[Federal Register Volume 86, Number 29 (Tuesday, February 16, 2021)]
[Notices]
[Pages 9504-9505]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-03073]


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

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.
    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 PRA to approve and assign OMB control numbers to 
collections of information conducted or sponsored by the Board. Board-
approved collections of information are incorporated into the official 
OMB inventory of currently approved collections of information. The OMB 
inventory, as well as copies of the PRA Submission, supporting 
statements, and approved collection of information instrument(s) are 
available at https://www.reginfo.gov/public/do/PRAMain. These documents 
are also available on the Federal Reserve 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.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, With Revision, of 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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[[Page 9505]]

    Agency form number: FR Y-30.
    OMB control number: 7100-0250.
    Effective Date: The revisions are effective immediately.
    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; nonbank 
subsidiaries of BHCs, 2,346. Disclosure, SMBs, 62; nonbank subsidiaries 
of BHCs, 94.
    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. 12, 2018).
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    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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    Current actions: On October 14, 2020, the Board published a notice 
in the Federal Register (85 FR 65050) requesting public comment for 60 
days on the extension, with revision, of the FR Y-30. 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. The comment period for this notice expired on 
December 14, 2020. The Board did not receive any comments. The 
revisions will be implemented as proposed.

    Board of Governors of the Federal Reserve System, February 10, 
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-03073 Filed 2-12-21; 8:45 am]
BILLING CODE 6210-01-P