Loans in Areas Having Special Flood Hazards

ICR 202204-1557-005

OMB: 1557-0326

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2022-04-20
IC Document Collections
ICR Details
1557-0326 202204-1557-005
Received in OIRA 201812-1557-002
TREAS/OCC
Loans in Areas Having Special Flood Hazards
Extension without change of a currently approved collection   No
Regular 05/13/2022
  Requested Previously Approved
36 Months From Approved 05/31/2022
61,122 61,122
121,068 121,068
0 0

The National Flood Insurance Act of 1968 (1968 Act) and the Flood Disaster Protection Act of 1973 (FDPA), as amended, (collectively referenced herein as the Federal flood insurance statutes) govern the National Flood Insurance Program (NFIP). These laws make Federally subsidized flood insurance available to owners of improved real estate or mobile homes located in participating communities and require the purchase of flood insurance in connection with a loan made by a regulated lending institution when the loan is secured by improved real estate or a mobile home located in a special flood hazard area (SFHA) in which flood insurance is available under the NFIP. The laws specify the amount of insurance that must be purchased, and also require that such insurance be maintained for the term of the loan. (The requirement for flood insurance, and the term and amounts of such coverage, are hereinafter described as “the flood insurance purchase requirement). The OCC, Board, FDIC, FCA, and NCUA (collectively, the Agencies) each have issued regulations implementing these statutory requirements for the lending institutions they supervise. Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act) amends the Federal flood insurance statutes that the Agencies have authority to implement and enforce. Among other things, the Biggert-Waters Act: (1) requires the Agencies to issue a rule regarding the escrow of premiums and fees for flood insurance; (2) clarifies the requirement to force place insurance; and (3) requires the Agencies to issue a rule to direct regulated lending institutions to accept “private flood insurance,” as defined by the Biggert-Waters Act, and to notify borrowers of the availability of private flood insurance.

US Code: 12 USC 4102a, 4106(b) Name of Law: National Flood Insurance Act of 1968
   PL: Pub.L. 93 - 234 102(d) Name of Law: Flood Disaster Protection Act of 1973
  
US Code: 42 USC 4012a Name of Law: Biggert-Waters Flood Insurance Reform Act of 2012

Not associated with rulemaking

  87 FR 13043 03/08/2022
87 FR 29440 05/13/2022
No

  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 61,122 61,122 0 0 0 0
Annual Time Burden (Hours) 121,068 121,068 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

No
    No
    No
No
No
No
No
Heidi Thomas 202 874-5090 [email protected]

  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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
05/13/2022


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