83 FR 22485 - Agency Information Collection Activities: Proposed Information Collection; Submission for OMB Review

FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL

Federal Register Volume 83, Issue 94 (May 15, 2018)

The ASC, as part of continuing efforts to reduce paperwork and respondent burden, invites the general public, and State and Federal agencies to take this opportunity to comment on a new proposed information collection as required by the Paperwork Reduction Act of 1995. An agency may not conduct or sponsor, and a respondent is not required to respond to, an information collection unless it displays a currently valid OMB control number. The ASC is soliciting comment concerning its information collection titled ``Reporting information for the AMC Registry.''

[Federal Register Volume 83, Number 94 (Tuesday, May 15, 2018)]
[Notices]
[Pages 22485-22486]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-10327]


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FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL


 Agency Information Collection Activities: Proposed Information 
Collection; Submission for OMB Review

AGENCY: Appraisal Subcommittee of the Federal Financial Institutions 
Examination Council (ASC).

ACTION: Notice and request for comment.

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SUMMARY: The ASC, as part of continuing efforts to reduce paperwork and 
respondent burden, invites the general public, and State and Federal 
agencies to take this opportunity to comment on a new proposed 
information collection as required by the Paperwork Reduction Act of 
1995.
    An agency may not conduct or sponsor, and a respondent is not 
required to respond to, an information collection unless it displays a 
currently valid OMB control number. The ASC is soliciting comment 
concerning its information collection titled ``Reporting information 
for the AMC Registry.''

DATES: Comments must be received by June 14, 2018.

ADDRESSES: Commenters are encouraged to submit comments by the Federal 
eRulemaking Portal or email, if possible. You may submit comments by 
any of the following methods:
     Federal eRulemaking Portal: https://www.Regulations.gov. 
Follow the instructions for submitting comments. Click on the ``Help'' 
tab on the Regulations.gov home page to get information on using 
Regulations.gov, including instructions for submitting public comments.
     Email: [email protected].
     Fax: (202) 289-4101.
     Mail: Address to Appraisal Subcommittee, Attn: Lori 
Schuster, Management and Program Analyst, 1401 H Street NW, Suite 760, 
Washington, DC 20005.
     Hand Delivery/Courier: 1401 H Street NW, Suite 760, 
Washington, DC 20005.
    Additionally, please send a copy of your comments to the ASC Desk 
Officer, 3139-NEW, by mail to U.S. Office of Management and Budget, 725 
17th Street NW, Room 10235, Washington, DC 20503, or by Email to 
[email protected].
    In general, the ASC will enter all comments received on the Federal 
eRulemaking (Regulations.gov) website without change, including any 
business or personal information that you provide, such as name and 
address information, email addresses, or phone numbers. Comments 
received, including attachments and other supporting materials, are 
part of the public record and subject to public disclosure. Do not 
enclose any information in your comment or supporting materials that 
you consider confidential or inappropriate for public disclosure. At 
the close of the comment period, all public comments will also be made 
available on the ASC's website at https://www.asc.gov (follow link in 
``What's New'') as submitted, unless modified for technical reasons.
    You may review comments by any of the following methods:
     Viewing Comments Electronically: Go to https://www.Regulations.gov. Click on the ``Help'' tab on the Regulations.gov 
home page to get information on using Regulations.gov, including 
instructions for viewing public comments, viewing other supporting and 
related materials, and viewing the docket after the close of the 
comment period.
     Viewing Comments Personally: You may personally inspect 
comments at the ASC office, 1401 H Street NW, Suite 760, Washington, DC 
20005. To make an appointment, please call Lori Schuster at (202) 595-
7578.

FOR FURTHER INFORMATION CONTACT: James R. Park, Executive Director, at 
(202) 595-7575, or Alice M. Ritter, General Counsel, at (202) 595-7577, 
Appraisal Subcommittee, 1401 H Street NW, Suite 760, Washington, DC 
20005.

SUPPLEMENTARY INFORMATION: In compliance with 44 U.S.C. 3507, the ASC 
has submitted the following proposed collection of information has been 
submitted to the Office of Management and Budget (OMB) for review and 
clearance.

Reporting Information for the AMC Registry--(OMB Control Number To Be 
Assigned)

    Section 1473 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act of 2010 (Dodd-Frank Act) \1\ included amendments to 
Title XI of the Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989 \2\ (Title XI). Section 1103 of Title XI,\3\ 
Functions of Appraisal Subcommittee, was amended by the Dodd-Frank Act 
to require the ASC to maintain a national registry of appraisal 
management companies (AMCs) of those AMCs that are either: (1) 
Registered with and subject to supervision by a State that has elected 
to register and supervise AMCs; or (2) are operating subsidiaries of a 
Federally regulated financial institution (Federally regulated AMCs). 
Section 1117 of Title XI,\4\ Establishment of State appraiser 
certifying and licensing agencies, was amended by the Dodd-Frank Act to 
include additional duties for States, if they so choose, to: (1) 
Register and supervise AMCs; and (2) add information about AMCs in 
their State to the national registry of AMCs (AMC Registry). Section 
1124 of the Dodd-Frank Act required the federal banking agencies, the 
Federal Housing Finance Agency, and the Consumer Financial Protection 
Bureau (collectively, the Agencies) to jointly promulgate a rule 
establishing minimum requirements for the State supervision and 
registration of AMCs, and to promulgate regulations for the reporting 
of activities of AMCs to the ASC.\5\ The Agencies' implementing 
regulations provide that each State electing to register AMCs pursuant 
to Title XI must submit information to the ASC concerning AMCs that 
operate in the State, including AMCs' violations of law, disciplinary 
and enforcement actions against AMCs, and other relevant information 
about AMCs' operations.\6\ The Agencies' implementing regulations also 
provide that a Federally regulated AMC must report to the State or 
States in which it operates the reporting requirements established by 
the ASC.\7\ This notice is being issued pursuant to these requirements.
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    \1\ Public Law 111-203, 124 Stat. 1376.
    \2\ Public Law 101-73, 103 Stat. 183.
    \3\ 12 U.S.C. 3332.
    \4\ 12 U.S.C. 3346.
    \5\ See 12 U.S.C. 3332(a), (e).
    \6\ See 12 CFR 34.216, 34.213(a)(7); 12 CFR 225.196, 
225.193(a)(7); 12 CFR 323.14, 323.11(a)(7); 12 CFR 1222.26, 
1222.23(a)(7).
    \7\ See 12 CFR 34.215(c); 12 CFR 225.195(c); 12 CFR 323.13(c); 
12 CFR 1222.25(c).
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Description of Reporting Information for the AMC Registry

    The Dodd-Frank Act requires the ASC to maintain the AMC Registry of 
those AMCs that are either: (1) Registered with and subject to 
supervision by a State that has elected to register and supervise AMCs; 
or (2) are Federally regulated AMCs. In order for a State that elects 
to register and supervise AMCs to enter an AMC on the AMC Registry, the 
following items are proposed to be required entries by the State via 
extranet application on the AMC Registry:


[[Page 22486]]


State Abbreviation
State Registration Number for AMC
Employer Identification Number (EIN)
AMC Name
    Street Address
    City
    State
    Zip
License or Registration Status
    Effective Date
    Expiration Date
AMC Type (State or multi-State)
Disciplinary Action
    Effective Date
    Expiration Date
Number of Appraisers (for invoicing registry fee)

    States listing AMCs on the AMC Registry will enter the above 
information for each AMC for the initial entry only. After the initial 
entry, the information is retained on the AMC Registry, and will only 
need to be amended if necessary by the State.

Comment Summary

    In the Federal Register of January 29, 2018 (83 FR 4046), the ASC 
published a 60-day notice requesting public comment on Reporting 
information for the AMC Registry and the collection of information. The 
ASC received 4 comment letters that were not responsive to the request 
for comments addressing irrelevant subject matter.

Burden Estimates

    The estimate for burden assumes that 50 States will elect to 
supervise and register AMCs, and that the average number of AMCs in a 
State will be 150. This estimate is based on information currently 
available, and will be high for some States, and low for other States. 
The initial entry by a State on a single AMC is estimated to take 15 
minutes. Subsequent entries to amend information on an AMC, annually or 
periodically, are estimated to be negligible.
    Type of Review: Regular.
    Affected Public: States.
    Estimated Number of Respondents: 50 States.
    Estimated burden per Response: 15 minutes.
    Frequency of Response: Annually and on occasion.
    Estimated total Annual Burden: 1,875 hours.
    Comments continue to be invited on:
    (a) Whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information shall have practical utility;
    (b) The accuracy of the agency's estimate of the burden of the 
collection of information;
    (c) Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    (d) Ways to minimize the burden of the collection on respondents, 
including through the use of automated collection techniques or other 
forms of information technology; and
    (e) Estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

    By the Appraisal Subcommittee,

    Dated: May 10, 2018.
Arthur Lindo,
Chairman.
[FR Doc. 2018-10327 Filed 5-14-18; 8:45 am]
 BILLING CODE P