Notice2022-16925
Submission for OMB Review; Comment Request, 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
August 8, 2022
Issuing agencies
National Credit Union Administration
Abstract
The National Credit Union Administration (NCUA) will submit the following information collection request to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, on or after the date of publication of this notice.
Full Text
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<title>Federal Register, Volume 87 Issue 151 (Monday, August 8, 2022)</title>
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[Federal Register Volume 87, Number 151 (Monday, August 8, 2022)]
[Notices]
[Pages 48200-48201]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-16925]
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NATIONAL CREDIT UNION ADMINISTRATION
Submission for OMB Review; Comment Request, Appraisals
AGENCY: National Credit Union Administration (NCUA).
ACTION: Notice.
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SUMMARY: The National Credit Union Administration (NCUA) will submit
the following information collection request to the Office of
Management and Budget (OMB) for review and clearance in accordance with
the Paperwork Reduction Act of 1995, on or after the date of
publication of this notice.
DATES: Comments should be received on or before September 7, 2022 to be
assured of consideration.
ADDRESSES: 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.
FOR FURTHER INFORMATION CONTACT: Copies of the submission may be
obtained by contacting Dawn Wolfgang at (703) 548-2279, emailing
<a href="/cdn-cgi/l/email-protection#49191b080a2624242c273d3a09272a3c28672e263f"><span class="__cf_email__" data-cfemail="a4f4f6e5e7cbc9c9c1cad0d7e4cac7d1c58ac3cbd2">[email protected]</span></a>, or viewing the entire information collection
request at <a href="http://www.reginfo.gov">www.reginfo.gov</a>.
SUPPLEMENTARY INFORMATION:
OMB Number: 3133-0125.
Type of Review: Extension of a currently approved collection.
Title: Appraisals, 12 CFR 722.
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
[[Page 48201]]
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 Total Annual Burden Hours: 173,309.
By Melane Conyers-Ausbrooks, Secretary of the Board, the National
Credit Union Administration, on August 2, 2022.
Dated: August 3, 2022.
Dawn D. Wolfgang,
NCUA PRA Clearance Officer.
[FR Doc. 2022-16925 Filed 8-5-22; 8:45 am]
BILLING CODE 7535-01-P
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</html>Indexed from Federal Register on August 8, 2022.
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