FDIC Seeks Comments on Reverse Mortgage Data Renewal
Published Date: 7/2/2026
Notice
Summary
The FDIC wants to keep collecting info from certain banks about reverse mortgages and is asking for your thoughts by August 31, 2026. This renewal won’t change the rules or cost banks extra time or money but helps keep things running smoothly. If you’re a bank involved in reverse mortgages, now’s your chance to speak up!
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Recordkeeping Burden on Banks
Insured state nonmember banks and state savings associations that make reverse mortgages must maintain records under 12 CFR 365 with an estimated total annual burden of 344 hours (5 respondents × 40 hours = 200 hours; 18 respondents × 8 hours = 144 hours). Banks that sell insurance must provide required disclosures under 12 CFR 343, with an estimated total annual burden of 4,670 hours (934 respondents × 5 hours).
Required FDIC Insurance Disclosures
If a bank sells insurance products or annuities, it must give you a disclosure that those products are not FDIC-insured and get your acknowledgement before the sale and, when applicable, at the time you apply for an extension of credit. These disclosure requirements are described under 12 CFR part 343 and the renewal keeps those rules in place.
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