[Federal Register Volume 84, Number 104 (Thursday, May 30, 2019)]
[Notices]
[Pages 25052-25053]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-11282]
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FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
[Docket No. AS19-04]
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
comment.
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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 July 1, 2019.
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 AS19-04, 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.
Email: [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, 1325 G Street NW, Suite 500,
Washington, DC 20005.
Hand Delivery/Courier: 1325 G Street NW, Suite 500,
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 AS19-04'' 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, 1325 G Street NW, Suite 500, 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, 1325 G Street NW, Suite 500, Washington, DC
20005.
SUPPLEMENTARY INFORMATION:
I. Background
Title XI of the Financial Institutions Reform, Recovery, and
Enforcement Act of 1989, as amended (Title XI),\1\ established the
ASC.\2\ 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.'' \3\ Title XI requires the use of
State licensed or certified appraisers in federally related
transactions.\4\ 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
[[Page 25053]]
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 \5\
governing the processing of temporary waiver requests. Consistent with
12 CFR 1102.4, the ASC is publishing this notice in the Federal
Register requesting comment on the request for a proposed temporary
waiver. Interested persons have 30 calendar days from publication of
the Federal Register notice to submit written data, views, and
arguments. 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 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\ Public Law 101-73, 103 Stat. 511 (1989), as amended by
Public Law 102-233, 105 Stat. 1761 (1991), Public Law 102-242, 105
Stat. 2236 (1991) and Public Law 111-203, 124 Stat. 1376 (2010).
\2\ 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).
\3\ Title XI Sec. 1101, 12 U.S.C. 3331.
\4\ 12 U.S.C. 3343. ``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.
\5\ 12 CFR part 1102, subpart A.
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II. Request for Temporary Waiver; Received Request
On August 1, 2018, a letter requesting consideration of a temporary
waiver was submitted to the ASC by Governor Doug Burgum, State of North
Dakota, the North Dakota Department of Financial Institutions, and the
North Dakota Bankers Association (collectively, the Requester). On
September 7, 2018, 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. The Requester
submitted additional information in a letter dated April 10, 2019, in
response to the ASC's September 7, 2018 letter. On April 15, 2019, the
ASC convened a Special Meeting and determined to publish a notice for
comment on the request for temporary waiver in the Federal Register.
The request seeks a waiver of appraiser credentialing requirements for
appraisals for federally related transactions under $500,000 for 1-to-4
family residential real estate transactions and under $1,000,000 for
agricultural and commercial real estate transactions throughout the
State of North Dakota for a period of not less than five years.
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, 1325 G Street NW, Suite 500, 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. In addition,
the ASC requests comment on the following:
Question 1. The ASC requests comment on whether there is a scarcity
of certified or licensed appraisers available to perform appraisals for
each of the following types of federally related transactions in North
Dakota, or in any geographical political subdivision of North Dakota,
including supporting data:
i. 1-to-4 family residential transactions above $250,000 and below
$500,000; or
ii. agricultural and commercial real estate transactions above
$500,000 and below $1 million.
Question 2. The ASC requests comment on whether there are
significant delays in the performance of appraisals in North Dakota, or
in any geographical political subdivision of North Dakota, including
supporting data such as the average length of time between the date an
appraisal is ordered and the delivery date, for federally related
transactions that are:
i. 1-to-4 family residential transactions above $250,000 and below
$500,000; or
ii. agricultural and commercial real estate transactions above
$500,000 and below $1 million.
Question 3. The ASC requests comment, including supporting data, on
factors that may be leading to significant delay in the performance of
appraisals in connection with federally related transactions in North
Dakota, and specifically whether scarcity of appraisers is leading to
such significant delay, for:
i. Residential appraisal reports; or
ii. agricultural and commercial appraisal reports.
Question 4. The ASC requests comment, including supporting
rationale, on appropriate scope, terms, or conditions of any temporary
waiver, should it find that such a waiver is warranted, including
whether the requested 5-year duration of a waiver would be appropriate,
types of federally related transactions that any waiver should cover,
dollar limits for any transactions covered by a waiver, or whether the
waiver should be limited to any particular area or geography.
* * * * *
By the Appraisal Subcommittee.
Dated: May 24, 2019.
James R. Park,
Executive Director.
[FR Doc. 2019-11282 Filed 5-29-19; 8:45 am]
BILLING CODE 6700-01-P