Reverse Mortgage Products - Guidance for Managing Reputation Risks

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
1557-0246 Supporting Statement Reverse Mortgage Guidance 4-14-22 1112AM.docx	Supporting Statement A	Uploaded 2022-04-14	Missing upstream

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
192202	Program Maintenance	Other-	Modified
192201	Development of Policies and Procedures; and Training	Other-	Unchanged

ICR Details

OMB Control No: 1557-0246	ICR Reference No: 202203-1557-007
Status: Received in OIRA	Previous ICR Reference No: 201804-1557-012
Agency/Subagency: TREAS/OCC	Agency Tracking No:
Title: Reverse Mortgage Products - Guidance for Managing Reputation Risks
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 04/21/2022

table that charts list comparision

	Requested	Previously Approved
Expiration Date	36 Months From Approved	07/31/2022
Responses	13	16
Time Burden (Hours)	136	160
Cost Burden (Dollars)	0	0

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

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Authorizing Statute(s): US Code: 12 USC 1 et seq. Name of Law: National Bank Act
  

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
60-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 4711	01/28/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 23910	04/21/2022
Did the Agency receive public comments on this ICR? No

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

table that charts list of burden

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

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ICR Summary of Burden

table that charts list of burden

	Total Request	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	13	16	0	-3	0	0
Annual Time Burden (Hours)	136	160	0	-24	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 decrease in burden is due to the decrease in the size of the industry.

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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? No

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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: 04/21/2022

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