Notice2024-30589
Proposed Agency Information Collection Activities; Comment Request
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
December 23, 2024
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) invites comment on 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
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<title>Federal Register, Volume 89 Issue 246 (Monday, December 23, 2024)</title>
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[Federal Register Volume 89, Number 246 (Monday, December 23, 2024)]
[Notices]
[Pages 104542-104543]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-30589]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment.
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SUMMARY: The Board of Governors of the Federal Reserve System (Board)
invites comment on 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).
DATES: Comments must be submitted on or before February 21, 2025.
ADDRESSES: You may submit comments, identified by FR HY-5, by any of
the following methods:
<bullet> Agency Website: <a href="https://www.federalreserve.gov/">https://www.federalreserve.gov/</a>. Follow
the instructions for submitting comment, including attachments.
Preferred method.
<bullet> Mail: Ann E. Misback, Secretary, Board of Governors of the
Federal Reserve System, 20th Street and Constitution Avenue NW,
Washington, DC 20551.
<bullet> Hand Delivery/Courier: Same as mailing address.
<bullet> Other Means: <a href="/cdn-cgi/l/email-protection#69191c0b05000a0a0604040c071d1a290f1b0b470e061f"><span class="__cf_email__" data-cfemail="cdbdb8afa1a4aeaea2a0a0a8a3b9be8dabbfafe3aaa2bb">[email protected]</span></a>. You must include the
OMB number or the FR number in the subject line of the message.
Comments received are subject to public disclosure. In general,
comments received will be made available on the Board's website at
<a href="https://www.federalreserve.gov/apps/proposals/">https://www.federalreserve.gov/apps/proposals/</a> without change and will
not be modified to remove personal or business information including
confidential, contact, or other identifying information. Comments
should not include any information such as confidential information
that would be not appropriate for public disclosure. Public comments
may also be viewed electronically or in person in Room M-4365A, 2001 C
St. NW, Washington, DC 20551, between 9 a.m. and 5 p.m. during Federal
business weekdays.
Additionally, commenters may send a copy of their comments to the
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.
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#0a647f626b246f66676b6d62786b68634a6c7868246d657c"><span class="__cf_email__" data-cfemail="325c475a531c575e5f53555a4053505b725440501c555d44">[email protected]</span></a>, (202)
452-3884.
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. In exercising this delegated authority, the
Board is directed to take every reasonable step to solicit comment. In
determining whether to approve a collection of information, the Board
will consider all comments received from the public and other agencies.
During the comment period for this proposal, a copy of the proposed
PRA OMB submission, including the draft reporting form and
instructions, supporting statement (which contains more detail about
the information collection and burden estimates than this notice), and
other documentation, will be made available on the 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. On the page displayed at the link above, you can find the
supporting information by referencing the collection identifier, FR HY-
5. Final versions of these documents will be made available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>, if approved.
Request for Comment on Information Collection Proposal
The Board invites public comment on the following information
collection, which is being reviewed under authority delegated by the
OMB under the PRA. Comments are invited on the following:
a. Whether the proposed collection of information is necessary for
the proper
[[Page 104543]]
performance of the Board's functions, including whether the information
has practical utility;
b. The accuracy of the Board's estimate of the burden of the
proposed information collection, including the validity of the
methodology and assumptions used;
c. Ways to enhance the quality, utility, and clarity of the
information to be collected;
d. Ways to minimize the burden of information collection on
respondents, including through the use of automated collection
techniques or other forms of information technology; and
e. Estimates of capital or startup costs and costs of operation,
maintenance, and purchase of services to provide information.
At the end of the comment period, the comments and recommendations
received will be analyzed to determine the extent to which the Board
should modify the proposal.
Proposal Under OMB Delegated Authority To Extend for Three Years,
Without Revision, the Following Information Collection
Collection Title: Recordkeeping and Disclosure Requirements
Associated with Regulation Y for Minimum Requirements for Appraisal
Management Companies.
Collection Identifier: FR HY-5.
OMB Control Number: 7100-0370.
General description of collection: The Board's recordkeeping and
disclosure requirements associated with the minimum requirements for
Appraisal Management Companies (AMCs) are found in sections 225.192,
225.193, and 225.195 of the Board's Regulation Y, subpart M.
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.
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, and disciplinary and
enforcement actions to the Appraisal Subcommittee (ASC) of the Federal
Financial Institutions Examination Council .
Section 225.193(b) requires each participating state to require
AMCs that are not owned and controlled by an insured depository
institution and not regulated by a Federal financial institutions
regulatory agency 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.
Frequency: Event-generated; ongoing.
Respondents: The FR HY-5 panel comprises Federal and state
regulated 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.
Total estimated number of respondents: Section 225.192(b), 8,481;
Section 225.193(a), 1; Section 225.193(b), 1,206; Section 225.195(c),
38.
Estimated average hours per response: Section 225.192(b), 5
minutes; Section 225.193(a), 40; Section 225.193(b), 1; Section
225.195(c), 1.
Total estimated annual burden hours: 1,991.
Board of Governors of the Federal Reserve System, December 18,
2024.
Benjamin W. McDonough,
Deputy Secretary and Ombuds of the Board.
[FR Doc. 2024-30589 Filed 12-20-24; 8:45 am]
BILLING CODE 6210-01-P
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