[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