[Federal Register Volume 89, Number 83 (Monday, April 29, 2024)]
[Notices]
[Pages 33347-33348]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-09116]


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

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, [email protected], (202) 
452-3884.
    Office of Management and Budget (OMB) Desk Officer for the Federal 
Reserve Board, 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 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 (which contain more detailed 
information about the information collections and burden estimates than 
this notice), 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/reportingforms/review 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, Without Revision, of the Following Information Collection

    Collection title: Recordkeeping and Disclosure Requirements and 
Provisions Associated with Real Estate Appraisal Standards.
    Collection identifier: FR Y-30.
    OMB control number: 7100-0250.
    General description of collection: 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,\1\ regulated institutions obtain real estate appraisals 
performed by certified or licensed appraisers in conformance with 
uniform appraisal standards. The Board's regulations implementing title 
XI of FIRREA, contained in the Board's Regulation Y--Bank Holding 
Companies and Change in Bank Control (12 CFR part 225), include certain 
recordkeeping requirements that apply to respondents. 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.\2\ 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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    \1\ 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).
    \2\ SR 10-16, available at https://www.federalreserve.gov/boarddocs/srletters/2010/sr1016.htm.
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    Frequency: Event-generated.
    Respondents: State member banks, bank holding companies, and 
nonbank subsidiaries of bank holding companies.
    Total estimated number of respondents: 1,866.
    Total estimated annual burden hours: 28,340.\3\
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    \3\ More detailed information regarding this collection, 
including more detailed burden estimates, can be found in the OMB 
Supporting Statement posted at https://www.federalreserve.gov/apps/reportingforms/review. On the page displayed at the link, you can 
find the OMB Supporting Statement by referencing the collection 
identifier, FR Y-30.

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[[Page 33348]]

    Current actions: On December 26, 2023, the Board published a notice 
in the Federal Register (88 FR 88920) requesting public comment for 60 
days on the extension, without revision, of the FR Y-30. The comment 
period for this notice expired on February 26, 2024. The Board did not 
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receive any comments.

    Board of Governors of the Federal Reserve System, April 23, 
2024.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2024-09116 Filed 4-26-24; 8:45 am]
BILLING CODE 6210-01-P