[Federal Register Volume 84, Number 116 (Monday, June 17, 2019)]
[Notices]
[Pages 28048-28049]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-12679]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
is adopting 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).

FOR FURTHER INFORMATION CONTACT: 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.
    Office of Management and Budget (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.

SUPPLEMENTARY INFORMATION: On June 15, 1984, 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. Board-approved 
collections of information are incorporated into the official OMB 
inventory of currently approved collections of information. Copies of 
the PRA Submission, supporting statements and approved collection of 
information instrument(s) are placed into OMB's public docket files. 
The Board may not conduct or sponsor, and the respondent is not 
required to respond to, an information collection that has been 
extended, revised, or implemented on or after October 1, 1995, unless 
it displays a currently valid OMB control number.

Final Approval Under OMB Delegated Authority of 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(a), 40 hours; Section 225.193(b), 1 hour; Section 
225.195, 1 hour; Section 225.196, 1 hour.
    Estimated annual burden hours: Section 225.192, 237 hours; Section 
225.193(a), 2,040 hours; Section

[[Page 28049]]

225.193(b), 1,174 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. 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 of 1989 (FIRREA), which provides that the 
agencies ``shall jointly, by rule, establish minimum requirements to be 
applied by a State in the registration of [AMCs]'' (12 U.S.C. 3353(a)). 
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'' (12 U.S.C. 3353(e)). In addition, section 1109(a) of the 
FIRREA requires each participating state with an appraiser certifying 
and licensing agency to 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] [and reports on] 
investigations initiated and disciplinary actions taken'' (12 U.S.C. 
3338(a)(1)-(3)). 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.\1\ Therefore, the FR HY-5 is voluntary for states. The FR HY-5 is 
mandatory for AMCs.
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    \1\ 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 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)).
    Current actions: On March 6, 2019, the Board published a notice in 
the Federal Register (84 FR 8098) requesting public comment for 60 days 
on the extension, without revision, of the FR HY-5. The comment period 
for this notice expired on May 6, 2019. The Board did not receive any 
comments.

    Board of Governors of the Federal Reserve System, June 11, 2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-12679 Filed 6-14-19; 8:45 am]
 BILLING CODE 6210-01-P