Notice2021-21556
Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Appraisal Management Companies
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
October 4, 2021
Issuing agencies
Treasury DepartmentComptroller of the Currency
Abstract
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." The OCC also is giving notice that it has sent the collection to OMB for review.
Full Text
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<title>Federal Register, Volume 86 Issue 189 (Monday, October 4, 2021)</title>
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[Federal Register Volume 86, Number 189 (Monday, October 4, 2021)]
[Notices]
[Pages 54789-54790]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-21556]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Submission for OMB Review; 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.'' The OCC also is giving
notice that it has sent the collection to OMB for review.
DATES: You should submit written comments by November 3, 2021.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
<bullet> Email: <a href="/cdn-cgi/l/email-protection#9eeeecfff7f0f8f1def1fdfdb0eaecfbffedb0f9f1e8"><span class="__cf_email__" data-cfemail="31414350585f575e715e52521f45435450421f565e47">[email protected]</span></a>.
<bullet> Mail: Chief Counsel's Office, Attention: Comment
Processing, 1557-0324, Office of the Comptroller of the Currency, 400
7th Street SW, Suite 3E-218, Washington, DC 20219.
<bullet> Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
<bullet> 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 <a href="http://www.reginfo.gov">www.reginfo.gov</a> 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.
Written comments and recommendations for the proposed information
collection should be sent within 30 days of publication of this notice
to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular information
collection by selecting ``Currently under 30-day Review--Open for
Public Comments'' or by using the search function.
You may review comments and other related materials that pertain to
this information collection following the close of the 30-day comment
period for this notice by the method set forth in the next bullet. On
July 29, 2021, the OCC published a 60-day notice for this information
collection, 86 FR 40898.
<bullet> Viewing Comments Electronically: Go to <a href="http://www.reginfo.gov">www.reginfo.gov</a>.
Hover over the ``Information Collection Review'' tab and click on the
``Information Collection Review'' dropdown. 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.
<bullet> For assistance in navigating <a href="http://www.reginfo.gov">www.reginfo.gov</a>, 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.
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 Sec. 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. The OCC
asks that OMB extend its approval of the information collection 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) \1\ 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 (ASC) the information
required by the ASC to administer the new national registry of
appraisal management companies (AMC National Registry or Registry).
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\1\ 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 licensing program with the legal authority and
mechanisms to: (i) Review and approve or deny an application for
initial registration; (ii)
[[Page 54790]]
periodically review and renew or review and 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, as applicable; (v) investigate and
assess potential violations of applicable appraisal-related laws,
regulations, or orders; (vi) discipline, suspend, terminate, or deny
the registration renewal of an AMC that violates applicable appraisal-
related laws, regulations, or orders; and (vii) report an AMC's
violation of appraisal-related laws, regulations, or orders as well as
disciplinary and enforcement actions and other relevant information
about an AMC's operation 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 not 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 related 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, 15
U.S.C. 1639e(a) through (i) and the regulations thereunder.
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.
The OCC issued a notice for 60 days of comment concerning this
collection on July 29, 2021, 86 FR 40898. No comments were received.
Comments continue to be solicited 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. 2021-21556 Filed 10-1-21; 8:45 am]
BILLING CODE 4810-33-P
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</html>Indexed from Federal Register on October 4, 2021.
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