🏠OCC Seeks Comments on Reverse Mortgage Compliance Guidance
Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; 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). The OCC also is giving notice that it has sent the collection to OMB for review.
Agencies
- Treasury Department
- Comptroller of the Currency
Business Impact
$$ - Med
The document signifies potential compliance and regulatory requirements for businesses, particularly those involved with reverse mortgage products. It invites feedback on guidance affecting how these entities manage compliance and risks, highlighting the importance of transparent lending practices which can directly impact business operations.