The Office of the Comptroller of the Currency is soliciting comments concerning the renewal of its information collection titled “Reverse Mortgage Products: Guidance for Managing Compliance and Reputation Risks.” Comments are due March 29.
First published in 2010, the Guidance focuses on the need for OCC-covered depository institutions to provide adequate information to consumers about reverse mortgage products, to provide qualified independent counseling to consumers considering these products, and to avoid potential conflicts of interest. The Guidance also addresses related policies, procedures, internal controls and third party risk management.
To get more information on submitting comments and the Guidance itself, visit the Federal Register notice.