🏦Guidance for Compliance with Reverse Mortgage Products Management
Agency Information Collection Activities: Information Collection Renewal; Comment Request; Reverse Mortgage Products: Guidance for Managing Compliance and Risks
Summary
The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites comment on a continuing information collection, as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning the renewal of its information collection titled, "Reverse Mortgage Products: Guidance for Managing Compliance and Risks" (Guidance).
Agencies
- Treasury Department
- Comptroller of the Currency
Business Impact
$$ - Med
The regulation outlines compliance and record-keeping requirements related to reverse mortgage products, which directly affects financial institutions' operations and risk management. Businesses in this sector must adhere to the guidance on compliance and the treatment of consumer information to avoid potential conflicts of interest.