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

Forms and supporting documents for this ICR

Document	Type	Status	Availability
FRH2_20221026_omb.pdf	Supporting Statement A	Uploaded 2022-10-26	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
36316	Recordkeeping Sections 208.25(c)(3)(iii) and (iv) Private flood insurance		Modified
254839	Disclosure Section 208.25(e)(4) One-time notice for any designated loan outstanding on July 1 of the year SMB no longer qualifies for small lender exception		New
236555	Disclosure Section 208.25(g) Purchase of flood insurance on the borrower's behalf due to remapping		Modified
219054	Disclosure Section 208.25(g) Notice to borrowers of lapsed mandated flood insurance due to remapping		Modified
199397	Disclosure Section 208.25(g) Purchase of flood insurance on the borrower's behalf		Modified
199396	Disclosure Section 208.25(g) Notice to borrowers of lapsed mandated flood insurance		Modified
199395	Disclosure Section 208.25(j)(2) Notice to FEMA of change of servicer		Modified
199391	Disclosure Section 208.25(j)(1) Notice to FEMA of servicer		Modified
184841	Disclosure Sections 208.25(i) and (e), as applicable Notice of special flood hazards and availability of federal disaster relief assistance with escrow notice, as applicable		Modified
184840	Recordkeeping Section 208.25(i) Notice of special flood insurance		Modified
184839	Recordkeeping Section 208.25(f)(2) Retention of standard FEMA form		Unchanged

ICR Details

OMB Control No: 7100-0280	ICR Reference No: 202207-7100-007
Status: Historical Active	Previous ICR Reference No: 202108-7100-001
Agency/Subagency: FRS	Agency Tracking No: FR 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: 10/26/2022
Retrieve Notice of Action (NOA)	Date Received in OIRA: 10/26/2022
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2025	36 Months From Approved	12/31/2022
Responses	535,343	0	476,375
Time Burden (Hours)	33,212	0	30,755
Cost Burden (Dollars)	0	0	0

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Abstract: In general, the federal flood insurance statutes and Regulation H - Membership of State Banking Institutions in the Federal Reserve System (12 CFR Part 208) provide that a lender shall not make, increase, extend, or renew a loan secured by a building or mobile home located in a special flood hazard area unless the secured property is covered by flood insurance for the term of the loan. With respect to the recordkeeping and disclosure provisions, the regulation generally requires state member banks to retain certain flood hazard documentation and to notify borrowers and servicers regarding properties in flood hazard areas and requirements related to flood insurance. State member banks also must notify the Federal Emergency Management Agency (FEMA) of the identity of, and any change in, the servicer of a loan secured by improved property in a special flood hazard area. The information collection requirements under the flood hazard provisions of Regulation H are triggered by specific events in the lending process.

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Authorizing Statute(s): US Code: 42 USC 4012a Name of Law: Flood Disaster Protection Act of 1973
   US Code: 42 USC 4104a Name of Law: National Flood Insurance Act
   US Code: 12 USC 248(a) Name of Law: Federal Reserve Act
   US Code: 12 USC 324 Name of Law: Federal Reserve 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:
	86 FR 60818	11/04/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 44118	07/25/2022
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 11

table that charts list of burden

IC Title	Form No.	Form Name
Disclosure Section 208.25(e)(4) One-time notice for any designated loan outstanding on July 1 of the year SMB no longer qualifies for small lender exception
Disclosure Section 208.25(g) Notice to borrowers of lapsed mandated flood insurance
Disclosure Section 208.25(g) Notice to borrowers of lapsed mandated flood insurance due to remapping
Disclosure Section 208.25(g) Purchase of flood insurance on the borrower's behalf
Disclosure Section 208.25(g) Purchase of flood insurance on the borrower's behalf due to remapping
Disclosure Section 208.25(j)(1) Notice to FEMA of servicer
Disclosure Section 208.25(j)(2) Notice to FEMA of change of servicer
Disclosure Sections 208.25(i) and (e), as applicable Notice of special flood hazards and availability of federal disaster relief assistance with escrow notice, as applicable
Recordkeeping Section 208.25(f)(2) Retention of standard FEMA form
Recordkeeping Section 208.25(i) Notice of special flood insurance
Recordkeeping Sections 208.25(c)(3)(iii) and (iv) Private flood insurance

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ICR Summary of Burden

table that charts list 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	535,343	476,375	0	58,968	0	0
Annual Time Burden (Hours)	33,212	30,755	0	2,457	0	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: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: The estimated total annual burden for the FR H-2 is 30,755 hours, and would increase to 33,212 hours with the revisions.

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Annual Cost to Federal Government: $0

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: 10/26/2022

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