The Board of Governors of the Federal Reserve System is asking for public comments on its proposal to extend a specific guidance for managing compliance and reputation risks associated with reverse mortgages for another three years. The proposal, known as FR 4029, requires state member banks involved with these mortgages to review and maintain policies and procedures annually. The proposal's review process considers factors like the necessity of the information collected, its accuracy, ways to improve its quality, and methods to reduce the burden on respondents. Comments must be submitted by April 19, 2021, and can be sent through various methods, including email, fax, and mail.
Simple Explanation
The Federal Reserve wants to know what people think about how banks should handle special home loans for older people called reverse mortgages. They want to keep the rules for three more years, and anyone can send in their thoughts by April 19, 2021.