Agency Information Collection Activities: Proposed Collection Renewal; Comment Request, 19285-19288 [2018-09324]
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Federal Register / Vol. 83, No. 85 / Wednesday, May 2, 2018 / Notices
• Email: comments@fdic.gov. Include
the name and number of the collection
in the subject line of the message.
• Mail: Manny Cabeza (202–898–
3767), Counsel, MB–3007, Federal
Deposit Insurance Corporation, 550 17th
Street NW, Washington, DC 20429.
• Hand Delivery: Comments may be
hand-delivered to the guard station at
the rear of the 17th Street Building
(located on F Street), on business days
between 7:00 a.m. and 5:00 p.m.
All comments should refer to OMB
control number 3064–0124. A copy of
the comments may also be submitted to
the OMB desk officer for the FDIC:
Office of Information and Regulatory
Affairs, Office of Management and
Budget, New Executive Office Building,
Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT:
Manny Cabeza, Counsel, 202–898–3767,
mcabeza@FDIC.gov, MB–3007, Federal
Deposit Insurance Corporation, 550 17th
Street NW, Washington, DC 20429.
SUPPLEMENTARY INFORMATION: Proposal
to renew the following currently
approved collection of information:
Title: Notification of Change of
Insured Status.
OMB Number: 3064–0124.
Form Number: None.
Affected Public: Insured depository
institutions.
Burden Estimate:
SUMMARY OF ANNUAL BURDEN
Estimated time
per response
(hours)
Mandatory ...............
Mandatory ...............
150
2
.25
1
On Occasion ...........
On Occasion ...........
37.5
3
..................................
........................
........................
..................................
39.5
Certification ..................................................
Notification ...................................................
Reporting .................
Disclosure ................
Total Estimated Annual Burden ...........
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Obligation
to respond
..................................
General Description of Collection:
This information collection consists of
two parts: (1) A certification that
insured depository institutions provide
the FDIC when all deposit liabilities
from one insured depository institution
are assumed from another insured
depository institution, with the latter
institution responsible for providing the
certification; and (2) a notification that
an insured depository institution
provides to its depositors when it seeks
to voluntarily terminate its insured
status. The certification is necessary to
implement the provisions of section 8(q)
of the Federal Deposit Insurance Act, 12
U.S.C. 1818(q), regarding termination of
the insured status of the transferring
institution and termination of the
separate deposit insurance coverage
provided on deposit accounts assumed
by the assuming institution. The
depositor notification is required by
section 8(a)(6) of the Federal Deposit
Insurance Act, 12 U.S.C. 1818(a)(6).
This provision ensures that the
institution’s depositors receive
appropriate information regarding the
institution’s intent to terminate its
insured status and that, prior to the
termination of the institution’s insured
status, depositors receive appropriate
information concerning federal deposit
insurance coverage of their accounts
once the institution’s insured status is
terminated.
There is no change in the
methodology or substance of this
information collection. The number of
certifications submitted under this
information collection is closely related
to the number of insured depository
institutions that are acquired by another
depository institution through mergers
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or as a result of the closing of the
institution by its chartering authority.
The number of depositor notifications is
driven by the number of institutions
that elect to voluntarily terminate its
insured status without having its
deposits assumed by another insured
depository institution. The change in
burden is due to economic fluctuation
reflected in a lower number of
certifications following mergers or
closures and a reduction in the number
of notifications due to voluntary
terminations of insured status.
Request for Comment: Comments are
invited on: (a) Whether the collection of
information is necessary for the proper
performance of the FDIC’s functions,
including whether the information has
practical utility; (b) the accuracy of the
estimates of the burden of the
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; and (d)
ways to minimize the burden of the
collection of information on
respondents, including through the use
of automated collection techniques or
other forms of information technology.
All comments will become a matter of
public record.
Dated at Washington, DC, on April 27,
2018.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2018–09325 Filed 5–1–18; 8:45 am]
BILLING CODE 6714–01–P
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Average total
annual
estimated
burden
(hours)
Estimated
number
of respondents
Type of burden
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Frequency
of response
FEDERAL DEPOSIT INSURANCE
CORPORATION
[OMB No. 3064–0195]
Agency Information Collection
Activities: Proposed Collection
Renewal; Comment Request
Federal Deposit Insurance
Corporation (FDIC).
ACTION: Notice and request for comment.
AGENCY:
The FDIC, as part of its
continuing effort to reduce paperwork
and respondent burden, invites the
general public and other Federal
agencies to take this opportunity to
comment on the renewal of an existing
information collection, as required by
the Paperwork Reduction Act of 1995
(PRA). Currently, the FDIC is soliciting
comment on renewal of the information
collection described below.
DATES: Comments must be submitted on
or before July 2, 2018.
ADDRESSES: Interested parties are
invited to submit written comments to
the FDIC by any of the following
methods:
• https://www.FDIC.gov/regulations/
laws/federal.
• Email: comments@fdic.gov. Include
the name and number of the collection
in the subject line of the message.
• Mail: Manny Cabeza (202–898–
3767), Counsel, MB–3007, Federal
Deposit Insurance Corporation, 550 17th
Street NW, Washington, DC 20429.
• Hand Delivery: Comments may be
hand-delivered to the guard station at
the rear of the 17th Street Building
(located on F Street), on business days
between 7:00 a.m. and 5:00 p.m.
SUMMARY:
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Federal Register / Vol. 83, No. 85 / Wednesday, May 2, 2018 / Notices
All comments should refer to OMB
control number 3064–0195. A copy of
the comments may also be submitted to
the OMB desk officer for the FDIC:
Office of Information and Regulatory
Affairs, Office of Management and
Budget, New Executive Office Building,
Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT:
Manny Cabeza, Counsel, 202–898–3767,
mcabeza@FDIC.gov, MB–3007, Federal
Deposit Insurance Corporation, 550 17th
Street NW, Washington, DC 20429.
SUPPLEMENTARY INFORMATION:
Proposal to renew the following
currently approved collection of
information:
Title: Minimum requirements for
appraisal management companies.
OMB Number: 3064–0195.
Form Number: None.
Affected Public: Participating States
and Appraisal Management Companies
that are subsidiaries owned and
controlled by insured depository
institutions.
Burden Estimate:
SUMMARY OF ANNUAL BURDEN
Estimated
number of
respondents
Type of burden
Estimated
number of
responses
Estimated time
per response
(hours)
Frequency of
response
Total annual
estimated
burden hours
FDIC, FRB
and OCC
share
FHFA
share
Record Keeping ...
9,881
1
0,08
On Occasion ...
790
237 ...........
79
Record Keeping ...
5
1
40
On Occasion ...
200
50 .............
50
Reporting ..............
200
2
1
On Occasion ...
400
120 ...........
40
Reporting ..............
55
1
1
On Occasion ...
55
14 .............
14
Total Estimated Annual Burden.
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IC #1—AMC Written Notice
of Appraiser Removal
from Network or Panel
(323.10).
IC #2—State Recordkeeping
Requirements (323.11(a)
& (b).
IC #3—AMC Reporting Requirements (State and
Federal AMCs) (323.12 &
13(c)).
IC #4—State Reporting Requirements to the Appraisal Sub Committee
(323.14).
...............................
........................
........................
........................
.........................
1,445
421 hours
183 hours.
General Description of Collection: The
FDIC, the Office of the Comptroller of
the Currency (OCC), The Board of
Governors of the Federal Reserve
System (FRB) and the Federal Home
Finance Agency (FHFA) (collectively,
the Agencies) issued regulations to
implement the requirements of section
1473 of the Dodd-Frank Wall Street
Reform and Consumer Protection Act to
be applied by States in the registration
and supervision of appraisal
management companies (AMCs). The
regulations also implement the
requirement in section 1473 of the
Dodd-Frank Act for States to report to
the Appraisal Subcommittee (ASC) of
the Federal Financial Institutions
Examination Council (FFIEC) the
information required by the Appraisal
Subcommittee (ASC) to administer the
new national registry of appraisal
management companies (AMC National
Registry or Registry). The FDIC’s
regulation is found at 12 CFR part 323
(the Regulation) and contains the
following PRA recordkeeping and
reporting requirements:
AMC Recordkeeping Requirements (IC
#1). Section 323.10 of the Regulation
provides that an appraiser in an AMC’s
network or panel is deemed to remain
on the network or panel until: (i) The
AMC sends a written notice to the
appraiser removing the appraiser with
an explanation; or (ii) receives a written
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notice from the appraiser asking to be
removed or a notice of the death or
incapacity of the appraiser. The AMC
would retain these notices in its files.
State Recordkeeping Requirements (IC
#2). States seeking to register AMCs
must have an AMC registration and
supervision program. Section 323.11(a)
of the Regulation requires each
participating State to establish and
maintain within its appraiser certifying
and licensing agency a registration and
supervision program with the legal
authority and mechanisms to: (i) Review
and approve or deny an application for
initial registration; (ii) periodically
review and renew, or deny renewal of,
an AMC’s registration; (iii) examine an
AMC’s books and records and require
the submission of reports, information,
and documents; (iv) verify an AMC’s
panel members’ certifications or
licenses; (v) investigate and assess
potential violations of laws, regulations,
or orders; (vi) discipline, suspend,
terminate, or deny registration renewals
of, AMCs that violate laws, regulations,
or orders; and (vii) report violations of
appraisal-related laws, regulations, or
orders, and disciplinary and
enforcement actions to the ASC.
Section 323.11(b) requires each
participating State to impose
requirements on AMCs not regulated by
a Federal financial institutions
regulatory agency nor owned and
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controlled by an insured depository
institution to: (i) Register with and be
subject to supervision by a State
appraiser certifying and licensing
agency in each State in which the AMC
operates; (ii) use only State-certified or
State-licensed appraisers for Federallyregulated transactions in conformity
with any Federally-regulated transaction
regulations; (iii) establish and comply
with processes and controls reasonably
designed to ensure that the AMC, in
engaging an appraiser, selects an
appraiser who is independent of the
transaction and who has the requisite
education, expertise, and experience
necessary to competently complete the
appraisal assignment for the particular
market and property type; (iv) direct the
appraiser to perform the assignment in
accordance with the Uniform Standards
of Professional Appraisal Practice; and
(v) establish and comply with processes
and controls reasonably designed to
ensure that the AMC conducts its
appraisal management services in
accordance with section 129E(a)–(i) of
the Truth-in-Lending Act.
AMC Reporting Requirements (IC #3).
Section 323.13(c) requires that a
Federally-regulated AMC 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,
including: (i) Information regarding the
determination of the AMC National
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Registry fee; and (ii) the information
listed in section 323.12 of the
Regulation. Section 323.12 provides that
an AMC may not be registered by a State
or included on the AMC National
Registry if such company is owned,
directly or indirectly, by any person
who has had an appraiser license or
certificate refused, denied, cancelled,
surrendered in lieu of revocation, or
revoked in any State. Each person that
owns more than 10 percent of an AMC
is required to submit to a background
investigation carried out by the State
appraiser certifying and licensing
agency. While section 323.12 does not
authorize States to conduct background
investigations of Federally-regulated
AMCs, it would allow a State to do so
if the Federally-regulated AMC chooses
to register voluntarily with the State.
State Reporting Requirements (IC #4).
Section 323.14 requires that each State
electing to register AMCs for purposes
of permitting AMCs to provide appraisal
management services relating to covered
transactions in the State must submit to
the ASC the information concerning
such AMCs required to be submitted
under the Regulation and any additional
information required by the ASC.
Burden Estimate Methodology and
Assumptions:
There is no change in the
methodology or substance of this
information collection. For the
information collections described above,
the general methodology is to compute
the industry wide burden hours for
States and appraisal management
companies (AMCs) and then assign a
share of the burden hours to each of the
regulatory agencies for each information
collection. The Agencies are revising
their burden estimates based on the
following assumptions:
IC #1: AMC Written Notice of
Appraiser Removal from Network or
Panel. The burden for written notices of
appraiser removal from a network or
panel is estimated to be equal to the
number of appraisers who leave the
profession per year multiplied by the
estimated percentage of appraisers who
work for AMCs, then multiplied by
burden hours per notice. The number of
appraisers who leave is calculated by
adding the number of appraisers who
are laid off or resign to the number of
appraisers that have had their licenses
revoked or surrendered. The total
burden hours are then split between the
Federal Reserve Board (FRB), the Office
of the Comptroller of the Currency
(OCC), the Federal Deposit Insurance
Corporation (FDIC), and the Federal
Housing Finance Agency (FHFA) in a
ratio of 3:3:3:1 in accordance with the
burden sharing agreement among the
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Jkt 244001
Agencies. Finally, the burden hours are
calculated by multiplying the estimated
number of written notices of appraiser
removal (9,881) by the estimated burden
per notice (0.08 hours) for a total of 790
burden hours.1 As previously
mentioned, the total burden hours are
then split between the FDIC, FRB, OCC,
and the FHFA such that the FHFA is
responsible for 79 hours and the other
three agencies are responsible for 237
hours each.
IC #2: Develop and Maintain a State
Licensing Program. The burden on the
States for developing and maintaining
an AMC licensing program is calculated
by multiplying the number of states
without a registration and licensing
program by the hour burden to develop
the system. The total burden hours are
then equally divided among the FDIC,
FRB, OCC, and FHFA. According to the
Appraisal Institute as of July 26, 2017,
there are 5 states that have not
developed a system to register and
oversee AMCs.2 The 2015 ICR estimate
of the hour burden per state without a
registration system was 40 hours. The
FDIC does not believe this estimate
needs to be updated for this renewal.
Therefore, the total hour burden is 200
hours: 5 States × 40 hours/state = 200
hours. Finally, the total hour burden is
divided among the four agencies such
that each agency is responsible for 50
burden hours.3
IC #3: AMC Reporting Requirements
(State and Federal AMCs). The burden
for AMC reporting requirements is
calculated by multiplying the number of
AMCs by the frequency of response then
by the burden per response. The burden
hours are then divided between the
FDIC, FRB, OCC, and FHFA at a ratio of
3:3:3:1.4 FDIC estimates there are
approximately 400 entities that provide
appraisal management services as
defined by section 323.9(d). Of these
400 entities, FDIC estimates
approximately 200 entities meet the
definition of an AMC as defined by
section 323.9(c).5
1 The ‘‘per notice’’ burden estimate of 0.08 hours
is unchanged from the estimate provided for the
currently-approved ICR. The subject matter experts
at the FDIC do not believe this estimate needs to
be updated for this renewal.
2 Appraisal Institute ‘‘Enacted State AMC Laws’’.
https://www.appraisalinstitute.org/advocacy/
enacted-state-amc-laws1/.
3 The assumption to divide the burden hours
between the agencies is based on a burden-sharing
agreement among the FDIC, FRB, OCC, and FHFA.
The burden hours are shared in the same ratio as
the 2015 ICR.
4 Id.
5 The FDIC anticipates more definitive
information will become available when AMC
registration requirements become effective on
August 10, 2018.
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19287
The frequency of response is
estimated as the number of states that
do not have an AMC registration
program in which the average AMC
operates.6 According to the Appraisal
Institute, Five (5) states do not have
AMC registration or oversight
programs.7 According to the Consumer
Financial Protection Bureau (CFPB), the
average AMC operates in 19.56 states.8
Therefore, the average AMC operates in
approximately 2 states that do not have
AMC registration systems: (5 States/55
states) × 19.56 states = 1.778 states ∼ 2
states. Therefore the total hour burden
for IC #3 is 400 hours: 200 AMCs × 2
states (frequency) × 1 hour = 400 hours.
The burden hours are then divided such
that the FDIC, FRB, and OCC are each
responsible for 120 burden hours and
the FHFA is responsible for 40 burden
hours.9
IC #4: State Reporting Requirements
to the Appraisal Subcommittee. The
burden hours for State reporting to the
ASC are estimated by multiplying the
number of states by the hour burden per
state.10 Then the burden hours are
divided equally among the FDIC, FRB,
OCC, and the FHFA. The total burden
hour for state reporting is 50 hours: 55
states x 1 hour/state = 55 hours. This is
then equally divided across the 4
agencies for 14 burden hours each, with
rounding.11
Request for Comment
Comments are invited on: (a) Whether
the collection of information is
necessary for the proper performance of
the FDIC’s functions, including whether
the information has practical utility; (b)
the accuracy of the estimates of the
burden of the 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; and (d) ways to minimize the
6 The number of states includes all U.S. states,
territories, and districts to include: The
Commonwealth of the Northern Mariana Islands,
the District of Columbia, Guam, Puerto Rico, and
the U.S. Virgin Islands.
7 Appraisal Institute ‘‘Enacted State AMC Laws’’.
https://www.appraisalinstitute.org/advocacy/
enacted-state-amc-laws1/. Date accessed: February
27, 2018.
8 The CFPB conducted a survey of 9 AMCs in
2013 regarding the provisions in the rule and the
related PRA burden.
9 See footnote 9.
10 The number of states includes all U.S. states,
territories, and districts to include: The
Commonwealth of the Northern Mariana Islands,
the District of Columbia, Guam, Puerto Rico, and
the U.S. Virgin Islands. The burden estimate of 1
hour per report is unchanged from the estimate
provided for the currently-approved ICR. The
subject matter experts at the FDIC do not believe
this estimate needs to be updated for this renewal.
11 See footnote 9.
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Federal Register / Vol. 83, No. 85 / Wednesday, May 2, 2018 / Notices
burden of the collection of information
on respondents, including through the
use of automated collection techniques
or other forms of information
technology. All comments will become
a matter of public record.
Dated at Washington, DC, on April 27,
2018.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2018–09324 Filed 5–1–18; 8:45 am]
BILLING CODE 6714–01–P
Dated: April 25, 2018.
James R. Park,
Executive Director.
FEDERAL FINANCIAL INSTITUTIONS
EXAMINATION COUNCIL
[FR Doc. 2018–09214 Filed 5–1–18; 8:45 am]
[Docket No. AS18–06]
BILLING CODE 6700–01–P
Appraisal Subcommittee; Notice of
Meeting
Appraisal Subcommittee of the
Federal Financial Institutions
Examination Council.
ACTION: Notice of meeting.
AGENCY:
Description: In accordance with
Section 1104 (b) of Title XI of the
Financial Institutions Reform, Recovery,
and Enforcement Act of 1989, as
amended, notice is hereby given that the
Appraisal Subcommittee (ASC) will
meet in open session for its regular
meeting:
Location: Federal Reserve Board—
International Square location, 1850 K
Street NW, Washington, DC 20006.
Date: May 9, 2018.
Time: 10:00 a.m.
Status: Open.
Reports
Chairman
Executive Director
Delegated State Compliance Reviews
Financial Report
Action and Discussion Items
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February 14, 2018 Open Session
Minutes
Reprogramming Request for State
Investigator Training Grant
Revisions to ASC Delegations of
Authority
State Requests for Extension of
Implementation Period to establish
AMC Program
Selection of ASC Vice Chair
How To Attend and Observe an ASC
Meeting
If you plan to attend the ASC Meeting
in person, we ask that you send an
email to meetings@asc.gov. You may
register until close of business four
business days before the meeting date.
You will be contacted by the Federal
VerDate Sep<11>2014
22:14 May 01, 2018
Reserve Law Enforcement Unit on
security requirements. You will also be
asked to provide a valid governmentissued ID before being admitted to the
Meeting. The meeting space is intended
to accommodate public attendees.
However, if the space will not
accommodate all requests, the ASC may
refuse attendance on that reasonable
basis. The use of any video or audio
tape recording device, photographing
device, or any other electronic or
mechanical device designed for similar
purposes is prohibited at ASC meetings.
Jkt 244001
DEPARTMENT OF HEALTH AND
HUMAN SERVICES
Centers for Medicare & Medicaid
Services
[Document Identifiers: CMS–10669]
Agency Information Collection
Activities: Proposed Collection;
Comment Request
Centers for Medicare &
Medicaid Services.
ACTION: Notice.
AGENCY:
The Centers for Medicare &
Medicaid Services (CMS) is announcing
an opportunity for the public to
comment on CMS’ intention to collect
information from the public. Under the
Paperwork Reduction Act of 1995 (the
PRA), federal agencies are required to
publish notice in the Federal Register
concerning each proposed collection of
information (including each proposed
extension or reinstatement of an existing
collection of information) and to allow
60 days for public comment on the
proposed action. Interested persons are
invited to send comments regarding our
burden estimates or any other aspect of
this collection of information, including
the necessity and utility of the proposed
information collection for the proper
performance of the agency’s functions,
the accuracy of the estimated burden,
ways to enhance the quality, utility, and
clarity of the information to be
collected, and the use of automated
collection techniques or other forms of
information technology to minimize the
information collection burden.
DATES: Comments must be received by
July 2, 2018.
ADDRESSES: When commenting, please
reference the document identifier or
OMB control number. To be assured
SUMMARY:
PO 00000
Frm 00078
Fmt 4703
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consideration, comments and
recommendations must be submitted in
any one of the following ways:
1. Electronically. You may send your
comments electronically to https://
www.regulations.gov. Follow the
instructions for ‘‘Comment or
Submission’’ or ‘‘More Search Options’’
to find the information collection
document(s) that are accepting
comments.
2. By regular mail. You may mail
written comments to the following
address: CMS, Office of Strategic
Operations and Regulatory Affairs,
Division of Regulations Development,
Attention: Document Identifier/OMB
Control Number lll, Room C4–26–
05, 7500 Security Boulevard, Baltimore,
Maryland 21244–1850.
To obtain copies of a supporting
statement and any related forms for the
proposed collection(s) summarized in
this notice, you may make your request
using one of following:
1. Access CMS’ website address at
https://www.cms.gov/Regulations-andGuidance/Legislation/Paperwork
ReductionActof1995/PRA-Listing.html.
2. Email your request, including your
address, phone number, OMB number,
and CMS document identifier, to
Paperwork@cms.hhs.gov.
3. Call the Reports Clearance Office at
(410) 786–1326.
FOR FURTHER INFORMATION CONTACT:
William Parham at (410) 786–4669.
SUPPLEMENTARY INFORMATION:
Contents
This notice sets out a summary of the
use and burden associated with the
following information collections. More
detailed information can be found in
each collection’s supporting statement
and associated materials (see
ADDRESSES).
CMS–10669 Health Equity Technical
Assistance Monitoring and Tracking
Under the PRA (44 U.S.C. 3501–
3520), federal agencies must obtain
approval from the Office of Management
and Budget (OMB) for each collection of
information they conduct or sponsor.
The term ‘‘collection of information’’ is
defined in 44 U.S.C. 3502(3) and 5 CFR
1320.3(c) and includes agency requests
or requirements that members of the
public submit reports, keep records, or
provide information to a third party.
Section 3506(c)(2)(A) of the PRA
requires federal agencies to publish a
60-day notice in the Federal Register
concerning each proposed collection of
information, including each proposed
extension or reinstatement of an existing
collection of information, before
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]]>Agencies
[Federal Register Volume 83, Number 85 (Wednesday, May 2, 2018)]
[Notices]
[Pages 19285-19288]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-09324]
-----------------------------------------------------------------------
FEDERAL DEPOSIT INSURANCE CORPORATION
[OMB No. 3064-0195]
Agency Information Collection Activities: Proposed Collection
Renewal; Comment Request
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
SUMMARY: The FDIC, as part of its continuing effort to reduce paperwork
and respondent burden, invites the general public and other Federal
agencies to take this opportunity to comment on the renewal of an
existing information collection, as required by the Paperwork Reduction
Act of 1995 (PRA). Currently, the FDIC is soliciting comment on renewal
of the information collection described below.
DATES: Comments must be submitted on or before July 2, 2018.
ADDRESSES: Interested parties are invited to submit written comments to
the FDIC by any of the following methods:
https://www.FDIC.gov/regulations/laws/federal.
Email: [email protected]. Include the name and number of
the collection in the subject line of the message.
Mail: Manny Cabeza (202-898-3767), Counsel, MB-3007,
Federal Deposit Insurance Corporation, 550 17th Street NW, Washington,
DC 20429.
Hand Delivery: Comments may be hand-delivered to the guard
station at the rear of the 17th Street Building (located on F Street),
on business days between 7:00 a.m. and 5:00 p.m.
[[Page 19286]]
All comments should refer to OMB control number 3064-0195. A copy of
the comments may also be submitted to the OMB desk officer for the
FDIC: Office of Information and Regulatory Affairs, Office of
Management and Budget, New Executive Office Building, Washington, DC
20503.
FOR FURTHER INFORMATION CONTACT: Manny Cabeza, Counsel, 202-898-3767,
[email protected], MB-3007, Federal Deposit Insurance Corporation, 550
17th Street NW, Washington, DC 20429.
SUPPLEMENTARY INFORMATION:
Proposal to renew the following currently approved collection of
information:
Title: Minimum requirements for appraisal management companies.
OMB Number: 3064-0195.
Form Number: None.
Affected Public: Participating States and Appraisal Management
Companies that are subsidiaries owned and controlled by insured
depository institutions.
Burden Estimate:
Summary of Annual Burden
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Estimated Estimated Estimated time Total annual
Type of burden number of number of per response Frequency of response estimated FDIC, FRB and OCC FHFA share
respondents responses (hours) burden hours share
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
IC #1--AMC Written Notice of Record Keeping............. 9,881 1 0,08 On Occasion........... 790 237............... 79
Appraiser Removal from Network or
Panel (323.10).
IC #2--State Recordkeeping Record Keeping............. 5 1 40 On Occasion........... 200 50................ 50
Requirements (323.11(a) & (b).
IC #3--AMC Reporting Requirements Reporting.................. 200 2 1 On Occasion........... 400 120............... 40
(State and Federal AMCs) (323.12 &
13(c)).
IC #4--State Reporting Requirements Reporting.................. 55 1 1 On Occasion........... 55 14................ 14
to the Appraisal Sub Committee
(323.14).
-------------------------------------------------------------------------------------------------------------------------------
Total Estimated Annual Burden...... ........................... .............. .............. .............. ...................... 1,445 421 hours......... 183 hours.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
General Description of Collection: The FDIC, the Office of the
Comptroller of the Currency (OCC), The Board of Governors of the
Federal Reserve System (FRB) and the Federal Home Finance Agency (FHFA)
(collectively, the Agencies) issued regulations to implement the
requirements of section 1473 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act to be applied by States in the registration and
supervision of appraisal management companies (AMCs). The regulations
also implement the requirement in section 1473 of the Dodd-Frank Act
for States to report to the Appraisal Subcommittee (ASC) of the Federal
Financial Institutions Examination Council (FFIEC) the information
required by the Appraisal Subcommittee (ASC) to administer the new
national registry of appraisal management companies (AMC National
Registry or Registry). The FDIC's regulation is found at 12 CFR part
323 (the Regulation) and contains the following PRA recordkeeping and
reporting requirements:
AMC Recordkeeping Requirements (IC #1). Section 323.10 of the
Regulation provides that an appraiser in an AMC's network or panel is
deemed to remain on the network or panel until: (i) The AMC sends a
written notice to the appraiser removing the appraiser with an
explanation; or (ii) receives a written notice from the appraiser
asking to be removed or a notice of the death or incapacity of the
appraiser. The AMC would retain these notices in its files.
State Recordkeeping Requirements (IC #2). States seeking to
register AMCs must have an AMC registration and supervision program.
Section 323.11(a) of the Regulation requires each participating State
to establish and maintain within its appraiser certifying and licensing
agency a registration and supervision program with the legal authority
and mechanisms to: (i) Review and approve or deny an application for
initial registration; (ii) periodically review and renew, or deny
renewal of, an AMC's registration; (iii) examine an AMC's books and
records and require the submission of reports, information, and
documents; (iv) verify an AMC's panel members' certifications or
licenses; (v) investigate and assess potential violations of laws,
regulations, or orders; (vi) discipline, suspend, terminate, or deny
registration renewals of, AMCs that violate laws, regulations, or
orders; and (vii) report violations of appraisal-related laws,
regulations, or orders, and disciplinary and enforcement actions to the
ASC.
Section 323.11(b) requires each participating State to impose
requirements on AMCs not regulated by a Federal financial institutions
regulatory agency nor owned and controlled by an insured depository
institution to: (i) Register with and be subject to supervision by a
State appraiser certifying and licensing agency in each State in which
the AMC operates; (ii) use only State-certified or State-licensed
appraisers for Federally-regulated transactions in conformity with any
Federally-regulated transaction regulations; (iii) establish and comply
with processes and controls reasonably designed to ensure that the AMC,
in engaging an appraiser, selects an appraiser who is independent of
the transaction and who has the requisite education, expertise, and
experience necessary to competently complete the appraisal assignment
for the particular market and property type; (iv) direct the appraiser
to perform the assignment in accordance with the Uniform Standards of
Professional Appraisal Practice; and (v) establish and comply with
processes and controls reasonably designed to ensure that the AMC
conducts its appraisal management services in accordance with section
129E(a)-(i) of the Truth-in-Lending Act.
AMC Reporting Requirements (IC #3). Section 323.13(c) requires that
a Federally-regulated AMC 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, including: (i) Information regarding the
determination of the AMC National
[[Page 19287]]
Registry fee; and (ii) the information listed in section 323.12 of the
Regulation. Section 323.12 provides that an AMC may not be registered
by a State or included on the AMC National Registry if such company is
owned, directly or indirectly, by any person who has had an appraiser
license or certificate refused, denied, cancelled, surrendered in lieu
of revocation, or revoked in any State. Each person that owns more than
10 percent of an AMC is required to submit to a background
investigation carried out by the State appraiser certifying and
licensing agency. While section 323.12 does not authorize States to
conduct background investigations of Federally-regulated AMCs, it would
allow a State to do so if the Federally-regulated AMC chooses to
register voluntarily with the State.
State Reporting Requirements (IC #4). Section 323.14 requires that
each State electing to register AMCs for purposes of permitting AMCs to
provide appraisal management services relating to covered transactions
in the State must submit to the ASC the information concerning such
AMCs required to be submitted under the Regulation and any additional
information required by the ASC.
Burden Estimate Methodology and Assumptions:
There is no change in the methodology or substance of this
information collection. For the information collections described
above, the general methodology is to compute the industry wide burden
hours for States and appraisal management companies (AMCs) and then
assign a share of the burden hours to each of the regulatory agencies
for each information collection. The Agencies are revising their burden
estimates based on the following assumptions:
IC #1: AMC Written Notice of Appraiser Removal from Network or
Panel. The burden for written notices of appraiser removal from a
network or panel is estimated to be equal to the number of appraisers
who leave the profession per year multiplied by the estimated
percentage of appraisers who work for AMCs, then multiplied by burden
hours per notice. The number of appraisers who leave is calculated by
adding the number of appraisers who are laid off or resign to the
number of appraisers that have had their licenses revoked or
surrendered. The total burden hours are then split between the Federal
Reserve Board (FRB), the Office of the Comptroller of the Currency
(OCC), the Federal Deposit Insurance Corporation (FDIC), and the
Federal Housing Finance Agency (FHFA) in a ratio of 3:3:3:1 in
accordance with the burden sharing agreement among the Agencies.
Finally, the burden hours are calculated by multiplying the estimated
number of written notices of appraiser removal (9,881) by the estimated
burden per notice (0.08 hours) for a total of 790 burden hours.\1\ As
previously mentioned, the total burden hours are then split between the
FDIC, FRB, OCC, and the FHFA such that the FHFA is responsible for 79
hours and the other three agencies are responsible for 237 hours each.
---------------------------------------------------------------------------
\1\ The ``per notice'' burden estimate of 0.08 hours is
unchanged from the estimate provided for the currently-approved ICR.
The subject matter experts at the FDIC do not believe this estimate
needs to be updated for this renewal.
---------------------------------------------------------------------------
IC #2: Develop and Maintain a State Licensing Program. The burden
on the States for developing and maintaining an AMC licensing program
is calculated by multiplying the number of states without a
registration and licensing program by the hour burden to develop the
system. The total burden hours are then equally divided among the FDIC,
FRB, OCC, and FHFA. According to the Appraisal Institute as of July 26,
2017, there are 5 states that have not developed a system to register
and oversee AMCs.\2\ The 2015 ICR estimate of the hour burden per state
without a registration system was 40 hours. The FDIC does not believe
this estimate needs to be updated for this renewal. Therefore, the
total hour burden is 200 hours: 5 States x 40 hours/state = 200 hours.
Finally, the total hour burden is divided among the four agencies such
that each agency is responsible for 50 burden hours.\3\
---------------------------------------------------------------------------
\2\ Appraisal Institute ``Enacted State AMC Laws''. https://www.appraisalinstitute.org/advocacy/enacted-state-amc-laws1/.
\3\ The assumption to divide the burden hours between the
agencies is based on a burden-sharing agreement among the FDIC, FRB,
OCC, and FHFA. The burden hours are shared in the same ratio as the
2015 ICR.
---------------------------------------------------------------------------
IC #3: AMC Reporting Requirements (State and Federal AMCs). The
burden for AMC reporting requirements is calculated by multiplying the
number of AMCs by the frequency of response then by the burden per
response. The burden hours are then divided between the FDIC, FRB, OCC,
and FHFA at a ratio of 3:3:3:1.\4\ FDIC estimates there are
approximately 400 entities that provide appraisal management services
as defined by section 323.9(d). Of these 400 entities, FDIC estimates
approximately 200 entities meet the definition of an AMC as defined by
section 323.9(c).\5\
---------------------------------------------------------------------------
\4\ Id.
\5\ The FDIC anticipates more definitive information will become
available when AMC registration requirements become effective on
August 10, 2018.
---------------------------------------------------------------------------
The frequency of response is estimated as the number of states that
do not have an AMC registration program in which the average AMC
operates.\6\ According to the Appraisal Institute, Five (5) states do
not have AMC registration or oversight programs.\7\ According to the
Consumer Financial Protection Bureau (CFPB), the average AMC operates
in 19.56 states.\8\ Therefore, the average AMC operates in
approximately 2 states that do not have AMC registration systems: (5
States/55 states) x 19.56 states = 1.778 states ~ 2 states. Therefore
the total hour burden for IC #3 is 400 hours: 200 AMCs x 2 states
(frequency) x 1 hour = 400 hours. The burden hours are then divided
such that the FDIC, FRB, and OCC are each responsible for 120 burden
hours and the FHFA is responsible for 40 burden hours.\9\
---------------------------------------------------------------------------
\6\ The number of states includes all U.S. states, territories,
and districts to include: The Commonwealth of the Northern Mariana
Islands, the District of Columbia, Guam, Puerto Rico, and the U.S.
Virgin Islands.
\7\ Appraisal Institute ``Enacted State AMC Laws''. https://www.appraisalinstitute.org/advocacy/enacted-state-amc-laws1/. Date
accessed: February 27, 2018.
\8\ The CFPB conducted a survey of 9 AMCs in 2013 regarding the
provisions in the rule and the related PRA burden.
\9\ See footnote 9.
---------------------------------------------------------------------------
IC #4: State Reporting Requirements to the Appraisal Subcommittee.
The burden hours for State reporting to the ASC are estimated by
multiplying the number of states by the hour burden per state.\10\ Then
the burden hours are divided equally among the FDIC, FRB, OCC, and the
FHFA. The total burden hour for state reporting is 50 hours: 55 states
x 1 hour/state = 55 hours. This is then equally divided across the 4
agencies for 14 burden hours each, with rounding.\11\
---------------------------------------------------------------------------
\10\ The number of states includes all U.S. states, territories,
and districts to include: The Commonwealth of the Northern Mariana
Islands, the District of Columbia, Guam, Puerto Rico, and the U.S.
Virgin Islands. The burden estimate of 1 hour per report is
unchanged from the estimate provided for the currently-approved ICR.
The subject matter experts at the FDIC do not believe this estimate
needs to be updated for this renewal.
\11\ See footnote 9.
---------------------------------------------------------------------------
Request for Comment
Comments are invited on: (a) Whether the collection of information
is necessary for the proper performance of the FDIC's functions,
including whether the information has practical utility; (b) the
accuracy of the estimates of the burden of the 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; and (d) ways to minimize the
[[Page 19288]]
burden of the collection of information on respondents, including
through the use of automated collection techniques or other forms of
information technology. All comments will become a matter of public
record.
Dated at Washington, DC, on April 27, 2018.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2018-09324 Filed 5-1-18; 8:45 am]
BILLING CODE 6714-01-P
