Temporary Exceptions to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) Appraisal Requirements in Areas Affected by Severe Storms and Flooding Related to Hurricanes Harvey, Irma, and Maria, 49089-49091 [2017-22957]

Download as PDF pmangrum on DSK3GDR082PROD with RULES Federal Register / Vol. 82, No. 204 / Tuesday, October 24, 2017 / Rules and Regulations were discussed, based upon the relative value of various activities to the pistachio industry. The Committee ultimately determined that the 2017–18 production year expenses of $672,900 were prudent, and the assessment income provided by the reduced rate, interest income, CPRB management income, and funds from the financial reserve, would permit the Committee to meet its expenses, while not adding to the financial reserve. According to data from NASS, the season average producer price was $3.29 per pound of assessed weight pistachios in 2015 and $1.68 per pound in 2016. A review of historical and preliminary information pertaining to the upcoming production year indicates that the producer revenue for the 2017–18 production year could range between $924,000,000 and $1,809,500,000. Therefore, the estimated assessment revenue for the 2017–18 production year as a percentage of total producer revenue could range between 0.00003 and 0.00006 percent. This action decreases the assessment obligation imposed on handlers. Assessments are applied uniformly on all handlers, and some of the costs may be passed on to producers. However, decreasing the assessment rate reduces the burden on handlers, and may reduce the burden on producers. Additionally, the Committee’s meetings were widely publicized throughout the California, Arizona, and New Mexico pistachio industry, and all interested persons were invited to attend the meetings and encouraged to participate in Committee deliberations on all issues. Like all Committee meetings, the July 10, 2017, and August 1, 2017, meetings were public meetings and all entities, both large and small, were able to express views on this issue. Finally, interested persons are invited to submit comments on this interim rule, including the regulatory and informational impacts of this action on small businesses. In accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. Chapter 35), the order’s information collection requirements have been previously approved by OMB and assigned OMB No. 0581–0215, ‘‘Vegetable and Specialty Crop Marketing Orders.’’ No changes in those requirements as a result of this action are necessary. Should any changes become necessary, they would be submitted to OMB for approval. This action imposes no additional reporting or recordkeeping requirements on either small or large California, Arizona, and New Mexico pistachio handlers. As with all Federal marketing order programs, reports and forms are VerDate Sep<11>2014 15:12 Oct 23, 2017 Jkt 244001 periodically reviewed to reduce information requirements and duplication by industry and public sector agencies. AMS is committed to complying with the E-Government Act, to promote the use of the internet and other information technologies to provide increased opportunities for citizen access to Government information and services, and for other purposes. USDA has not identified any relevant Federal rules that duplicate, overlap, or conflict with this rule. A small business guide on complying with fruit, vegetable, and specialty crop marketing agreements and orders may be viewed at: http://www.ams.usda.gov/ rules-regulations/moa/small-businesses. Any questions about the compliance guide should be sent to Richard Lower at the previously mentioned address in the FOR FURTHER INFORMATION CONTACT section. After consideration of all relevant material presented, including the information and recommendation submitted by the Committee and other available information, it is hereby found that this rule, as hereinafter set forth, will tend to effectuate the declared policy of the Act. Pursuant to 5 U.S.C. 553, it is also found and determined that good cause exists for not postponing the effective date of this rule until 30 days after publication in the Federal Register because handlers are aware of this rule, which was recommended at a public meeting. This interim rule provides for a 60-day comment period, and all comments timely received will be considered prior to finalization of this rule. The decreased assessment rate is necessary to fund reasonable and necessary expenses of the program, while keeping the funds in the reserve within the maximum limit permitted by the order. Moreover, the decreased assessment rate reduces the economic burden on handlers. §§ 983.1 through 983.92 Subpart A] List of Subjects in 7 CFR Part 983 12 CFR Part 323 Marketing agreements, Pistachios, Reporting and recordkeeping requirements. For the reasons set forth in the preamble, 7 CFR part 983 is amended as follows: 49089 NATIONAL CREDIT UNION ADMINISTRATION PART 983—PISTACHIOS GROWN IN CALIFORNIA, ARIZONA, AND NEW MEXICO 1. The authority citation for 7 CFR part 983 continues to read as follows: ■ Authority: 7 U.S.C. 601–674. PO 00000 Frm 00003 Fmt 4700 Sfmt 4700 [Designated as 2. Designate §§ 983.1 through 983.92 as subpart A and add a heading for subpart A to read as follows: ■ Subpart A—Order Regulating Handling [Subpart Redesignated as Subpart B and Amended] ■ 3. Redesignate ‘‘Subpart—Rules and Regulations’’ as subpart B and revise the heading to read as follows: Subpart B—Administrative Requirements [Subpart Redesignated as Subpart C] 4. Redesignate ‘‘Subpart—Assessment Rate’’ as subpart C. ■ 5. Section 983.253 is revised to read as follows: ■ § 983.253 Assessment rate. On and after September 1, 2017, an assessment rate of $0.0001 per pound is established for California, Arizona, and New Mexico pistachios. Dated: October 16, 2017. Bruce Summers, Acting Administrator, Agricultural Marketing Service. [FR Doc. 2017–22711 Filed 10–23–17; 8:45 am] BILLING CODE 3410–02–P DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency 12 CFR Part 34 [Docket No. OCC–2017–0024] FEDERAL RESERVE SYSTEM 12 CFR Part 225 [Docket No. OP–1577] FEDERAL DEPOSIT INSURANCE CORPORATION 12 CFR Part 722 Temporary Exceptions to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) Appraisal Requirements in Areas Affected by Severe Storms and Flooding Related to Hurricanes Harvey, Irma, and Maria Office of the Comptroller of the Currency, Treasury (OCC); Board of AGENCY: E:\FR\FM\24OCR1.SGM 24OCR1 49090 Federal Register / Vol. 82, No. 204 / Tuesday, October 24, 2017 / Rules and Regulations Governors of the Federal Reserve System (Board); Federal Deposit Insurance Corporation (FDIC); and National Credit Union Administration (NCUA), collectively referred to as the agencies. ACTION: Statement and order; temporary exceptions. Section 2 of the Depository Institutions Disaster Relief Act of 1992 (DIDRA) authorizes the agencies to make exceptions to statutory and regulatory appraisal requirements under Title XI of FIRREA. The exceptions are available for transactions involving real property located within an area in a state or territory declared to be a major disaster by the President if the agencies determine, and describe by publication of a regulation or order, that the exceptions would facilitate recovery from the disaster and would be consistent with safety and soundness. In this statement and order, the agencies exercise their authority to grant temporary exceptions to the FIRREA appraisal requirements for real estaterelated financial transactions, provided certain criteria are met, in areas of Florida, Georgia, Puerto Rico, Texas, and the U.S. Virgin Islands that have been declared major disasters by President Trump as a result of the severe storms and flooding caused by Hurricanes Harvey, Irma, and Maria. The expiration date for the exceptions in each area is three years after the date the President declared the state or territory a major disaster. DATES: This order is applicable on October 24, 2017 and expires three years after the date the President declared the relevant state or territory a major disaster, as follows. Hurricane Harvey: The expiration date for the exceptions for areas declared a major disaster is August 24, 2020, for Texas. Hurricane Irma: The expiration dates for the exceptions for areas declared a major disaster are September 6, 2020, for the U.S. Virgin Islands, September 9, 2020, for Florida and Puerto Rico, and September 14, 2020, for Georgia. Hurricane Maria: The expiration dates for the exceptions for areas declared a major disaster are September 19, 2020, for Puerto Rico and September 20, 2020, for the U.S. Virgin Islands. FOR FURTHER INFORMATION CONTACT: OCC: Kevin Lawton, Appraisal Specialist, Chief National Bank Examiner’s Office, at (202) 649–7152; Christopher Manthey, Special Counsel, Chief Counsel’s Office, at (202) 649– 6203; or Mitchell Plave, Special Counsel, Chief Counsel’s Office, at (202) pmangrum on DSK3GDR082PROD with RULES SUMMARY: VerDate Sep<11>2014 15:12 Oct 23, 2017 Jkt 244001 649–6285 or, for persons who are deaf or hearing impaired, TTY (202) 649– 5597. Board: Carmen D. Holly, Senior Supervisory Financial Analyst, Division of Supervision and Regulation at (202) 973–6122; Gillian Burgess, Counsel, Legal Division, at (202) 736–5564; or Kirin Walsh, Attorney, Legal Division, at (202) 452–3058. FDIC: Beverlea S. Gardner, Senior Examination Specialist, Division of Risk Management and Supervision, at (202) 898–3640; Mark Mellon, Counsel, Legal Division, at (202) 898–3884; Federal Deposit Insurance Corporation, 550 17th Street NW., Washington, DC 20429. NCUA: D. Scott Neat, Director of Supervision, Office of Examination and Insurance, at (703) 518–6363; John Brolin, Staff Attorney, Office of General Counsel, at (703) 518–6438; National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314. SUPPLEMENTARY INFORMATION: and the Commonwealth of Puerto Rico 6 as a result of the severe storms and subsequent flooding from Hurricane Irma. Further, on September 15, 2017, the President declared a major disaster existed in areas in the state of Georgia as a result of the severe storms and subsequent flooding related to Hurricane Irma.7 In addition, on September 20, 2017, and September 21, 2017, the President declared a major disaster existed in areas in Puerto Rico 8 and the U.S. Virgin Islands,9 respectively, as a result of the severe storms and subsequent flooding from Hurricane Maria. The agencies believe that granting relief from the appraisal requirements set forth in Title XI of FIRREA, and in the agencies’ appraisal regulations, for real estaterelated financial transactions in areas declared a major disaster is consistent with the provisions of DIDRA. Statement The agencies have determined that the disruption of real estate markets in each of the areas declared a major disaster interferes with the ability of depository institutions to obtain appraisals that comply with Title XI statutory and regulatory requirements. Further, the agencies have determined that the disruption may impede institutions in making loans and engaging in other transactions that would aid in the reconstruction and rehabilitation of the affected areas. Accordingly, the agencies have determined that recovery from these major disasters would be facilitated by exempting transactions involving real estate and requiring the services of an appraiser located in the area directly affected by the severe storms and flooding from the real estate appraisal requirements of Title XI of FIRREA and its implementing regulations.10 Section 2 of DIDRA, which added section 1123 to Title XI of FIRREA,1 authorizes the agencies to make exceptions to statutory and regulatory appraisal requirements for certain transactions. These exceptions are available for transactions involving real property located in an area in which the President has determined a major disaster exists, pursuant to section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act,2 provided that the exception would facilitate recovery from the major disaster and is consistent with safety and soundness. On August 25, 2017, the President declared a major disaster existed in areas in the state of Texas 3 due to extensive damage that occurred as a result of severe storms and subsequent flooding in connection with Hurricane Harvey. On September 7, 2017, the President declared a major disaster existed in areas in the U.S. Virgin Islands 4 as a result of the severe storms and subsequent flooding from Hurricane Irma. On September 10, 2017, the President declared a major disaster existed in areas in the state of Florida 5 1 12 U.S.C. 3352. U.S.C. 5170. 3 Press Release, The White House (August 25, 2017), available at https://www.whitehouse.gov/thepress-office/2017/08/25/president-donald-j-trumpapproves-texas-disaster-declaration. 4 Press Release, The White House (September 7, 2017), available at https://www.whitehouse.gov/thepress-office/2017/09/07/president-donald-j-trumpapproves-us-virgin-islands-disaster-declaration. 5 Press Release, The White House (September 10, 2017), available at https://www.whitehouse.gov/the2 42 PO 00000 Frm 00004 Fmt 4700 Sfmt 4700 Facilitation of Recovery From the Major Disasters press-office/2017/09/10/president-donald-j-trumpapproves-florida-disaster-declaration. 6 Press Release, The White House (September 10, 2017), available at https://www.whitehouse.gov/thepress-office/2017/09/10/president-donald-j-trumpapproves-puerto-rico-disaster-declaration. 7 Press Release, The White House (September 15, 2017), available at https://www.whitehouse.gov/thepress-office/2017/09/15/president-donald-j-trumpapproves-georgia-disaster-declaration. 8 Press Release, The White House (September 21, 2017), available at https://www.whitehouse.gov/thepress-office/2017/09/21/president-donald-j-trumpapproves-puerto-rico-disaster-declaration. 9 Press Release, The White House (September 21, 2017), available at https://www.whitehouse.gov/thepress-office/2017/09/21/president-donald-j-trumpapproves-us-virgin-islands-disaster-declaration. 10 12 U.S.C. 3331–3355; 12 CFR 34.41–34.47 (OCC); 12 CFR part 225, subpart G (Board); 12 CFR part 323, subpart A (FDIC); 12 CFR part 722 (NCUA). E:\FR\FM\24OCR1.SGM 24OCR1 Federal Register / Vol. 82, No. 204 / Tuesday, October 24, 2017 / Rules and Regulations Consistency With Safety and Soundness The agencies also have determined that the exceptions are consistent with safety and soundness, provided that the depository institution determines and maintains appropriate documentation of the following: (1) The property involved was located in the major disaster area; (2) there is a binding commitment to fund the transaction that was entered into on or within 36 months of the date that the area was declared a major disaster; and (3) the value of the real property supports the institution’s decision to enter into the transaction. In addition, the transaction must continue to be subject to review by management and by the agencies in the course of examinations of the institution. pmangrum on DSK3GDR082PROD with RULES Expiration Date Exceptions made under section 1123 of FIRREA may be provided for no more than three years after the President determines a major disaster exists in an area.11 The agencies have determined that the exceptions provided for by this order shall expire three years after the date the President declared a major disaster in each state or territory. Order In accordance with section 2 of DIDRA, relief is hereby granted from the provisions of Title XI of FIRREA and the agencies’ appraisal regulations for any real estate-related financial transaction that requires the services of an appraiser under those provisions, provided that the institution determines each of the following and maintains supporting documentation made available to the agencies upon request: (1) The transaction involves real property located in an area of a state or territory that has been declared a major disaster by the President as a result of severe storms and flooding related to Hurricanes Harvey, Irma, or Maria. The specific areas covered are identified in the Appendix and include: a. The 39 counties in Texas under the declaration of August 25, 2017 (as amended); 12 b. The two islands in the U.S. Virgin Islands under the declaration of September 7, 2017; 13 c. The 48 counties in Florida under the declaration of September 10, 2017 (as amended); 14 d. The four municipalities in Puerto Rico under the declaration of September 10, 2017; 15 11 12 U.S.C. 3352(b). https://www.fema.gov/disaster/4332. 13 See https://www.fema.gov/disaster/4335. 14 See https://www.fema.gov/disaster/4337. 15 See https://www.fema.gov/disaster/4336. e. The three counties in Georgia under the declaration of September 15, 2017; 16 f. The 54 municipalities in Puerto Rico under the declaration of September 20, 2017; 17 and g. The island in the U.S. Virgin Islands under the declaration of September 21, 2017.18 (2) There is a binding commitment to fund a transaction that was entered into on or after: (a) August 25, 2017, but no later than August 24, 2020, for areas declared a major disaster in Texas as a result of Hurricane Harvey; (b) September 7, 2017, but no later than September 6, 2020, for areas declared a major disaster in the U.S. Virgin Islands as a result of Hurricane Irma; (c) September 10, 2017, but no later than September 9, 2020, for areas declared a major disaster in Florida and Puerto Rico as a result of Hurricane Irma; (d) September 15, 2017, but no later than September 14, 2020, for areas declared a major disaster in Georgia as a result of Hurricane Irma; (e) September 20, 2017, but no later than September 19, 2020, for areas declared a major disaster in Puerto Rico as a result of Hurricane Maria; or (f) September 21, 2017, but no later than September 20, 2020, for areas declared a major disaster in the U.S. Virgin Islands as a result of Hurricane Maria. (3) The value of the real property supports the institution’s decision to enter into the transaction. Appendix: Areas Declared a Major Disaster Hurricane Harvey Texas: Aransas, Austin, Bastrop, Bee, Brazoria, Calhoun, Chambers, Colorado, DeWitt, Fayette, Fort Bend, Galveston, Goliad, Gonzales, Hardin, Harris, Jackson, Jasper, Jefferson, Karnes, Kleberg, Lavaca, Lee, Liberty, Matagorda, Montgomery, Newton, Nueces, Orange, Polk, Refugio, Sabine, San Jacinto, San Patricio, Tyler, Victoria, Walker, Waller, and Wharton counties. Hurricane Irma Florida: Alachua, Baker, Bradford, Brevard, Broward, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Flagler, Gilchrist, Glades, Hardee, Hendry, Hernando, Highlands, Hillsborough, Indian River, Lafayette, Lake, Lee, Levy, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, 12 See VerDate Sep<11>2014 17:28 Oct 23, 2017 Jkt 244001 16 See https://www.fema.gov/disaster/4338. https://www.fema.gov/disaster/4339. 18 See https://www.fema.gov/disaster/4340. 17 See PO 00000 Frm 00005 Fmt 4700 Sfmt 4700 49091 Seminole, St. Johns, St. Lucie, Sumter, Suwannee, Union, and Volusia counties. Georgia: Camden, Chatham, and Glynn counties. Puerto Rico: Canovanas, Culebra, Loiza, and Vieques Municipalities. U.S. Virgin Islands: St. John (Island), St. Thomas (Island). Hurricane Maria U.S. Virgin Islands: St. Croix (Island). Puerto Rico: Aguas Buenas, Aibonito, Arecibo, Arroyo, Barceloneta, Barranquitas, ´ ´ Bayamon, Caguas, Canovanas, Carolina, ˜ Catano, Cayey, Ceiba, Ciales, Cidra, Coamo, Comerio, Corozal, Culebra, Dorado, Fajardo, Florida, Guayama, Guaynabo, Gurabo, ´ Humacao, Jayuya, Juana Dıaz, Juncos, Las ´ Piedras, Loıza, Luquillo, Manati, Maunabo, Morovis, Naguabo, Naranjito, Orocovis, Patillas, Ponce, Rio Grande, Salinas, San Juan, San Lorenzo, Santa Isabel, Toa Alta, Toa Baja, Trujillo Alto, Utuado, Vega Alta, Vega Baja, Vieques, Villalba, and Yabucoa Municipalities. Dated: October 6, 2017. Keith A. Noreika, Acting Comptroller of the Currency. By order of the Board of Governors of the Federal Reserve System, October 16, 2017. Michele Taylor Fennell, Assistant Secretary of the Board. Dated at Washington, DC, this 12th day of October, 2017. By order of the Board of Directors. Federal Deposit Insurance Corporation. Robert E. Feldman, Executive Secretary. Dated at Alexandria, VA, this 16th day of October, 2017. By order of the Board of Directors. National Credit Union Administration. Gerard Poliquin, Secretary of the Board. [FR Doc. 2017–22957 Filed 10–23–17; 8:45 am] BILLING CODE 4810–33–P; 6210–01–P; 6714–01–P; 7535–01–P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration 14 CFR Part 39 [Docket No. FAA–2016–6429; Product Identifier 2015–NM–117–AD; Amendment 39–19083; AD 2017–22–03] RIN 2120–AA64 Airworthiness Directives; Airbus Airplanes Federal Aviation Administration (FAA), Department of Transportation (DOT). ACTION: Final rule. AGENCY: We are superseding Airworthiness Directive (AD) 2015–05– 02, which applied to all Airbus Model SUMMARY: E:\FR\FM\24OCR1.SGM 24OCR1

Agencies

[Federal Register Volume 82, Number 204 (Tuesday, October 24, 2017)]
[Rules and Regulations]
[Pages 49089-49091]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-22957]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

12 CFR Part 34

[Docket No. OCC-2017-0024]

FEDERAL RESERVE SYSTEM

12 CFR Part 225

[Docket No. OP-1577]

FEDERAL DEPOSIT INSURANCE CORPORATION

12 CFR Part 323

NATIONAL CREDIT UNION ADMINISTRATION

12 CFR Part 722


Temporary Exceptions to the Financial Institutions Reform, 
Recovery, and Enforcement Act of 1989 (FIRREA) Appraisal Requirements 
in Areas Affected by Severe Storms and Flooding Related to Hurricanes 
Harvey, Irma, and Maria

AGENCY: Office of the Comptroller of the Currency, Treasury (OCC); 
Board of

[[Page 49090]]

Governors of the Federal Reserve System (Board); Federal Deposit 
Insurance Corporation (FDIC); and National Credit Union Administration 
(NCUA), collectively referred to as the agencies.

ACTION: Statement and order; temporary exceptions.

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SUMMARY: Section 2 of the Depository Institutions Disaster Relief Act 
of 1992 (DIDRA) authorizes the agencies to make exceptions to statutory 
and regulatory appraisal requirements under Title XI of FIRREA. The 
exceptions are available for transactions involving real property 
located within an area in a state or territory declared to be a major 
disaster by the President if the agencies determine, and describe by 
publication of a regulation or order, that the exceptions would 
facilitate recovery from the disaster and would be consistent with 
safety and soundness.
    In this statement and order, the agencies exercise their authority 
to grant temporary exceptions to the FIRREA appraisal requirements for 
real estate-related financial transactions, provided certain criteria 
are met, in areas of Florida, Georgia, Puerto Rico, Texas, and the U.S. 
Virgin Islands that have been declared major disasters by President 
Trump as a result of the severe storms and flooding caused by 
Hurricanes Harvey, Irma, and Maria. The expiration date for the 
exceptions in each area is three years after the date the President 
declared the state or territory a major disaster.

DATES: This order is applicable on October 24, 2017 and expires three 
years after the date the President declared the relevant state or 
territory a major disaster, as follows.
    Hurricane Harvey: The expiration date for the exceptions for areas 
declared a major disaster is August 24, 2020, for Texas.
    Hurricane Irma: The expiration dates for the exceptions for areas 
declared a major disaster are September 6, 2020, for the U.S. Virgin 
Islands, September 9, 2020, for Florida and Puerto Rico, and September 
14, 2020, for Georgia.
    Hurricane Maria: The expiration dates for the exceptions for areas 
declared a major disaster are September 19, 2020, for Puerto Rico and 
September 20, 2020, for the U.S. Virgin Islands.

FOR FURTHER INFORMATION CONTACT: 
    OCC: Kevin Lawton, Appraisal Specialist, Chief National Bank 
Examiner's Office, at (202) 649-7152; Christopher Manthey, Special 
Counsel, Chief Counsel's Office, at (202) 649-6203; or Mitchell Plave, 
Special Counsel, Chief Counsel's Office, at (202) 649-6285 or, for 
persons who are deaf or hearing impaired, TTY (202) 649-5597.
    Board: Carmen D. Holly, Senior Supervisory Financial Analyst, 
Division of Supervision and Regulation at (202) 973-6122; Gillian 
Burgess, Counsel, Legal Division, at (202) 736-5564; or Kirin Walsh, 
Attorney, Legal Division, at (202) 452-3058.
    FDIC: Beverlea S. Gardner, Senior Examination Specialist, Division 
of Risk Management and Supervision, at (202) 898-3640; Mark Mellon, 
Counsel, Legal Division, at (202) 898-3884; Federal Deposit Insurance 
Corporation, 550 17th Street NW., Washington, DC 20429.
    NCUA: D. Scott Neat, Director of Supervision, Office of Examination 
and Insurance, at (703) 518-6363; John Brolin, Staff Attorney, Office 
of General Counsel, at (703) 518-6438; National Credit Union 
Administration, 1775 Duke Street, Alexandria, VA 22314.

SUPPLEMENTARY INFORMATION:

Statement

    Section 2 of DIDRA, which added section 1123 to Title XI of 
FIRREA,\1\ authorizes the agencies to make exceptions to statutory and 
regulatory appraisal requirements for certain transactions. These 
exceptions are available for transactions involving real property 
located in an area in which the President has determined a major 
disaster exists, pursuant to section 401 of the Robert T. Stafford 
Disaster Relief and Emergency Assistance Act,\2\ provided that the 
exception would facilitate recovery from the major disaster and is 
consistent with safety and soundness.
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    \1\ 12 U.S.C. 3352.
    \2\ 42 U.S.C. 5170.
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    On August 25, 2017, the President declared a major disaster existed 
in areas in the state of Texas \3\ due to extensive damage that 
occurred as a result of severe storms and subsequent flooding in 
connection with Hurricane Harvey. On September 7, 2017, the President 
declared a major disaster existed in areas in the U.S. Virgin Islands 
\4\ as a result of the severe storms and subsequent flooding from 
Hurricane Irma. On September 10, 2017, the President declared a major 
disaster existed in areas in the state of Florida \5\ and the 
Commonwealth of Puerto Rico \6\ as a result of the severe storms and 
subsequent flooding from Hurricane Irma. Further, on September 15, 
2017, the President declared a major disaster existed in areas in the 
state of Georgia as a result of the severe storms and subsequent 
flooding related to Hurricane Irma.\7\
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    \3\ Press Release, The White House (August 25, 2017), available 
at https://www.whitehouse.gov/the-press-office/2017/08/25/president-donald-j-trump-approves-texas-disaster-declaration.
    \4\ Press Release, The White House (September 7, 2017), 
available at https://www.whitehouse.gov/the-press-office/2017/09/07/president-donald-j-trump-approves-us-virgin-islands-disaster-declaration.
    \5\ Press Release, The White House (September 10, 2017), 
available at https://www.whitehouse.gov/the-press-office/2017/09/10/president-donald-j-trump-approves-florida-disaster-declaration.
    \6\ Press Release, The White House (September 10, 2017), 
available at https://www.whitehouse.gov/the-press-office/2017/09/10/president-donald-j-trump-approves-puerto-rico-disaster-declaration.
    \7\ Press Release, The White House (September 15, 2017), 
available at https://www.whitehouse.gov/the-press-office/2017/09/15/president-donald-j-trump-approves-georgia-disaster-declaration.
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    In addition, on September 20, 2017, and September 21, 2017, the 
President declared a major disaster existed in areas in Puerto Rico \8\ 
and the U.S. Virgin Islands,\9\ respectively, as a result of the severe 
storms and subsequent flooding from Hurricane Maria. The agencies 
believe that granting relief from the appraisal requirements set forth 
in Title XI of FIRREA, and in the agencies' appraisal regulations, for 
real estate-related financial transactions in areas declared a major 
disaster is consistent with the provisions of DIDRA.
---------------------------------------------------------------------------

    \8\ Press Release, The White House (September 21, 2017), 
available at https://www.whitehouse.gov/the-press-office/2017/09/21/president-donald-j-trump-approves-puerto-rico-disaster-declaration.
    \9\ Press Release, The White House (September 21, 2017), 
available at https://www.whitehouse.gov/the-press-office/2017/09/21/president-donald-j-trump-approves-us-virgin-islands-disaster-declaration.
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Facilitation of Recovery From the Major Disasters

    The agencies have determined that the disruption of real estate 
markets in each of the areas declared a major disaster interferes with 
the ability of depository institutions to obtain appraisals that comply 
with Title XI statutory and regulatory requirements. Further, the 
agencies have determined that the disruption may impede institutions in 
making loans and engaging in other transactions that would aid in the 
reconstruction and rehabilitation of the affected areas. Accordingly, 
the agencies have determined that recovery from these major disasters 
would be facilitated by exempting transactions involving real estate 
and requiring the services of an appraiser located in the area directly 
affected by the severe storms and flooding from the real estate 
appraisal requirements of Title XI of FIRREA and its implementing 
regulations.\10\
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    \10\ 12 U.S.C. 3331-3355; 12 CFR 34.41-34.47 (OCC); 12 CFR part 
225, subpart G (Board); 12 CFR part 323, subpart A (FDIC); 12 CFR 
part 722 (NCUA).

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[[Page 49091]]

Consistency With Safety and Soundness

    The agencies also have determined that the exceptions are 
consistent with safety and soundness, provided that the depository 
institution determines and maintains appropriate documentation of the 
following: (1) The property involved was located in the major disaster 
area; (2) there is a binding commitment to fund the transaction that 
was entered into on or within 36 months of the date that the area was 
declared a major disaster; and (3) the value of the real property 
supports the institution's decision to enter into the transaction. In 
addition, the transaction must continue to be subject to review by 
management and by the agencies in the course of examinations of the 
institution.

Expiration Date

    Exceptions made under section 1123 of FIRREA may be provided for no 
more than three years after the President determines a major disaster 
exists in an area.\11\ The agencies have determined that the exceptions 
provided for by this order shall expire three years after the date the 
President declared a major disaster in each state or territory.
---------------------------------------------------------------------------

    \11\ 12 U.S.C. 3352(b).
---------------------------------------------------------------------------

Order

    In accordance with section 2 of DIDRA, relief is hereby granted 
from the provisions of Title XI of FIRREA and the agencies' appraisal 
regulations for any real estate-related financial transaction that 
requires the services of an appraiser under those provisions, provided 
that the institution determines each of the following and maintains 
supporting documentation made available to the agencies upon request:
    (1) The transaction involves real property located in an area of a 
state or territory that has been declared a major disaster by the 
President as a result of severe storms and flooding related to 
Hurricanes Harvey, Irma, or Maria. The specific areas covered are 
identified in the Appendix and include:
    a. The 39 counties in Texas under the declaration of August 25, 
2017 (as amended); \12\
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    \12\ See https://www.fema.gov/disaster/4332.
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    b. The two islands in the U.S. Virgin Islands under the declaration 
of September 7, 2017; \13\
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    \13\ See https://www.fema.gov/disaster/4335.
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    c. The 48 counties in Florida under the declaration of September 
10, 2017 (as amended); \14\
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    \14\ See https://www.fema.gov/disaster/4337.
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    d. The four municipalities in Puerto Rico under the declaration of 
September 10, 2017; \15\
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    \15\ See https://www.fema.gov/disaster/4336.
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    e. The three counties in Georgia under the declaration of September 
15, 2017; \16\
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    \16\ See https://www.fema.gov/disaster/4338.
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    f. The 54 municipalities in Puerto Rico under the declaration of 
September 20, 2017; \17\ and
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    \17\ See https://www.fema.gov/disaster/4339.
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    g. The island in the U.S. Virgin Islands under the declaration of 
September 21, 2017.\18\
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    \18\ See https://www.fema.gov/disaster/4340.
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    (2) There is a binding commitment to fund a transaction that was 
entered into on or after:
    (a) August 25, 2017, but no later than August 24, 2020, for areas 
declared a major disaster in Texas as a result of Hurricane Harvey;
    (b) September 7, 2017, but no later than September 6, 2020, for 
areas declared a major disaster in the U.S. Virgin Islands as a result 
of Hurricane Irma;
    (c) September 10, 2017, but no later than September 9, 2020, for 
areas declared a major disaster in Florida and Puerto Rico as a result 
of Hurricane Irma;
    (d) September 15, 2017, but no later than September 14, 2020, for 
areas declared a major disaster in Georgia as a result of Hurricane 
Irma;
    (e) September 20, 2017, but no later than September 19, 2020, for 
areas declared a major disaster in Puerto Rico as a result of Hurricane 
Maria; or
    (f) September 21, 2017, but no later than September 20, 2020, for 
areas declared a major disaster in the U.S. Virgin Islands as a result 
of Hurricane Maria.
    (3) The value of the real property supports the institution's 
decision to enter into the transaction.

Appendix: Areas Declared a Major Disaster

Hurricane Harvey

    Texas: Aransas, Austin, Bastrop, Bee, Brazoria, Calhoun, 
Chambers, Colorado, DeWitt, Fayette, Fort Bend, Galveston, Goliad, 
Gonzales, Hardin, Harris, Jackson, Jasper, Jefferson, Karnes, 
Kleberg, Lavaca, Lee, Liberty, Matagorda, Montgomery, Newton, 
Nueces, Orange, Polk, Refugio, Sabine, San Jacinto, San Patricio, 
Tyler, Victoria, Walker, Waller, and Wharton counties.

Hurricane Irma

    Florida: Alachua, Baker, Bradford, Brevard, Broward, Charlotte, 
Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Flagler, 
Gilchrist, Glades, Hardee, Hendry, Hernando, Highlands, 
Hillsborough, Indian River, Lafayette, Lake, Lee, Levy, Manatee, 
Marion, Martin, Miami-Dade, Monroe, Nassau, Okeechobee, Orange, 
Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, 
Seminole, St. Johns, St. Lucie, Sumter, Suwannee, Union, and Volusia 
counties.
    Georgia: Camden, Chatham, and Glynn counties.
    Puerto Rico: Canovanas, Culebra, Loiza, and Vieques 
Municipalities.
    U.S. Virgin Islands: St. John (Island), St. Thomas (Island).

Hurricane Maria

    U.S. Virgin Islands: St. Croix (Island).
    Puerto Rico: Aguas Buenas, Aibonito, Arecibo, Arroyo, 
Barceloneta, Barranquitas, Bayam[oacute]n, Caguas, Can[oacute]vanas, 
Carolina, Cata[ntilde]o, Cayey, Ceiba, Ciales, Cidra, Coamo, 
Comerio, Corozal, Culebra, Dorado, Fajardo, Florida, Guayama, 
Guaynabo, Gurabo, Humacao, Jayuya, Juana D[iacute]az, Juncos, Las 
Piedras, Lo[iacute]za, Luquillo, Manati, Maunabo, Morovis, Naguabo, 
Naranjito, Orocovis, Patillas, Ponce, Rio Grande, Salinas, San Juan, 
San Lorenzo, Santa Isabel, Toa Alta, Toa Baja, Trujillo Alto, 
Utuado, Vega Alta, Vega Baja, Vieques, Villalba, and Yabucoa 
Municipalities.

    Dated: October 6, 2017.
Keith A. Noreika,
Acting Comptroller of the Currency.
    By order of the Board of Governors of the Federal Reserve 
System, October 16, 2017.
Michele Taylor Fennell,
Assistant Secretary of the Board.
    Dated at Washington, DC, this 12th day of October, 2017.

    By order of the Board of Directors.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
    Dated at Alexandria, VA, this 16th day of October, 2017.

    By order of the Board of Directors.

National Credit Union Administration.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2017-22957 Filed 10-23-17; 8:45 am]
 BILLING CODE 4810-33-P; 6210-01-P; 6714-01-P; 7535-01-P