OCC Seeks Feedback on Managing Compliance Risk for Reverse Mortgage Products

The OCC is seeking comments on the renewal of its guidance for managing compliance and reputation risk as it relates to reverse mortgage products. The final guidance was issued in 2010, and included information collection requirements addressing the implementation of policies and procedures, training, and program maintenance.

The OCC is seeking feedback on whether the collection of this information is necessary and practical; the accuracy of the estimates of the burden of information collection; ways to enhance the quality, utility and clarity of the information to be collected; ways to minimize the burden of information collection on respondents; and estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Comments are due 60 days after publication in the Federal Register.

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