Agency Information Collection Activities: Information Collection Renewal; Comment Request; Appraisal Management Companies
| Published date | 29 July 2021 |
| Citation | 86 FR 40898 |
| Record Number | 2021-16149 |
| Section | Notices |
| Court | The Comptroller Of The Currency Office |
Federal Register, Volume 86 Issue 143 (Thursday, July 29, 2021)
[Federal Register Volume 86, Number 143 (Thursday, July 29, 2021)]
[Notices]
[Pages 40898-40899]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-16149]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Comment Request; Appraisal Management Companies
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Notice and request for comment.
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SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites the general public and other Federal
agencies to take this opportunity to comment on a continuing
information collection as required by the Paperwork Reduction Act of
1995 (PRA). In accordance with the requirements of the PRA, the OCC may
not conduct or sponsor, and the respondent is not required to respond
to, an information collection unless it displays a currently valid
Office of Management and Budget (OMB) control number. The OCC is
soliciting comment concerning the renewal of its information collection
titled, ``Appraisal Management Companies.''
DATES: You should submit written comments by September 27, 2021.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
Email: [email protected].
Mail: Chief Counsel's Office, Attention: Comment
Processing, Office of the Comptroller of the Currency, Attention: 1557-
0324, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
Fax: (571) 465-4326.
Instructions: You must include ``OCC'' as the agency name and
``1557-0324'' in your comment. In general, the OCC will publish
comments on www.reginfo.gov without change, including any business or
personal information provided, 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 include any information
in your comment or supporting materials that you consider confidential
or inappropriate for public disclosure.
You may review comments and other related materials that pertain to
this information collection beginning on the date of publication of the
second notice for this collection \1\ by the following method:
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\1\ Following the close of this notice's 60-day comment period,
the OCC will publish a second notice with a 30-day comment period.
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Viewing Comments Electronically: Go to www.reginfo.gov.
Click on the ``Information Collection Review'' tab. Underneath the
``Currently under Review'' section heading, from the drop-down menu
select ``Department of Treasury'' and then click ``submit.'' This
information collection can be located by searching by OMB control
number ``1557-0324'' or ``Appraisal Management Companies.'' Upon
finding the appropriate information collection, click on the related
``ICR Reference Number.'' On the next screen, select ``View Supporting
Statement and Other Documents'' and then click on the link to any
comment listed at the bottom of the screen.
For assistance in navigating www.reginfo.gov, please
contact the Regulatory Information Service Center at (202) 482-7340.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance
Officer, (202) 649-5490, Chief Counsel's Office, Office of the
Comptroller of the Currency, 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
[[Page 40899]]
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), Federal
agencies must obtain approval from the OMB for each collection of
information that they conduct or sponsor. ``Collection of information''
is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to include agency
requests or requirements that members of the public submit reports,
keep records, or provide information to a third party. Section
3506(c)(2)(A) of title 44 requires Federal agencies to provide a 60-day
notice in the Federal Register concerning each proposed collection of
information, including each proposed extension of an existing
collection of information, before submitting the collection to OMB for
approval. To comply with this requirement, the OCC is publishing notice
of the proposed collection of information set forth in this document.
Title: Appraisal Management Companies.
OMB Control No.: 1557-0324.
Affected Public: Business or other for-profit.
Type of Review: Regular review.
Abstract: The OCC, Board of Governors of the Federal Reserve System
(FRB), Federal Deposit Insurance Corporation (FDIC), National Credit
Union Administration (NCUA), Consumer Financial Protection Bureau
(Bureau), and Federal Housing Finance Agency (FHFA) (collectively,
Agencies) have rules implementing the minimum requirements in section
1473 of the Dodd-Frank Wall Street Reform and Consumer Protection Act
(Dodd-Frank Act) \2\ to be applied by States in the registration and
supervision of appraisal management companies (AMCs). The Agencies also
have implemented the requirement in section 1473 of the Dodd-Frank Act
for States to report to the Appraisal Subcommittee of the Federal
Financial Institutions Examination Council (FFIEC) the information
required by the Appraisal Subcommittee (ASC) to administer the new
national registry of appraisal management companies (AMC National
Registry or Registry).
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\2\ Public Law 111-203, sec. 1473, 124 Stat. 1376, 2190 (2010).
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State Recordkeeping Requirements
States seeking to register AMCs must have an AMC registration and
supervision program. Twelve CFR 34.213(a) requires each participating
State to establish and maintain within its appraiser certifying and
licensing agency a registration and supervision program with the legal
authority and mechanisms to: (i) Review and approve or deny an
application for initial registration; (ii) periodically review and
renew or deny renewal of an AMC's registration; (iii) examine the books
and records of the AMC operating in the State and require the AMC to
submit reports, information, and documents; (iv) verify that the
appraisers on an AMC's panel hold valid State certifications or
licenses; (v) investigate and assess potential violations of appraisal-
related laws, regulations, or orders; (vi) discipline, suspend,
terminate, or deny registration renewals of AMCs that violate
appraisal-related laws, regulations, or orders; and (vii) report
violations of appraisal-related laws, regulations, or orders as well as
disciplinary and enforcement actions to the ASC.
Twelve CFR 34.213(b) requires each participating State to impose
requirements on AMCs that are not owned and controlled by an insured
depository institution and regulated by a Federal financial
institutions regulatory agency to: (i) Register with and be subject to
supervision by a State appraiser certifying and licensing agency in
each State in which the AMC operates; (ii) engage only State-certified
or State-licensed appraisers for Federally regulated transactions in
conformity with any Federally regulated transaction regulations; (iii)
establish and comply with processes and controls reasonably designed to
ensure that the AMC, in engaging an appraiser, selects an appraiser who
is independent of the transaction and who has the requisite education,
expertise, and experience to competently complete the appraisal
assignment for the particular market and property type; (iv) direct the
appraiser to perform the assignment in accordance with Uniform
Standards of Professional Appraisal Practices (USPAP); and (v)
establish and comply with processes and controls reasonably designed to
ensure that the AMC conducts its appraisal management services in
accordance with section 129E(a)-(i) of the Truth in Lending Act.
Burden: 1 respondent; 1 response per year; 40 hours per response;
40 total burden hours.
State Reporting Burden
Twelve CFR 34.216 requires that each State electing to register
AMCs for purposes of permitting AMCs to provide appraisal management
services relating to covered transactions in the State must submit to
the ASC the information required to be submitted under subpart H to
part 34 and any additional information required by the ASC concerning
AMCs that operate in the State.
Burden: 1,158 respondents; 2 responses per year; 1 hour per
response; 2,316 total burden hours.
AMC Recordkeeping Requirements
Twelve CFR 34.212(b) provides that an appraiser in an AMC's network
or panel is deemed to remain on the network or panel until: (i) The AMC
sends a written notice to the appraiser removing the appraiser from the
appraiser panel with an explanation of its action; or (ii) receives
written notice from the appraiser asking to be removed from the
appraiser panel or notice of the death or incapacity of the appraiser.
Burden: 1,239 respondents; 1 response per year; 0.08 hours per
response; 99 total burden hours.
Total Estimated Annual Burden: 2,455 hours.
Comments submitted in response to this notice will be summarized
and included in the request for OMB approval. All comments will 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 OCC, including whether the
information has practical utility;
(b) The accuracy of the OCC's estimate of the information
collection burden;
(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.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2021-16149 Filed 7-28-21; 8:45 am]
BILLING CODE 4810-33-P
