[Federal Register Volume 84, Number 44 (Wednesday, March 6, 2019)]
[Notices]
[Pages 8098-8100]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-04068]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment.
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SUMMARY: The Board of Governors of the Federal Reserve System (Board)
invites comment on a proposal to extend for three years, without
revision, the Disclosure Requirements of Regulation Y Associated with
Minimum Requirements for Appraisal Management Companies (FR HY-5; OMB
No. 7100-0370).
DATES: Comments must be submitted on or before May 6, 2019.
ADDRESSES: You may submit comments, identified by FR HY-5 by any of the
following methods:
Agency Website: http://www.federalreserve.gov. Follow the
instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
Email: [email protected]. Include OMB
number in the subject line of the message.
FAX: (202) 452-3819 or (202) 452-3102.
Mail: Ann E. Misback, Secretary, Board of Governors of the
Federal Reserve System, 20th Street and Constitution Avenue NW,
Washington, DC 20551.
All public comments are available from the Board's website at
https://www.federalreserve.gov/apps/foia/proposedregs.aspx as
submitted, unless modified for technical reasons or to remove sensitive
personally identifiable information at the commenter's request. Public
comments may also be viewed electronically or in paper in Room 146,
1709 New York Avenue NW, Washington, DC 20006, between 9:00 a.m. and
5:00 p.m. on weekdays. For security reasons, the Board requires that
visitors make an appointment to inspect comments. You may do so by
calling (202) 452-3684. Upon arrival, visitors will be required to
present valid government-issued photo identification and to submit to
security screening in order to inspect and photocopy comments.
Additionally, commenters may send a copy of their comments to the
OMB Desk Officer--Shagufta Ahmed--Office of Information and Regulatory
Affairs, Office of Management and Budget, New Executive Office
Building, Room 10235, 725 17th Street NW, Washington, DC 20503 or by
fax to (202) 395-6974.
FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission,
including the proposed reporting form and instructions, supporting
statement, and other documentation will be placed into OMB's public
docket files, if approved. These documents will also be made available
on the Board's public website at: http://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested from the agency clearance
officer, whose name appears below.
Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of
the Chief Data Officer, Board of Governors of the Federal Reserve
System, Washington, DC 20551, (202) 452-3829. Telecommunications Device
for the Deaf (TDD) users may contact (202) 263-4869, Board of Governors
of the Federal Reserve System, Washington, DC 20551.
SUPPLEMENTARY INFORMATION: On June 15, 1984, the Office of Management
and Budget (OMB) delegated to the Board authority under the Paperwork
Reduction Act (PRA) to approve and assign OMB control numbers to
collection of information requests and requirements conducted or
sponsored by the Board. In exercising this delegated authority, the
Board is directed to take every reasonable step to
[[Page 8099]]
solicit comment. In determining whether to approve a collection of
information, the Board will consider all comments received from the
public and other agencies.
Request for Comment on Information Collection Proposal
The Board invites public comment on the following information
collection, which is being reviewed under authority delegated by the
OMB under the PRA. Comments are invited on the following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Board's functions, including whether the
information has practical utility;
b. The accuracy of the Board's estimate of the burden of the
proposed information collection, including the validity of the
methodology and assumptions used;
c. Ways to enhance the quality, utility, and clarity of the
information to be collected;
d. Ways to minimize the burden of information collection on
respondents, including through the use of automated collection
techniques or other forms of information technology; and
e. Estimates of capital or startup costs and costs of operation,
maintenance, and purchase of services to provide information.
At the end of the comment period, the comments and recommendations
received will be analyzed to determine the extent to which the Board
should modify the proposal.
Proposal To Approve Under OMB Delegated Authority the Extension for
Three Years, Without Revision, of the Following Information Collection
Report title: Disclosure Requirements of Regulation Y Associated
with Minimum Requirements for Appraisal Management Companies.
Agency form number: FR HY-5.
OMB control number: 7100-0370.
Frequency: Event generated.
Respondents: Federally regulated and state regulated Appraisal
Management Companies (AMCs) and U.S. states.
Estimated number of respondents: 3,136.
Estimated average hours per response: Section 225.192, 0.08 hours;
Section 225.193, 41 hours; Section 225.195, 1 hour; Section 225.196, 1
hour.
Estimated annual burden hours: Section 225.192, 237 hours; Section
225.193, 3214 hours; Section 225.195, 11 hours; Section 225.196, 51
hours.
General description of report: The Board's disclosure requirements
associated with minimum requirements for AMCs are found in sections
225.192, 225.193, 225.195, and 225.196 of the Board's Regulation Y.
Section 225.192(b), Written Notice of Appraiser Removal from
Network or Panel, provides that an appraiser in an AMC's network or
panel is deemed to remain a part of the AMC's appraiser panel until the
AMC (1) sends a written notice to the appraiser removing the appraiser
with an explanation or (2) receives a written notice from the appraiser
asking to be removed or a notice of the death or incapacity of the
appraiser.
Participating states must have an AMC registration and supervision
program. Pursuant to section 225.193(a), each participating state must
establish and maintain within its appraiser certifying and licensing
agency a registration and supervision program with the legal authority
and mechanisms to, among other things, review and approve or deny an
AMC's application for initial registration; require AMCs to submit
reports, information, and documents; and report violations of
appraisal-related laws, regulations, or orders, and disciplinary and
enforcement actions to the Appraisal Subcommittee.
Section 225.193(b) requires each participating state to require
non-federally regulated AMCs to register with the state appraiser
certifying and licensing agency.
Section 225.195(c) requires a federally regulated AMC to report to
the state or states in which it operates the information required to be
submitted by the state pursuant to the Appraisal Subcommittee's
policies regarding the determination of the AMC National Registry fee,
including information relating to certain ownership limitations in the
regulation.
Section 225.196 requires that each participating state submit to
the Appraisal Subcommittee the information required to be submitted by
Appraisal Subcommittee regulations or guidance concerning AMCs that
operate in the state.
There are no required reporting forms associated with these
information collections. Compliance with the information collections is
mandatory for AMCs and voluntary for states. No other federal law
mandates these disclosure requirements. This information is not
available from any other source.
Legal authorization and confidentiality: The FR HY-5 is authorized
pursuant to section 1124(a) of the Financial Institutions Reform,
Recovery, and Enforcement Act (FIRREA), which provides that the
Agencies ``shall jointly, by rule, establish minimum requirements to be
applied by a State in the registration of [AMCs].'' \1\ Section 1124(e)
of the FIRREA requires that the Agencies ``jointly promulgate
regulations for the reporting of the activities of [AMCs] to the
[Appraisal Subcommittee of the Federal Financial Institutions
Examination Council (ASC)] in determining the payment of the annual
registry fee.'' \2\ In addition, pursuant to section 1109(a) of the
FIRREA, each participating state with an appraiser certifying and
licensing agency must transmit to the ASC ``[1] a roster listing
individuals who have received a State certification or license . . .
[2] reports on the issuance and renewal of licenses and certifications,
sanctions, disciplinary actions, license and certification revocations,
and license and certification suspensions on a timely basis to the
national registry of the [ASC] . . . [3] including investigations
initiated and disciplinary actions taken.'' \3\
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\1\ 12 U.S.C. 3353(a).
\2\ 12 U.S.C. 3353(e).
\3\ 12 U.S.C. 3338(a)(1)-(3).
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Section 1124 of the FIRREA does not compel a state to establish an
AMC registration and supervision program, nor is a penalty imposed on a
state that does not establish a regulatory structure for AMCs.\4\
Therefore, the FR HY-5 is voluntary for states. The FR HY-5 is
mandatory for AMCs.
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\4\ 80 FR 32658 (June 9, 2015).
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Because the Federal Reserve will not collect this information,
confidentiality issues would normally not arise. Because the records
are retained at banking organizations, the Freedom of Information Act
(FOIA) will only be implicated if the Board's examiners retain a copy
of the record as part of an examination or supervision of a banking
institution. In that case, the records would be exempt from disclosure
under exemption 8 of the FOIA, which protects examination materials
from disclosure (5 U.S.C. 552(b)(8)). Exemption 4 of the FOIA, which
protects confidential financial information, and exemption 6 of the
FOIA, which protects non-public personal information, may also be
applicable (5 U.S.C. 552(b)(4) and (b)(6)).
Consultation outside the agency: The Board, the FDIC, the OCC, and
the FHFA collaborated in reassessing and confirming their burden
estimates and methodologies for this submission and discussed potential
improvements and evaluations for future submissions.
[[Page 8100]]
Board of Governors of the Federal Reserve System, March 1, 2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-04068 Filed 3-5-19; 8:45 am]
BILLING CODE 6210-01-P