[Federal Register Volume 85, Number 199 (Wednesday, October 14, 2020)]
[Notices]
[Pages 65050-65052]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-22720]


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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, with revision, 
the Recordkeeping and Disclosure Provisions Associated with Real Estate 
Appraisal Standards (FR Y-30; OMB No. 7100-0250).

DATES: Comments must be submitted on or before December 14, 2020.

ADDRESSES: You may submit comments, identified by FR Y-30, by any of 
the following methods:
     Agency Website: https://www.federalreserve.gov/. Follow 
the instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Email: [email protected]. Include the 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 
personally identifiable information at the commenter's request. 
Accordingly, comments will not be edited to remove any identifying or 
contact information. 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 
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,

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725 17th Street NW, Washington, DC 20503, or by fax to (202) 395-6974.

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.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the PRA to approve and assign OMB control numbers to 
collections of information conducted or sponsored by the Board. In 
exercising this delegated authority, the Board is directed to take 
every reasonable step to solicit comment. In determining whether to 
approve a collection of information, the Board will consider all 
comments received from the public and other agencies.
    A copy of the Paperwork Reduction Act (PRA) OMB submission, 
including the reporting form and instructions, supporting statement, 
and other documentation will be available at https://www.reginfo.gov/public/do/PRAMain, if approved. These documents will also be made 
available on the Board's public website at https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested 
from the agency clearance officer, whose name appears above.

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 Under OMB Delegated Authority To Extend for Three Years, With 
Revision, the Following Information Collection

    Report title: Recordkeeping and Disclosure Provisions Associated 
with Real Estate Appraisal Standards.\1\
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    \1\ This information collection was previously titled 
Recordkeeping Requirements Associated with Real Estate Appraisal 
Standards for Federally Related Transactions Pursuant to Regulations 
H and Y (FR H-4; OMB No. 7100-0250). Under the proposal, this 
information collection would no longer include references to section 
208.51 of the Board's Regulation H (12 CFR 208.51), which is cleared 
by the Board as part of the FR H-5 clearance (OMB No. 7100 0261). 
This change would not affect the burden estimate for this collection 
of information, as prior burden calculations for the FR H-4 have not 
included any burden associated with section 208.51 of Regulation H. 
Additionally, as described in this Supporting Statement, the 
proposal would replace references to section 208.50 of Regulation H 
with references to subpart G of Regulation Y as the source for 
certain appraisal standards for state member banks. Therefore, the 
Board has modified the title and agency tracking number of the FR H-
4 information collection to reflect that it will no longer account 
for provisions of Regulation H.
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    Agency form number: FR Y-30.
    OMB control number: 7100-0250.
    Frequency: Event-generated.
    Respondents: State member banks (SMBs) and nonbank subsidiaries of 
bank holding companies (BHCs).
    Estimated number of respondents: SMBs, 740; nonbank subsidiaries of 
BHCs, 1,126.
    Estimated average hours per response: SMBs, 5 minutes; nonbank 
subsidiaries of BHCs, 5 minutes.
    Estimated annual burden hours: Recordkeeping, SMBs, 25,837 hours; 
nonbank subsidiaries of BHCs, 2,346 hours. Disclosure, SMBs, 62 hours; 
nonbank subsidiaries of BHCs, 94 hours.
    General description of report: Title XI of the Financial 
Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 
U.S.C. 3331 et seq.) requires that, for federally related 
transactions,\2\ regulated institutions obtain real estate appraisals 
performed by certified or licensed appraisers in conformance with 
uniform appraisal standards.\3\ The Board's regulations implementing 
Title XI of FIRREA, contained in the Board's Regulation Y, include 
certain recordkeeping requirements that apply to SMBs, BHCs, and 
nonbank subsidiaries of BHCs that extend mortgage credit (together, 
institutions). The Board and other supervisory agencies also have 
issued Interagency Appraisal and Evaluation Guidelines (the Guidelines) 
that convey supervisory expectations relating to real estate appraisals 
and evaluations used to support real estate-related financial 
transactions.\4\ These Guidelines recommend that institutions adopt 
certain policies and procedures to ensure compliance with Title XI of 
FIRREA and Regulation Y.
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    \2\ A ``federally related transaction'' means any real estate-
related financial transaction which (A) a federal financial 
institutions regulatory agency or the Resolution Trust Corporation 
engages in, contracts for, or regulates; and (B) requires the 
services of an appraiser. 12 U.S.C. 3350(4). The term ``real estate-
related financial transaction'' means any transaction involving (A) 
the sale, lease, purchase, investment in or exchange of real 
property, including interests in property, or the financing thereof; 
(B) the refinancing of real property or interests in real property; 
and (C) the use of real property or interests in property as 
security for a loan or investment, including mortgage-backed 
securities. 12 U.S.C. 3350(5).
    \3\ 12 U.S.C. 3339. The Board also has the authority to require 
reports from bank holding companies (12 U.S.C. 1844(c)) and state 
member banks (12 U.S.C. 248(a) and 324).
    \4\ See SR 18-5/CA 18-7: Interagency Statement Clarifying the 
Role of Supervisory Guidance (Sept. 11, 2018).
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    Proposed revisions: The Board proposes to revise the FR Y-30 to 
account for the collections of information contained in the Guidelines. 
Although previous OMB Supporting Statements for the FR H-4, the former 
agency tracking number for this clearance, referred to the Guidelines, 
the Board did not formally clear these collections of information or 
account for their corresponding burden.
    Legal authorization and confidentiality: The FR Y-30 is authorized 
pursuant to Title XI of FIRREA.\3\ The obligation to respond is 
mandatory. The recordkeeping provisions contained in the Guidelines, 
which is nonbinding, are voluntary.\4\
    Because FR Y-30 records would be maintained at each banking 
organization, the Freedom of Information Act (``FOIA'') would only be 
implicated if the Board obtained such records as part of the 
examination or supervision of a banking organization. In the event the 
records are obtained by the Board as part of an examination or 
supervision of a financial institution, this information may be 
considered confidential pursuant to exemption 8 of the FOIA, which 
protects information contained in ``examination, operating, or 
condition reports'' obtained in the bank supervisory process.\5\ In 
addition, the information may also be kept confidential under exemption 
4 for the FOIA, which protects commercial or financial information 
obtained from a person that is privileged or confidential.\6\
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    \5\ 5 U.S.C. 552(b)(8).
    \6\ 5 U.S.C. 552(b)(4).


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    Board of Governors of the Federal Reserve System, October 8, 
2020.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2020-22720 Filed 10-13-20; 8:45 am]
BILLING CODE 6210-01-P