[Federal Register Volume 83, Number 47 (Friday, March 9, 2018)]
[Notices]
[Pages 10480-10481]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-04756]


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FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL

[Docket No. AS18-03]


Appraisal Subcommittee; Notice of Received Request for a 
Temporary Waiver

AGENCY: Appraisal Subcommittee of the Federal Financial Institutions 
Examination Council, FFIEC.

ACTION: Notice of received request for a temporary waiver; request for 
comments.

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SUMMARY: The Appraisal Subcommittee (ASC) of the Federal Financial 
Institutions Examination Council (FFIEC) has received a request for a 
temporary waiver of appraiser certification or licensing requirements 
pursuant to the Financial Institutions Reform, Recovery, and 
Enforcement Act, and the rules promulgated thereunder. The ASC is 
requesting comment (including written data, views and arguments) on the 
received request.

DATES: Comments must be received on or before April 9, 2018.

ADDRESSES: Commenters are encouraged to submit comments (including 
written data, views and arguments) by the Federal eRulemaking Portal or 
email, if possible. You may submit comments, identified by Docket 
Number AS18-03, by any of the following methods:
     Federal eRulemaking Portal: https://www.regulations.gov. 
Follow the instructions for submitting comments. Click on the ``Help'' 
tab on the Regulations.gov home page to get information on using 
Regulations.gov, including instructions for submitting public comments.
     E-Mail: [email protected]. Include the docket number in 
the subject line of the message.
     Fax: (202) 289-4101. Include docket number on fax cover 
sheet.
     Mail: Address to Appraisal Subcommittee, Attn: Lori 
Schuster, Management and Program Analyst, 1401 H Street NW, Suite 760, 
Washington, DC 20005.
     Hand Delivery/Courier: 1401 H Street NW, Suite 760, 
Washington, DC 20005.
    In general, the ASC will enter all comments received into the 
docket and publish those comments on the Federal eRulemaking 
(regulations.gov) website without change, including any business or 
personal information that you provide, such as name and address 
information, email addresses, or phone numbers. Comments received, 
including attachments and other supporting materials, are part of the 
public record and subject to public disclosure. Do not enclose any 
information in your comment or supporting materials that you consider 
confidential or inappropriate for public disclosure. At the close of 
the comment period, all public comments will also be made available on 
the ASC's website at https://www.asc.gov (follow link in ``What's 
New'') as submitted, unless modified for technical reasons.
    You may review comments by any of the following methods:
     Viewing Comments Electronically: Go to https://www.regulations.gov. Enter ``Docket ID AS18-03'' in the Search box and 
click ``Search.'' Click on the ``Help'' tab on the Regulations.gov home 
page to get information on using Regulations.gov, including 
instructions for viewing public comments, viewing other supporting and 
related materials, and viewing the docket after the close of the 
comment period.
     Viewing Comments Personally: You may personally inspect 
comments at the ASC office, 1401 H Street NW, Suite 760, Washington, DC 
20005. To make an appointment, please call Lori Schuster at (202) 595-
7578.

FOR FURTHER INFORMATION CONTACT: James R. Park, Executive Director, at 
(202) 595-7575, or Alice M. Ritter, General Counsel, at (202) 595-7577, 
Appraisal Subcommittee, 1401 H Street NW, Suite 760, Washington, DC 
20005.

SUPPLEMENTARY INFORMATION: 

I. Background

    Title XI of the Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989, as amended (Title XI), established the ASC.\1\ 
The purpose of Title XI is ``to provide that Federal financial and 
public policy interests in real estate related transactions will be 
protected by requiring that real estate appraisals utilized in 
connection with federally related transactions are performed in 
writing, in accordance with uniform standards, by individuals whose 
competency has been demonstrated and whose professional conduct will be 
subject to effective supervision.'' \2\ Title XI requires the use of 
State licensed or certified appraisers in federally related 
transactions.\3\ Section 1119(b) of Title XI, 12 U.S.C. 3348(b), 
authorizes the ASC to waive, on a temporary basis and with approval of 
the FFIEC, any certification or licensing requirement relative to 
certifying or licensing individuals to perform appraisals under Title 
XI in a State or geographic political subdivisions of a State upon a 
written determination that there is a scarcity of certified or licensed 
appraisers to perform appraisals in connection with federally related 
transactions leading to significant delays in the performance of such 
appraisals. The ASC has issued procedures \4\ governing the processing 
of temporary waiver requests. After receiving a waiver request, the ASC 
is required to issue a public notice in the Federal Register requesting 
comment on the request for a proposed temporary waiver. Within 15 days 
of the close of the 30-day comment period, the ASC, by order, will 
grant or deny a waiver, in whole or in part, and upon specified terms 
or conditions, including provisions for waiver termination. If the ASC 
approves any or all of the request, it is subject to approval by the 
FFIEC. The ASC's order granting or denying the

[[Page 10481]]

waiver shall respond to comments received and shall provide reasons for 
the ASC's finding. The order shall be published promptly in the Federal 
Register, though in the case of an order granting a waiver, only after 
approval by the FFIEC.
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    \1\ The ASC Board is comprised of seven members. Five members 
are designated by the heads of the FFIEC agencies (Board of 
Governors of the Federal Reserve System [Board], Consumer Financial 
Protection Bureau [CFPB], Federal Deposit Insurance Corporation 
[FDIC], Office of the Comptroller of the Currency [OCC], and 
National Credit Union Administration [NCUA]). The other two members 
are designated by the heads of the Department of Housing and Urban 
Development (HUD) and the Federal Housing Finance Agency (FHFA).
    \2\ Title XI Sec.  1101, 12 U.S.C. 3331.
    \3\ ``Federally related transaction'' refers to any real estate 
related financial transaction which: a) a federal financial 
institutions regulatory agency engages in, contracts for, or 
regulates; and b) requires the services of an appraiser. (Title XI 
Sec.  1121 (4), 12 U.S.C. 3350.)
    \4\ 12 CFR part 1102, subpart A.
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II. Request for Temporary Waiver; Received Request

    On November 20, 2017, a letter requesting consideration of a 
temporary waiver was received by the ASC from TriStar Bank, a state-
chartered bank located in Dickson, Tennessee (the Requester). On 
November 30, 2017, ASC staff replied by letter to the Requester, in 
which ASC staff described the information required to file a completed 
waiver request pursuant to 12 CFR 1102.2 and 1102.3, subpart A, 
Temporary Waiver Requests. On January 22, 2018, the Requester submitted 
additional information (dated January 10, 2018) in response to the 
ASC's November 30, 2017 letter. Pursuant to 12 CFR 1102.4, the ASC is 
publishing a notice respecting the received request to give interested 
persons 30 days to comment, including submission of written data, views 
and arguments.
    You may view the received request by any of the following methods:
     Viewing Received Request Electronically: Go to https://www.asc.gov. In the ``What's New'' box on the home page, a link is 
provided to view the received request and supporting documentation.
     Viewing Received Request Personally: You may personally 
inspect the received request and supporting documentation at the ASC 
office, 1401 H Street NW, Suite 760, Washington, DC 20005. To make an 
appointment, please call Lori Schuster at (202) 595-7578.

III. Request for Comment

    The ASC seeks comment on all aspects of the received request, 
including submission of written data, views and arguments.
* * * * *

    By the Appraisal Subcommittee.

    Dated: March 6, 2018.
James R. Park,
Executive Director.
[FR Doc. 2018-04756 Filed 3-8-18; 8:45 am]
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