Prior to subsequent renewal, the agency will assess whether the hourly cost burden for any of the individual items under the collection materially differs from the estimate which has been applied to all items.
Inventory as of this Action
Requested
Previously Approved
05/31/2022
36 Months From Approved
2,110,185
0
0
527,547
0
0
0
0
0
Each supervised lending institution is required to provide a notice of special flood hazards to a borrower acquiring a loan secured by a building on real property located in an area identified by FEMA as subject to special flood hazards, and various other notices to borrowers, servicers and FEMA.. The Riegle Community Development Act requires that each institution also provide a copy of the notice to the servicer of the loan (if different from the originating lender).
Section 100239 of the Biggert-Waters Flood Insurance Reform Act of 2012 requires each federal banking agency (including the FDIC), and the Farm Credit Administration, to adopt implementing regulations to direct regulated lending institutions to accept âprivate flood insurance,â as defined by the Biggert-Waters Act. A lending institution would be required to implement policies and procedures to comply with the Biggert-Waters Act provision and verify in writing that a private insurance policy satisfies the criteria included in the definition or document findings that separate required criteria have been met when accepting a private flood insurance policy in satisfaction of the mandatory flood insurance purchase requirement of the Flood Disaster Protection Act. The institution must also maintain records to permit examination staff to ascertain how the institution has met the requirements of the regulation.
US Code:
42 USC 4001 - 4129
Name of Law: National Flood Insurance Act of 1968
US Code:
12 USC 1462a
Name of Law: Home Owners' Loan Act
US Code:
12 USC 1463
Name of Law: Home Owners' Loan Act
US Code:
12 USC 1464
Name of Law: Home Owners' Loan Act
US Code:
12 USC 1819 (Tenth)
Name of Law: Federal Deposit Insurance Act
US Code:
12 USC 5412(b)(2)(c)
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
PL: Pub.L. 112 - 141 100239 Name of Law: Biggert-Waters Flood Insurance Reform Act of 2012
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.
SPST-0207 Flood Insurance (Private Policies Revisions) March 2019 FINAL.docx
Documenting Conclusions About Private Flood Insurance Policies