83 FR 4046 - Agency Information Collection Activities: Proposed Information Collection; Comment Request

FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL

Federal Register Volume 83, Issue 19 (January 29, 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. Under 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 control number issued by the Office of Management and Budget. The ASC is soliciting comment concerning a proposed collection method entitled ``Reporting information for the AMC Registry.''

[Federal Register Volume 83, Number 19 (Monday, January 29, 2018)]
[Notices]
[Pages 4046-4047]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-01571]


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FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL


Agency Information Collection Activities: Proposed Information 
Collection; Comment Request

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. Under 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 control number issued by the Office of Management and Budget. The 
ASC is soliciting comment concerning a proposed collection method 
entitled ``Reporting information for the AMC Registry.''

DATES: Comments must be received by March 30, 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, you should 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 fax 
to (202) 395-6974.
    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: 

I. Background

    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:
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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.
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    (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

[[Page 4047]]

AMC must report to the State or States in which it operates the 
reporting requirements established by the ASC.\7\ This proposal is 
being issued pursuant to these requirements.
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    \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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    Title: Reporting information for the AMC Registry.
    OMB Number: New Collection.
    Description: 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:

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. 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 submitted in response to this notice will be summarized, 
included in the request for OMB approval, and become a matter of public 
record. Comments are 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: January 19, 2018.
Arthur Lindo,
Chairman.
[FR Doc. 2018-01571 Filed 1-26-18; 8:45 am]
 BILLING CODE 6700-01-P