Agency Information Collection Activities: Proposed Collection; Comment Request

FEDERAL DEPOSIT INSURANCE CORPORATION

Agency Information Collection Activities: Proposed Collection;

Comment Request

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice and request for comment.

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SUMMARY: The FDIC, as part of its continuing effort to reduce paperwork

and respondent burden, invites the general public and other Federal

agencies to take this opportunity to comment on proposed and/or

continuing information collections, as required by the Paperwork

Reduction Act of 1995 (44 U.S.C. chapter 35). Currently, the FDIC is

soliciting comments concerning an information collection titled ``Flood

Insurance.''

DATES: Comments must be submitted on or before December 18, 1998.

ADDRESSES: Interested parties are invited to submit written comments to

Tamara R. Manly, Management Analyst (Regulatory Analysis), (202) 898-

7453, Office of the Executive Secretary, Room 4058, Attention:

Comments/OES, Federal Deposit Insurance Corporation, 550 17th Street,

NW, Washington, DC 20429. All comments should refer to ``Flood

Insurance.'' Comments may be hand-delivered to the guard station at the

rear of the 17th Street Building (located on F Street), on business

days between 7:00 a.m. and 5:00 p.m. (FAX number (202) 898-3838;

Internet address: [email protected]].

A copy of the comments may also be submitted to the OMB desk

officer for the FDIC: Alexander Hunt, Office of Information and

Regulatory Affairs, Office of Management and Budget, New Executive

Office Building, Room 3208, Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT:

Tamara R. Manly, at the address identified above.

[[Page 55873]]

SUPPLEMENTARY INFORMATION: Proposal to renew the following currently

approved collection of information:

Title: Flood Insurance.

OMB Number: 3064-0120.

Frequency of Response: As needed.

Affected Public: Any depository institution whose borrower's loan

requests were secured by a building located on property in a special

flood hazard area.

Estimated Number of Respondents: 6,000.

Estimated Time per Respondent: 25.9 hours.

Estimated Total Annual Burden: 155,625.

General Description of Collection: Each supervised lending

institution is currently 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 the Director of the Federal

Emergency Management Administration as being subject to special flood

hazards. The Riegle Community Development and Regulatory Improvement

Act requires that each institution must also provide a copy of the

notice to the servicer of the loan (if different from the originating

lender).

Request for Comment

Comment are invited on: (a) whether the collection of information

is necessary for the proper performance of the FDIC's functions,

including whether the information has practical utility; (b) the

accuracy of the estimates of the burden of the information collection,

including the validity of the methodology and assumptions used; (c)

ways to enhance the quality, utility, and clarity of the information to

be collected; and (d) ways to minimize the burden of the information

collection on respondents, including through the use of automated

collection techniques of other forms of information technology.

At the end of the comment period, the comments and recommendations

received will be analyzed to determine the extent to which the

collection should be modified prior to submission to OMB for review and

approval. Comments submitted in response to this notice also will be

summarized or included in the FDIC's requests to OMB for renewal of

this collection. All comments will become a matter of public record.

Dated at Washington, DC this 13th day of October, 1998.

Federal Deposit Insurance Corporation.

Rober E. Feldman,

Executive Secretary.

[FR Doc. 98-27883 Filed 10-16-98; 8:45 am]

BILLING CODE 6714-01-M