The OCC should analyze whether the $114 hourly burden estimate should be uniform across all aspects of the collection.
Inventory as of this Action
Requested
Previously Approved
05/31/2021
36 Months From Approved
05/31/2021
1,787,489
0
1,787,489
193,857
0
193,857
0
0
0
The information collections in parts 34 and 160 are required by statute to regulate real estate lending and holding by national banks and savings associations (institutions). These regulations are required by statute and are used by the OCC to ensure the safe and sound operation of institutions and institution compliance.
This ICR is being submitted in connection with a notice of proposed rulemaking. The proposal will not result in a change in burden. While the respondent count will increase with the addition of Federal savings associations, we estimate fewer notices from national banks due to a decrease in charters since the last review, resulting in no change in burden.
Section 34.86(d) updates the requirements for prior notification for significant additional expenditures on OREO for national banks and extends the provision to Federal savings associations. Currently, a national bank must notify the OCC at least 30 days before making additional expenditures if the amount of the expenditures and recorded investment in the OREO exceeds ten percent of its capital and surplus, based on regulatory capital calculated under 12 CFR part 3. Federal savings associations are subject to supervisory review of any expenditures on OREO in excess of their lending limits, which are calculated based on a formula that incorporates a percentage of capital and surplus.
The proposal updates and streamlines the notification provision by requiring prior notification only when the proposed additional expenditures and recorded investment in an individual OREO property exceeds 10 percent of the institutionâs total equity capital based on its most recent Call Report. National banks with significant loan loss reserves or excessive losses recorded in accumulated other comprehensive income will generally have a reduced limit for notification. National banks holding assets that are deducted under the regulatory capital rule, will generally have an increase limit for notification under the proposal.
US Code:
12 USC 3331 et seq.
Name of Law: Financial Institutions Reform, Recovery and Enforcement Act of 1989
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.
1557-0190 OREO 4-17-19.doc
Issuance of Default Notice