies to each FDICregulated institution according to its
share of real estate loans to total real
estate loans. The resulting
4 https://www.federalreserve.gov/econresdata/
releases/mortoutstand/mortoutstand20170331.htm
(accessed June 15, 2017).

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apportionment results in an average of
121 policies per bank, and a median of
30 policies per bank. Because the
average is skewed by the large number
of policies at large banks, we believe the
median is a better measure for
calculating burden hours.
Our subject-matter experts (SMEs) for
this rule believe that the total burden to
the public for complying with this rule
is 1.0 hours per policy. We find four
PRA related tasks in this rule: (1)
Disclosure to Borrowers, (2) Disclosure
to Servicers, (3) Reporting to FEMA of
Changes in Coverage, and (4)
Recordkeeping for tasks 1–3 above. We
assume that Recordkeeping will
comprise 1⁄2 hour, and the remaining 1⁄2
is split between the other tasks. We
assume that 90% of policies will
involve a new origination, and 10% of
policies will involve a change in status.
With 3,718 respondents holding a
median of 30 policies and 1 hour of
burden per policy, we calculate a total
burden of 111,540 hours. This burden is
apportioned to each task as shown in
Table 1 above.
Dated at Washington, DC, this 22nd day of
September, 2017. Federal Deposit Insurance
Corporation.
Valerie J. Best,
Assistant Executive Secretary.
[FR Doc. 2017–20759 Filed 9–27–17; 8:45 am]
BILLING CODE 6714–01–P

FEDERAL RESERVE SYSTEM
Formations of, Acquisitions by, and
Mergers of Savings and Loan Holding
Companies
The companies listed in this notice
have applied to the Board for approval,

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File Type	application/pdf
File Modified	2017-09-28
File Created	2017-09-28