[Federal Register: June 20, 2008 (Volume 73, Number 120)]
[Notices]
[Page 35210-35211]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr20jn08-133]
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DEPARTMENT OF THE TREASURY
Office of Thrift Supervision
Proposed Agency Information Collection Activities; Comment
Request--Loans in Areas Having Special Flood Hazards
AGENCY: Office of Thrift Supervision (OTS), Treasury.
ACTION: Notice and request for comment.
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SUMMARY: The Department of the Treasury, as part of its continuing
effort to reduce paperwork and respondent burden, invites the general
public and other Federal agencies to comment on proposed and continuing
information collections, as required by the Paperwork Reduction Act of
1995, 44 U.S.C. 3507. The Office of Thrift Supervision within the
Department of the Treasury will submit the proposed information
collection requirement described below to the Office of
[[Page 35211]]
Management and Budget (OMB) for review, as required by the Paperwork
Reduction Act. Today, OTS is soliciting public comments on its proposal
to extend this information collection.
DATES: Submit written comments on or before August 19, 2008.
ADDRESSES: Send comments, referring to the collection by title of the
proposal or by OMB approval number, to Information Collection Comments,
Chief Counsel's Office, Office of Thrift Supervision, 1700 G Street,
NW., Washington, DC 20552; send a facsimile transmission to (202) 906-
6518; or send an e-mail to infocollection.comments@ots.treas.gov. OTS
will post comments and the related index on the OTS Internet Site at
http:// www.ots.treas.gov. In addition, interested persons may inspect
comments at the Public Reading Room, 1700 G Street, NW., by
appointment. To make an appointment, call (202) 906-5922, send an e-
mail to public.info@ots.treas.gov, or send a facsimile transmission to
(202) 906-7755.
FOR FURTHER INFORMATION CONTACT: You can request additional information
about this proposed information collection from Ekita Mitchell, (202)
906-6451, Office of Thrift Supervision, 1700 G Street, NW., Washington,
DC 20552.
SUPPLEMENTARY INFORMATION: OTS may not conduct or sponsor an
information collection, and respondents are not required to respond to
an information collection, unless the information collection displays a
currently valid OMB control number. As part of the approval process, we
invite comments on the following information collection.
Comments should address one or more of the following points:
a. Whether the proposed collection of information is necessary for
the proper performance of the functions of OTS;
b. The accuracy of OTS's estimate of the burden of the proposed
information collection;
c. Ways to enhance the quality, utility, and clarity of the
information to be collected;
d. Ways to minimize the burden of the information collection on
respondents, including through the use of information technology.
We will summarize the comments that we receive and include them in
the OTS request for OMB approval. All comments will become a matter of
public record. In this notice, OTS is soliciting comments concerning
the following information collection.
Title of Proposal: Loans in Areas Having Special Flood Hazards.
OMB Number: 1550-0088.
Form Numbers: N/A.
Regulation requirement: 12 CFR part 572.
Description: The borrower uses the notice to make decisions
regarding the collateral to be used to secure a loan. This notice
advises the borrower as to whether the property securing the loan is or
will be located in a special flood hazard area, whether flood insurance
on the property securing the loan is required, and includes a
description of the flood insurance purchase requirements. This notice
also provides the borrower with information regarding the availability
of Federal assistance in the event of a declared Federal flood
disaster. If a loan is being serviced by a loan servicer, this notice
also is provided by the savings association to the loan servicer to
assist in making the servicer aware of its responsibility for
performing certain tasks on behalf of the lender ( e.g., collecting
insurance premiums). The statute and OTS implementing regulations
require the lending institution to retain a record of the receipt of
the notice to the borrower. OTS uses this record to verify compliance.
A second notice to the borrower is required if the lending
institution determines at any time during the life of a loan that
adequate (required) flood insurance is not in place. This notice is
used by the borrower to determine how much flood insurance to purchase.
The notice to the Federal Emergency Management Agency (FEMA)
advises FEMA of the identity of the initial loan servicer and, if
necessary, of changes in servicers. FEMA uses this notice to maintain
current information regarding the persons to whom it should direct
inquiries regarding flood insurance, or to send notices of flood
insurance policy renewals.
A lending institution is required by statute and OTS implementing
regulations to use the standard flood hazard determination form
developed by FEMA when determining whether the property securing the
loan is or will be located in a special flood hazard area.
Type of Review: Extension of a currently approved collection.
Affected Public: Businesses or other for-profit.
Estimated Number of Respondents: 832.
Estimated Number of Responses: 214,660.
Estimated Frequency of Response: On occasion.
Estimated Total Burden: 54,497 hours.
Clearance Officer: Ira L. Mills, (202) 906-6531, Office of Thrift
Supervision, 1700 G Street, NW., Washington, DC 20552.
Dated: June 12, 2008.
Deborah Dakin,
Senior Deputy Chief Counsel, Regulations and Legislation Division.
[FR Doc. E8-13937 Filed 6-19-08; 8:45 am]
BILLING CODE 6720-01-P