Notice2024-09116
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 29, 2024
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 and Provisions Associated with Real Estate Appraisal Standards (FR Y-30; OMB No. 7100-0250).
Full Text
<html>
<head>
<title>Federal Register, Volume 89 Issue 83 (Monday, April 29, 2024)</title>
</head>
<body><pre>
[Federal Register Volume 89, Number 83 (Monday, April 29, 2024)]
[Notices]
[Pages 33347-33348]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-09116]
-----------------------------------------------------------------------
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 and Provisions Associated
with Real Estate Appraisal Standards (FR Y-30; OMB No. 7100-0250).
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, <a href="/cdn-cgi/l/email-protection#d3bda6bbb2fdb6bfbeb2b4bba1b2b1ba93b5a1b1fdb4bca5"><span class="__cf_email__" data-cfemail="bad4cfd2db94dfd6d7dbddd2c8dbd8d3fadcc8d894ddd5cc">[email protected]</span></a>, (202)
452-3884.
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 (which contain more detailed
information about the information collections and burden estimates than
this notice), 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/reportingforms/review">https://www.federalreserve.gov/apps/reportingforms/review</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
Collection title: Recordkeeping and Disclosure Requirements and
Provisions Associated with Real Estate Appraisal Standards.
Collection identifier: FR Y-30.
OMB control number: 7100-0250.
General description of collection: Title XI of the Financial
Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12
U.S.C. 3331 et seq.) requires that, for federally related
transactions,\1\ regulated institutions obtain real estate appraisals
performed by certified or licensed appraisers in conformance with
uniform appraisal standards. The Board's regulations implementing title
XI of FIRREA, contained in the Board's Regulation Y--Bank Holding
Companies and Change in Bank Control (12 CFR part 225), include certain
recordkeeping requirements that apply to respondents. The Board and
other supervisory agencies also have issued Interagency Appraisal and
Evaluation Guidelines (the Guidelines) that convey supervisory
expectations relating to real estate appraisals and evaluations used to
support real estate-related financial transactions.\2\ These Guidelines
recommend that institutions adopt certain policies and procedures to
ensure compliance with title XI of FIRREA and Regulation Y.
---------------------------------------------------------------------------
\1\ A ``federally related transaction'' means any real estate-
related financial transaction which (A) a federal financial
institutions regulatory agency or the Resolution Trust Corporation
engages in, contracts for, or regulates, and (B) requires the
services of an appraiser. 12 U.S.C. 3350(4). The term ``real estate-
related financial transaction'' means any transaction involving (A)
the sale, lease, purchase, investment in or exchange of real
property, including interests in property, or the financing thereof,
(B) the refinancing of real property or interests in real property,
and (C) the use of real property or interests in property as
security for a loan or investment, including mortgage-backed
securities. 12 U.S.C. 3350(5).
\2\ SR 10-16, available at <a href="https://www.federalreserve.gov/boarddocs/srletters/2010/sr1016.htm">https://www.federalreserve.gov/boarddocs/srletters/2010/sr1016.htm</a>.
---------------------------------------------------------------------------
Frequency: Event-generated.
Respondents: State member banks, bank holding companies, and
nonbank subsidiaries of bank holding companies.
Total estimated number of respondents: 1,866.
Total estimated annual burden hours: 28,340.\3\
---------------------------------------------------------------------------
\3\ More detailed information regarding this collection,
including more detailed burden estimates, can be found in the OMB
Supporting Statement posted at <a href="https://www.federalreserve.gov/apps/reportingforms/review">https://www.federalreserve.gov/apps/reportingforms/review</a>. On the page displayed at the link, you can
find the OMB Supporting Statement by referencing the collection
identifier, FR Y-30.
---------------------------------------------------------------------------
[[Page 33348]]
Current actions: On December 26, 2023, the Board published a notice
in the Federal Register (88 FR 88920) requesting public comment for 60
days on the extension, without revision, of the FR Y-30. The comment
period for this notice expired on February 26, 2024. The Board did not
---------------------------------------------------------------------------
receive any comments.
Board of Governors of the Federal Reserve System, April 23,
2024.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2024-09116 Filed 4-26-24; 8:45 am]
BILLING CODE 6210-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on April 29, 2024.
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.