[Federal Register Volume 76, Number 154 (Wednesday, August 10, 2011)]
[Notices]
[Page 49477]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-20300]


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FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL

[Docket No. AS11-23]


Consideration of Extenuating Circumstances for Implementation of 
Modification of Annual National Registry Fee

AGENCY: Appraisal Subcommittee (ASC) of the Federal Financial 
Institutions Examination Council.

ACTION: The ASC is providing notice to all States that it will consider 
requests for an extension of the effective date of the modified 
National Registry fee based on extenuating circumstances.

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SUMMARY: Under authority in the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (the Dodd-Frank Act), the ASC approved a 
modification of the annual National Registry fee to $40 from the 
current $25 amount at its meeting on October 13, 2010. The ASC raised 
the National Registry Fee to support its supervisory activities, 
including additional authority under the Dodd-Frank Act (see Bulletin 
10-1, Modification of Annual National Registry Fee, 75 FR 65629, 
October 26, 2010).
    In the event a State encounters difficulty with implementing the 
modified National Registry fee by January 1, 2012, the State must 
notify the ASC no later than October 31, 2011. The ASC will consider a 
State's request for an extension of the effective date of the modified 
National Registry fee when extenuating circumstances prevent compliance 
and the State has acted in good faith to implement any actions 
necessary for achieving compliance. Extenuating circumstances include, 
but are not limited to, the following:
     The State was not able to enact necessary legislation or 
promulgate a rulemaking to implement the modified National Registry fee 
by January 1, 2012.
     The State could not exercise emergency or temporary 
authority, if any, to pass legislation or promulgate a rulemaking to 
implement the modified National Registry fee by January 1, 2012.
     The funds remitted by the State to the ASC to pay the 
modified National Registry fee would come from a source other than the 
credentialed appraiser.
    States must ensure that any request for an extension contains 
sufficient detail regarding the State's efforts to achieve compliance 
to date, and the extenuating circumstances that will prevent 
compliance.

DATES: Effective Date: Immediately.

FOR FURTHER INFORMATION CONTACT: James R. Park, Executive Director, at 
(202) 595-7575, or Alice M. Ritter, General Counsel, at (202) 595-7577, 
via Internet e-mail at [email protected] and [email protected], respectively, or 
by U.S. Mail at Appraisal Subcommittee, 1401 H Street, NW., Suite 760, 
Washington, DC 20005.

SUPPLEMENTARY INFORMATION: The ASC issued the following Supplement to 
Bulletin 10-1 Modification of National Registry Fee. This Supplement 
provides States an opportunity to request an extension of the effective 
date of the modification in the National Registry Fee based on 
extenuating circumstances.

    August 4, 2011.
Deborah S. Merkle,
Chairman.
[FR Doc. 2011-20300 Filed 8-9-11; 8:45 am]
BILLING CODE 6700-01-P