Notice2022-11702
Agency Information Collection Activities: Proposed Collection; Appraisals
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
June 1, 2022
Issuing agencies
National Credit Union Administration
Abstract
The National Credit Union Administration (NCUA), as part of a continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on the following extension of a currently approved collection, as required by the Paperwork Reduction Act of 1995.
Full Text
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<title>Federal Register, Volume 87 Issue 105 (Wednesday, June 1, 2022)</title>
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[Federal Register Volume 87, Number 105 (Wednesday, June 1, 2022)]
[Notices]
[Pages 33212-33213]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-11702]
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NATIONAL CREDIT UNION ADMINISTRATION
Agency Information Collection Activities: Proposed Collection;
Appraisals
AGENCY: National Credit Union Administration (NCUA).
[[Page 33213]]
ACTION: Notice and request for comment.
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SUMMARY: The National Credit Union Administration (NCUA), as part of a
continuing effort to reduce paperwork and respondent burden, invites
the general public and other Federal agencies to comment on the
following extension of a currently approved collection, as required by
the Paperwork Reduction Act of 1995.
DATES: Written comments should be received on or before August 1, 2022
to be assured consideration.
ADDRESSES: Interested persons are invited to submit written comments on
the information collection to Dawn Wolfgang, National Credit Union
Administration, 1775 Duke Street, Suite 6032, Alexandria, Virginia
22314; email at <a href="/cdn-cgi/l/email-protection#90c0c2d1d3fffdfdf5fee4e3d0ded3c5d1bef7ffe6"><span class="__cf_email__" data-cfemail="6d3d3f2c2e0200000803191e2d232e382c430a021b">[email protected]</span></a>. Given the limited in-house staff
because of the COVID-19 pandemic, email comments are preferred.
FOR FURTHER INFORMATION CONTACT: Address requests for additional
information to Dawn Wolfgang at the address above or telephone 703-548-
2279.
SUPPLEMENTARY INFORMATION:
OMB Number: 3133-0125.
Title: Appraisals, 12 CFR 722.
Type of Review: Extension of a currently approved collection.
Abstract: Title XI of the Financial Institutions, Reform, Recovery
and Enforcement Act of 1989 (FIRREA) was enacted to protect federal
financial and public policy interests in real estate related
transactions. To achieve this purpose, the statute directed the
National Credit Union Administration (NCUA), as one of the federal
financial institutions regulatory agencies, to adopt standards for the
performance of real estate appraisals in connection with federally
related transactions. The FIRREA requires that appraisals be maintained
in writing and meet certain minimum standards. The NCUA regulation Part
722 carries out the statutory requirements. The information collection
activity requires a credit union to obtain a written appraisal on
federally related transactions or maintain written support of the
estimated market value for certain other transactions not required to
have an appraisal. These information collections are attributable to
the regulation and are a direct consequence of the legislative intent
and statutory requirements.
Federally insured credit unions (FICU) use the information in
determining whether and upon what terms to enter into a federally
related transaction, such as making a loan secured by real estate. In
addition, NCUA uses this information in its examinations of FICUs to
ensure that extensions of credit by the FICU that are collateralized by
real estate are undertaken in accordance with appropriate safety and
soundness principles. The use of their information by credit unions and
NCUA helps ensure that FICUs are not exposed to risk of loss from
inadequate appraisals or written estimates of market value.
Affected Public: Private Sector: Not-for-profit institutions.
Estimated No. of Respondents: 3,365.
Estimated No. of Responses per Respondent: 618.
Estimated Total Annual Responses: 2,079,707.
Estimated Burden Hours per Response: 0.083.
Estimated Total Annual Burden Hours: 173,309.
Reason for Change: An increase of 36,211 burden hours is the result
of an adjustments. The number of FICUs have decreased since the
previous submission, but the number of real estate loans have
increased, thus an increase in the number of responses per respondent.
Request for Comments: Comments submitted in response to this notice
will be summarized and included in the request for Office of Management
and Budget approval. All comments will become a matter of public
record. The public is invited to submit comments concerning: (a)
Whether the collection of information is necessary for the proper
execution of the function of the agency, including whether the
information will have practical utility; (b) the accuracy of the
agency's estimate of the burden of the collection of information,
including the validity of the methodology and assumptions used; (c)
ways to enhance the quality, utility, and clarity of the information to
be collected; and (d) ways to minimize the burden of the collection of
the information on the respondents, including the use of automated
collection techniques or other forms of information technology.
By Melane Conyers-Ausbrooks, Secretary of the Board, the National
Credit Union Administration, on May 25, 2022.
Dated: May 26, 2022.
Dawn D. Wolfgang,
NCUA PRA Clearance Officer.
[FR Doc. 2022-11702 Filed 5-31-22; 8:45 am]
BILLING CODE 7535-01-P
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