Notice2022-07224
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
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
April 6, 2022
Issuing agencies
Federal Reserve System
Abstract
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 Associated with Regulation Y for Minimum Requirements for Appraisal Management Companies (FR HY-5; OMB No. 7100-0370).
Full Text
<html>
<head>
<title>Federal Register, Volume 87 Issue 66 (Wednesday, April 6, 2022)</title>
</head>
<body><pre>
[Federal Register Volume 87, Number 66 (Wednesday, April 6, 2022)]
[Notices]
[Pages 19930-19931]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-07224]
-----------------------------------------------------------------------
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 Associated with Regulation Y
for Minimum Requirements for Appraisal Management Companies (FR HY-5;
OMB No. 7100-0370).
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, Washington, DC 20551, (202) 452-3829.
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, and approved collection of
information instrument(s) are available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. These documents are also available on the Federal
Reserve Board's public website at <a href="https://www.federalreserve.gov/apps/reportforms/review.aspx">https://www.federalreserve.gov/apps/reportforms/review.aspx</a> 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
Report title: Recordkeeping and Disclosure Requirements Associated
with Regulation Y for Minimum Requirements for Appraisal Management
Companies.
Agency form number: FR HY-5.
OMB control number: 7100-0370.
Frequency: Event-generated.
Respondents: The FR HY-5 panel comprises federally regulated and
state regulated appraisal management companies (AMCs) and U.S. states,
except that AMCs that oversee 15 or fewer appraisers in a state or less
than 25 appraisers in two or more states are exempt from these
recordkeeping and disclosure requirements.
Estimated number of respondents: Section 225.193(a), 1; Section
225.192(b), 1,239; Section 225.193(b), 1,146; Section 225.195(c), 13;
Section 225.196, 51.
Estimated average hours per response: Section 225.193(a), 40;
Section 225.192(b), 0.08; Section 225.193(b), 1; Section 225.195(c), 1;
Section 225.196, 1.
Estimated annual burden hours: Section 225.193(a), 40; Section
[[Page 19931]]
225.192(b), 99; Section 225.193(b), 2,292; Section 225.195(c), 26;
Section 225.196, 51.
General description of report: The Board's recordkeeping and
disclosure requirements associated with the minimum requirements for
AMCs are found in sections 225.192, 225.193, 225.195, and 225.196 of
the Board's Regulation Y, Subpart M.
Pursuant to section 225.193(a), each participating state must
establish and maintain within its appraiser certifying and licensing
agency a registration and supervision program with the legal authority
and mechanisms to, among other things, review and approve or deny an
AMC's application for initial registration; require AMCs to submit
reports, information, and documents; and report violations of
appraisal-related laws, regulations, or orders, as well as disciplinary
and enforcement actions, to the Appraisal Subcommittee (ASC) of the
Federal Financial Institutions Examination Council.
Section 225.192(b) provides that an appraiser in an AMC's network
or panel is deemed to remain a part of the AMC's appraiser panel until
the AMC (1) sends a written notice to the appraiser removing the
appraiser with an explanation or (2) receives a written notice from the
appraiser asking to be removed or a notice of the death or incapacity
of the appraiser. Section 225.193(b) requires each participating state
to require non-federally regulated AMCs to register with the state
appraiser certifying and licensing agency.
Section 225.195(c) requires a federally regulated AMC to report to
the state or states in which it operates the information required to be
submitted by the state pursuant to the ASC's policies regarding the
determination of the AMC National Registry fee, including information
relating to certain ownership limitations in the regulation.
Section 225.196 requires that each participating state submit to
the ASC the information required to be submitted by the ASC regulations
or guidance concerning AMCs that operate in the state.
Legal authorization and confidentiality: The Financial Institutions
Reform, Recovery, and Enforcement Act of 1989 authorizes the FR HY-5.
Agencies must ``jointly, by rule, establish minimum requirements to be
applied by a State in the registration of [AMCs].'' \1\ The Agencies
further must ``jointly promulgate regulations for the reporting of the
activities of [AMCs] to the [ASC] in determining the payment of the
annual registry fee.'' \2\ Each participating state with an appraiser
certifying and licensing agency must also transmit to the ASC ``[1] a
roster listing individuals who have received a State certification or
license . . . [2] reports on the issuance and renewal of licenses and
certifications, sanctions, disciplinary actions, and license and
certification revocations, and license and certification suspensions on
a timely basis to the national registry of the [ASC] . . . [3]
including investigations initiated and disciplinary actions taken.''
\3\
---------------------------------------------------------------------------
\1\ 12 U.S.C. 3353(a).
\2\ 12 U.S.C. 3353(e).
\3\ 12 U.S.C. 3338(a).
---------------------------------------------------------------------------
The HY-5 reporting and recordkeeping requirements are required to
obtain a benefit for states because AMCs, unless they are owned and
controlled by a federally regulated depository institution, are barred
from providing appraisal management services for federally related
transactions in a state that has not adopted the minimum AMC
requirements.\4\ The FR HY-5 recordkeeping and disclosure requirements
are mandatory for an AMC that is: (1) An AMC that is a subsidiary owned
and controlled by a financial institution and regulated by a federal
financial institution regulatory agency,\5\ or (2) is registered with a
state that has a state appraiser certifying and licensing agency.
---------------------------------------------------------------------------
\4\ 12 U.S.C. 3353.
\5\ 12 U.S.C. 3353(c).
---------------------------------------------------------------------------
The Federal Reserve does not collect information subject to the HY-
5 requirements. If information subject to the HY-5 requirements is
obtained as part of an examination or supervision of a financial
institution, it may be considered confidential under exemption 8 of the
Freedom of Information Act (FOIA).\6\ Information subject to the HY-5
requirements may also be kept confidential under FOIA exemption 4 if it
is confidential commercial or financial information that is both
customarily and actually treated as private.\7\
---------------------------------------------------------------------------
\6\ 5 U.S.C. 552(b)(8).
\7\ 5 U.S.C. 552(b)(4).
---------------------------------------------------------------------------
Current actions: On December 3, 2021, the Board published a notice
in the Federal Register (86 FR 68664) requesting public comment for 60
days on the extension, without revision, of the FR HY-5. The comment
period for this notice expired on February 1, 2022. The Board did not
receive any comments.
Board of Governors of the Federal Reserve System, April 1, 2022.
Margaret Shanks,
Deputy Secretary of the Board.
[FR Doc. 2022-07224 Filed 4-5-22; 8:45 am]
BILLING CODE 6210-01-P
</pre></body>
</html>Indexed from Federal Register on April 6, 2022.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.