[Federal Register Volume 87, Number 151 (Monday, August 8, 2022)]
[Notices]
[Pages 48200-48201]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-16925]


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NATIONAL CREDIT UNION ADMINISTRATION


Submission for OMB Review; Comment Request, Appraisals

AGENCY: National Credit Union Administration (NCUA).

ACTION: Notice.

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SUMMARY: The National Credit Union Administration (NCUA) will submit 
the following information collection request to the Office of 
Management and Budget (OMB) for review and clearance in accordance with 
the Paperwork Reduction Act of 1995, on or after the date of 
publication of this notice.

DATES: Comments should be received on or before September 7, 2022 to be 
assured of consideration.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain . Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.

FOR FURTHER INFORMATION CONTACT: Copies of the submission may be 
obtained by contacting Dawn Wolfgang at (703) 548-2279, emailing 
[email protected], or viewing the entire information collection 
request at www.reginfo.gov.

SUPPLEMENTARY INFORMATION: 
    OMB Number: 3133-0125.
    Type of Review: Extension of a currently approved collection.
    Title: Appraisals, 12 CFR 722.
    Abstract: Title XI of the Financial Institutions, Reform, Recovery 
and Enforcement Act of 1989 (FIRREA) was enacted to protect federal 
financial and public policy interests in real estate related 
transactions. To achieve this purpose, the statute directed the 
National Credit Union Administration (NCUA), as one of the federal 
financial institutions' regulatory agencies, to adopt standards for the 
performance of real estate appraisals in connection with federally 
related transactions. The FIRREA requires that appraisals be maintained 
in writing and meet certain minimum standards. The NCUA regulation Part 
722 carries out the statutory requirements. The information collection 
activity requires a credit union to obtain a written appraisal on 
federally related transactions or maintain written support of the 
estimated market value for certain other transactions not required to 
have an appraisal. These information collections

[[Page 48201]]

are attributable to the regulation and are a direct consequence of the 
legislative intent and statutory requirements.
    Federally insured credit unions (FICU) use the information in 
determining whether and upon what terms to enter into a federally 
related transaction, such as making a loan secured by real estate. In 
addition, NCUA uses this information in its examinations of FICUs to 
ensure that extensions of credit by the FICU that are collateralized by 
real estate are undertaken in accordance with appropriate safety and 
soundness principles. The use of their information by credit unions and 
NCUA helps ensure that FICUs are not exposed to risk of loss from 
inadequate appraisals or written estimates of market value.
    Affected Public: Private Sector: Not-for-profit institutions.
    Estimated Total Annual Burden Hours: 173,309.
    By Melane Conyers-Ausbrooks, Secretary of the Board, the National 
Credit Union Administration, on August 2, 2022.

    Dated: August 3, 2022.
Dawn D. Wolfgang,
NCUA PRA Clearance Officer.
[FR Doc. 2022-16925 Filed 8-5-22; 8:45 am]
BILLING CODE 7535-01-P