Loans in Areas Having Special Flood Hazards

Forms and Documents

Document Name	Status
Justification for Nonmaterial Change (and updated supporting statement).docx Justification for No Material/Nonsubstantive Change	2022-08-03
Justification for Nonmaterial Change (and updated supporting statement).docx Supporting Statement A	2022-08-03

IC Document Collections

IC ID	Document Title	Status
234860	Recordkeeping: Protection of Designated Loan--Documentation of the Conclusion	Removed
213420	Disclosures (Part 1)	Removed
213419	Recordkeeping	Modified
211935	Disclosures	Modified

ICR Details

OMB Control No: 1557-0326	ICR Reference No: 202208-1557-002
Status: Received in OIRA	Previous ICR Reference No: 202204-1557-005
Agency/Subagency: TREAS/OCC	Agency Tracking No:
Title: Loans in Areas Having Special Flood Hazards
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 08/03/2022

	Requested	Previously Approved
Expiration Date	07/31/2025	07/31/2025
Responses	1,956	61,122
Time Burden (Hours)	141,239	121,068
Cost Burden (Dollars)	0	0

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Abstract: 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. This non-material change brings the OCC's burden estimates into conformance with the other banking agencies.

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Authorizing Statute(s): PL: Pub.L. 93 - 234 102(d) Name of Law: Flood Disaster Protection Act of 1973
   US Code: 12 USC 4102a, 4106(b) Name of Law: National Flood Insurance Act of 1968
  

Citations for New Statutory Requirements: US Code: 42 USC 4012a Name of Law: Biggert-Waters Flood Insurance Reform Act of 2012

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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 13043	03/08/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 29440	05/13/2022
Did the Agency receive public comments on this ICR? No

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

IC Title	Form No.	Form Name
Disclosures
Disclosures (Part 1)
Recordkeeping
Recordkeeping: Protection of Designated Loan--Documentation of the Conclusion

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ICR Summary 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	1,956	61,122	0	0	-59,166	0
Annual Time Burden (Hours)	141,239	121,068	0	0	20,171	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: No

Burden Reduction Due to:

Short Statement: The change in burden aligns the OCC's burden with the other banking agencies.

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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: 08/03/2022

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