Proposed Collection; Comment Request, 22681-22684 [2018-10430]

Download as PDF 22681 Federal Register / Vol. 83, No. 95 / Wednesday, May 16, 2018 / Notices elections, but only one may be necessary. Under Texas law, all qualified candidates, regardless of party affiliation, will appear on the ballot. The majority winner of the special election is declared elected. Should no candidate achieve a majority vote, the Governor will then set the date for a Special Runoff Election that will include only the top two vote-getters. Committees participating in the Texas special election are required to file preand post-election reports. FOR FURTHER INFORMATION CONTACT: Ms. Elizabeth S. Kurland, Information Division, 1050 First Street NE, Washington, DC 20463; Telephone: (202) 694–1100; Toll Free (800) 424– 9530. SUPPLEMENTARY INFORMATION: Principal Campaign Committees All principal campaign committees of candidates who participate in the Texas Special General Election shall file a 12day Pre-General Report on June 18, 2018. If there is a majority winner, committees must also file a Post-General Report on July 30, 2018. (See chart below for the closing date for each report.) Note that these reports are in addition to the campaign committee’s regular quarterly filings. (See chart below for the closing date for each report). Unauthorized Committees (PACs and Party Committees) Political committees filing on a quarterly basis in 2018 are subject to special election reporting if they make previously undisclosed contributions or expenditures in connection with the Texas Special General Election by the close of books for the applicable report(s). (See chart below for the closing date for each report.) Committees filing monthly that make contributions or expenditures in connection with the Texas Special General Election will continue to file according to the monthly reporting schedule. Additional disclosure information in connection with the Texas Special General Election may be found on the FEC website at https://www.fec.gov/ help-candidates-and-committees/datesand-deadlines/. Possible Special Runoff Election In the event that no candidate receives a majority of the votes in the Special General Election, a Special Runoff Election will be held. The Commission will publish a future notice giving the filing dates for that election if it becomes necessary. Disclosure of Lobbyist Bundling Activity Principal campaign committees, party committees and Leadership PACs that are otherwise required to file reports in connection with the special elections must simultaneously file FEC Form 3L if they receive two or more bundled contributions from lobbyists/registrants or lobbyist/registrant PACs that aggregate in excess of $18,200 during the special election reporting periods. (See charts below for closing date of each period.) 11 CFR 104.22(a)(5)(v), (b). CALENDAR OF REPORTING DATES FOR TEXAS SPECIAL GENERAL ELECTION Close of books 1 Report Reg./cert. and overnight mailing deadline Filing deadline If Only the Special General is Held (06/30/18), Political Committees Involved Must File Pre-General ................................................................................................................................. July Quarterly ............................................................................................................................... Post-General ................................................................................................................................ October Quarterly ........................................................................................................................ 06/10/18 06/30/18 07/20/18 09/30/18 06/15/18 07/15/18 07/30/18 10/15/18 06/18/18 2 07/15/18 07/30/18 2 10/15/18 If Two Elections Are Held, Political Committees Involved Only in the Special General (06/30/18) Must File Pre-General ................................................................................................................................. July Quarterly ............................................................................................................................... 06/10/18 06/30/18 06/15/18 07/15/18 06/18/18 2 07/15/18 1 The reporting period always begins the day after the closing date of the last report filed. If the committee is new and has not previously filed a report, the first report must cover all activity that occurred before the committee registered as a political committee up through the close of books for the first report due. 2 Notice that this filing deadline falls on a weekend or federal holiday. Filing deadlines are not extended when they fall on nonworking days. Accordingly, reports filed by methods other than registered, certified or overnight mail must be received by close of business on the last business day before the deadline. Dated: May 1, 2018. On behalf of the Commission. Caroline C. Hunter, Chair, Federal Election Commission. FEDERAL HOUSING FINANCE AGENCY [FR Doc. 2018–10386 Filed 5–15–18; 8:45 am] Proposed Collection; Comment Request sradovich on DSK3GMQ082PROD with NOTICES BILLING CODE 6715–01–P [No. 2018–N–05] Federal Housing Finance Agency. ACTION: 60-Day notice of submission of information collection for approval from Office of Management and Budget. AGENCY: In accordance with the requirements of the Paperwork SUMMARY: VerDate Sep<11>2014 17:34 May 15, 2018 Jkt 244001 PO 00000 Frm 00071 Fmt 4703 Sfmt 4703 Reduction Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA or the Agency) is seeking public comments concerning an information collection known as ‘‘Minimum Requirements for Appraisal Management Companies,’’ which has been assigned control number 2590– 0013 by the Office of Management and Budget (OMB). FHFA intends to submit the information collection to OMB for review and approval of a three-year extension of the control number, which is due to expire on July 31, 2018. E:\FR\FM\16MYN1.SGM 16MYN1 22682 Federal Register / Vol. 83, No. 95 / Wednesday, May 16, 2018 / Notices Interested persons may submit comments on or before July 16, 2018. DATES: Submit comments to FHFA, identified by ‘‘Proposed Collection; Comment Request: ‘Minimum Requirements for Appraisal Management Companies, (No. 2018–N– 05)’ ’’ by any of the following methods: • Agency Website: www.fhfa.gov/ open-for-comment-or-input. • Federal eRulemaking Portal: http:// www.regulations.gov. Follow the instructions for submitting comments. If you submit your comment to the Federal eRulemaking Portal, please also send it by email to FHFA at RegComments@fhfa.gov to ensure timely receipt by the agency. • Mail/Hand Delivery: Federal Housing Finance Agency, Eighth Floor, 400 Seventh Street SW, Washington, DC 20219, ATTENTION: Proposed Collection; Comment Request: ‘‘Minimum Requirements for Appraisal Management Companies, (No. 2018–N– 05)’’. We will post all public comments we receive without change, including any personal information you provide, such as your name and address, email address, and telephone number, on the FHFA website at http://www.fhfa.gov. In addition, copies of all comments received will be available for examination by the public on business days between the hours of 10 a.m. and 3 p.m., at the Federal Housing Finance Agency, Eighth Floor, 400 Seventh Street SW, Washington, DC 20219. To make an appointment to inspect comments, please call the Office of General Counsel at (202) 649–3804. ADDRESSES: FOR FURTHER INFORMATION CONTACT: Robert Witt, Senior Policy Analyst, Office of Housing and Regulatory Policy, by email at Robert.Witt@fhfa.gov or by telephone at (202) 649–3128; or Eric Raudenbush, Associate General Counsel, Eric.Raudenbush@fhfa.gov, (202) 649–3084 (these are not toll-free numbers); Federal Housing Finance Agency, 400 Seventh Street SW, Washington, DC 20219. The Telecommunications Device for the Hearing Impaired is (800) 877–8339. FHFA is seeking comments on its upcoming request to OMB to renew the PRA clearance for the following collection of information: Title: Minimum requirements for appraisal management companies. OMB Number: 2590–0013. Affected Public: Participating States and State-registered Appraisal Management Companies. sradovich on DSK3GMQ082PROD with NOTICES SUPPLEMENTARY INFORMATION: VerDate Sep<11>2014 17:34 May 15, 2018 Jkt 244001 A. Need for and Use of the Information Collection In 2015, FHFA, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Board of Governors of the Federal Reserve System (Board) (collectively, the Agencies) jointly issued regulations 1 to implement minimum statutory requirements to be applied by States in the registration and supervision of appraisal management companies (AMCs).2 These minimum requirements apply to States that have elected to establish an appraiser certifying and licensing agency with authority to register and supervise AMCs (participating States).3 The regulations also implement the statutory requirement that States report to the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) the information required by the ASC to administer the national registry of AMCs (AMC National Registry or Registry).4 When fully established, the AMC National Registry will include AMCs that are either: (1) Subsidiaries owned and controlled by an insured depository institution (as defined in 12 U.S.C. 1813) and regulated by either the FDIC, OCC, or Board (federally regulated AMCs); 5 or (2) registered with, and subject to supervision of, a State appraiser certifying and licensing agency. FHFA’s AMC regulation, located at Subpart B of 12 CFR part 1222, is substantively identical to the AMC regulations of the FDIC, OCC, and Board and contains the recordkeeping and reporting requirements described below. 1. State Reporting Requirements (IC #1) The regulation 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 submit to the ASC the information regarding such AMCs required to be submitted by ASC regulations or guidance concerning AMCs that operate in the State.6 1 The National Credit Union Administration and the Bureau of Consumer Financial Protection also participated in the joint rulemaking but, by agreement, the responsibility for clearance under the PRA of information collections contained in the joint regulations is shared only by the FDIC, OCC, Board, and FHFA. 2 See 12 U.S.C. 3353(a). An AMC is an entity that serves as an intermediary for, and provides certain services to, appraisers and lenders. 3 12 U.S.C. 3346. 4 See 12 U.S.C. 3353(e). 5 See 12 CFR 1222.21(k) (defining ‘‘Federally regulated AMC’’). 6 See 12 CFR 1222.26. PO 00000 Frm 00072 Fmt 4703 Sfmt 4703 2. State Recordkeeping Requirements (IC #2) States seeking to register AMCs must have an AMC registration and supervision program. 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.7 The regulation requires each participating state to impose requirements on AMCs that are not federally regulated (non-federally regulated AMCs) 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 sections 129E(a) through (i) of the Truth-in-Lending Act.8 3. AMC Reporting Requirements (IC #3) The regulation provides that an AMC may not be registered by a state or included on the AMC National Registry 7 See 12 CFR 1222.23(a). 12 CFR 1222.23(b). Sections 129E(a) through (i) of the Truth-in-Lending Act are located at 15 U.S.C. 1639e(a)–(i). 8 See E:\FR\FM\16MYN1.SGM 16MYN1 Federal Register / Vol. 83, No. 95 / Wednesday, May 16, 2018 / Notices if the 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 for a substantive cause.9 The regulation also provides that an AMC may not be registered by a state if any person that owns 10 percent or more of the AMC fails to submit to a background investigation carried out by the state appraiser certifying and licensing agency.10 Thus, each AMC registering with a state must provide information to the state on compliance with those ownership restrictions. Further, the regulation 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 policies regarding the determination of the AMC National Registry fee, and information regarding compliance with the ownership restrictions described above.11 sradovich on DSK3GMQ082PROD with NOTICES 4. AMC Recordkeeping Requirements (IC #4) An entity meets the definition of an AMC that is subject to the requirements of the AMC regulation if, among other things, it oversees an appraiser panel of more than 15 state-certified or statelicensed appraisers in a state, or 25 or more state-certified or state-licensed appraisers in two or more states, within a given 12-month period.12 For purposes of determining whether a company qualifies as an AMC under that definition, 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.13 The AMC would retain these notices in its files. B. Burden Estimate 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 participating states and AMCs and then assign a share of the burden hours to each of the Agencies for each information collection. 9 See 12 CFR 1222.24(a), .25(b). 12 CFR 1222.24(b). 11 See 12 CFR 1222.25(c). 12 See 12 CFR 1222.21(c)(iii). 13 See 12 CFR 1222.22(b). 10 See VerDate Sep<11>2014 17:34 May 15, 2018 Jkt 244001 As noted above, each of the Agencies’ AMC regulations contains reporting and recordkeeping requirements applying to participating states and to both federally regulated and non-federally regulated AMCs. The Agencies have estimated that approximately 200 entities meet the regulatory definition of an ‘‘appraisal management company’’ 14 and that, of those 200 AMCs, approximately 120 are federally regulated and approximately 80 non-federally regulated.15 Unlike the insured depository institutions regulated by the OCC, FDIC, and Board, none of FHFA’s regulated entities owns or controls an AMC or, by law, could ever own or control an AMC. Accordingly, the Agencies have agreed that responsibility for the burdens arising from reporting and recordkeeping requirements imposed upon federally regulated AMCs are to be split evenly among the OCC, FDIC, and Board (i.e., the equivalent of 40 federally regulated AMCs for each agency) and that FHFA will not include those burdens in its totals. The four Agencies have agreed to split the total burdens imposed upon participating states and upon non-federally regulated AMCs evenly between them (i.e., by taking responsibility for 25 percent of the burden per agency or, in the case of non-federally regulated AMCs, the equivalent of 20 such AMCs for each agency). Thus, for ICs #1 and #2, which relate to reporting and recordkeeping requirements imposed upon participating states, each agency is responsible for 25 percent of the total estimated burden. For ICs #3 and #4, which relate to reporting and recordkeeping requirements imposed upon both federally regulated AMCs and non-federally regulated AMCs, the OCC, FDIC, and Board are each responsible for the burden imposed upon a total of 60 AMCs (40 federally regulated plus 20 non-federally regulated), or 30 percent of the total burden, while FHFA is responsible only for the burden imposed upon 20 nonfederally regulated AMCs, or 10 percent of the total burden. The Agencies estimate the total annualized hour burden placed on respondents by the information collection in the joint AMC regulations to be 1,445 hours. FHFA estimates its share of the hour burden to be 183 14 In FHFA’s regulations, this definition is set forth at 12 CFR 1222.21(c). 15 FHFA anticipates that more definitive information on the total number of AMCs and on the relative number of federally regulated and nonfederally regulated AMCs will become available after the joint regulations’ AMC registration requirements become effective on August 10, 2018. PO 00000 Frm 00073 Fmt 4703 Sfmt 4703 22683 hours. The calculations on which those estimated are based are described below. 1. State Reporting Requirements (IC #1) The total estimated burden hours for state reporting to the ASC are calculated by multiplying the number of states by the hour burden per state. The burden hours are then divided equally among the FDIC, OCC, Board, and FHFA, with each agency responsible for 25 percent of the total. For purposes of this calculation, the number of states is set at 55 which, in conformity with the regulatory definition of ‘‘state,’’ includes all 50 U.S. states as well as the Commonwealth of the Northern Mariana Islands, the District of Columbia, Guam, Puerto Rico, and the U.S. Virgin Islands.16 The burden estimate of 1 hour per report is unchanged from the estimate provided for the currentlyapproved ICR. Therefore, the estimated total state reporting burden attributable to all of the Agencies is: 55 states × 1 hour/state = 55 hours. The estimated burden hours attributable to FHFA are 55 hours × 25 percent = 14 hours (rounded to the nearest whole number). 2. State Recordkeeping Requirements (IC #2) The estimated burden hours on participating 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, OCC, Board, and FHFA. According to the Appraisal Institute, as of July 26, 2017, there were 5 states that had not developed a system to register and oversee AMCs.17 The burden estimate of 40 hours per state without a registration system is unchanged from the estimate provided for the currentlyapproved ICR. Therefore, the total estimated burden attributable to all of the Agencies is: 5 States × 40 hours/state = 200 hours. The estimated burden hours attributable to FHFA are 200 hours × 25 percent = 50 hours. 3. AMC Reporting Requirements (IC #3) The burden for AMC reporting requirements for information needed to determine the AMC National Registry fee and information regarding compliance with the AMC ownership restrictions is calculated by multiplying the number of AMCs by the frequency of response and then by the burden per 16 See 12 CFR 1222.21(o). Institute ‘‘Enacted State AMC Laws’’. https://www.appraisalinstitute.org/advocacy/ enacted-state-amc-laws1/. 17 Appraisal E:\FR\FM\16MYN1.SGM 16MYN1 22684 Federal Register / Vol. 83, No. 95 / Wednesday, May 16, 2018 / Notices response. As described above, 30 percent of the burden hours are then assigned to each of the FDIC, OCC, and Board, while 10 percent are assigned to FHFA. 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.18 As discussed above, 5 states do not have AMC registration or oversight programs. According to the Consumer Financial Protection Bureau (CFPB), the average AMC operates in 19.56 states.19 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, rounded to 2 states. The burden estimate of one hour per response is unchanged from the estimate provided for the currentlyapproved ICR. Therefore, the total estimated hour burden is: 200 AMCs × 2 states × 1 hour = 400 hours. The estimated burden hours attributable to FHFA are 400 hours × 10 percent = 40 hours. sradovich on DSK3GMQ082PROD with NOTICES 4. AMC Recordkeeping Requirements (IC #4) The burden for recordkeeping by AMCs of 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. As described above, 30 percent of the burden hours are then assigned to each of the FDIC, OCC, and Board, while 10 percent are assigned to FHFA. The number of appraisers who leave an AMC annually, either by resigning, being laid off, or having their licenses revoked or surrendered, is estimated to be 9,881. The burden estimate of 0.08 hours per notice is unchanged from the estimate provided for the currentlyapproved ICR. Therefore, the estimated total hour burden is: 9,881 notices × 0.08 hours = 790 hours (rounded to the nearest whole number). The estimated burden hours attributable to FHFA are 790 hours × 10 percent = 79 hours. C. Comments Request FHFA requests written comments on the following: (1) Whether the collection 18 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. 19 The CFPB conducted a survey of 9 AMCs in 2013 regarding the provisions in the regulation and the related PRA burden. VerDate Sep<11>2014 17:34 May 15, 2018 Jkt 244001 of information is necessary for the proper performance of FHFA functions, including whether the information has practical utility; (2) the accuracy of FHFA’s estimates of the burdens of the collection of information; (3) ways to enhance the quality, utility, and clarity of the information collected; and (4) 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. Dated: May 10, 2018. Kevin Winkler, Chief Information Officer, Federal Housing Finance Agency. [FR Doc. 2018–10430 Filed 5–15–18; 8:45 am] BILLING CODE 8070–01–P FEDERAL HOUSING FINANCE AGENCY [No. 2018–N–06] Proposed Collection; Comment Request Federal Housing Finance Agency. ACTION: 60-day notice of submission of information collection for approval from Office of Management and Budget. AGENCY: In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA or the Agency) is seeking public comments concerning an information collection known as ‘‘Minority and Women Inclusion,’’ which has been assigned control number 2590–0014 by the Office of Management and Budget (OMB). FHFA intends to submit the information collection to OMB for review and approval of a three-year extension of the control number, which is due to expire on July 31, 2018. DATES: Interested persons may submit comments on or before July 16, 2018. ADDRESSES: Submit comments to FHFA, identified by ‘‘Proposed Collection; Comment Request: ‘Minority and Women Inclusion, (No. 2018–N–06)’ ’’ by any of the following methods: • Agency website: www.fhfa.gov/ open-for-comment-or-input. • Federal eRulemaking Portal: http:// www.regulations.gov. Follow the instructions for submitting comments. If you submit your comment to the Federal eRulemaking Portal, please also send it by email to FHFA at RegComments@fhfa.gov to ensure timely receipt by the agency. • Mail/Hand Delivery: Federal Housing Finance Agency, Eighth Floor, SUMMARY: PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 400 Seventh Street SW, Washington, DC 20219, ATTENTION: Proposed Collection; Comment Request: ‘‘Minority and Women Inclusion, (No. 2018–N–06)’’. We will post all public comments we receive without change, including any personal information you provide, such as your name and address, email address, and telephone number, on the FHFA website at http://www.fhfa.gov. In addition, copies of all comments received will be available for examination by the public on business days between the hours of 10 a.m. and 3 p.m., at the Federal Housing Finance Agency, Eighth Floor, 400 Seventh Street SW, Washington, DC 20219. To make an appointment to inspect comments, please call the Office of General Counsel at (202) 649–3804. FOR FURTHER INFORMATION CONTACT: Sylvia Martinez, Principal Policy Analyst, Office of Minority and Women Inclusion, by email at Sylvia.Martinez@ fhfa.gov or by telephone at (202) 649– 3301; or Eric Raudenbush, Associate General Counsel, Eric.Raudenbush@ fhfa.gov, (202) 649–3084 (these are not toll-free numbers); Federal Housing Finance Agency, 400 Seventh Street SW, Washington, DC 20219. The Telecommunications Device for the Hearing Impaired is (800) 877–8339. SUPPLEMENTARY INFORMATION: The Federal Housing Finance Agency (FHFA) is seeking comments on its collection of information regarding the minority and gender classification of individuals serving on the boards of directors of the Federal Home Loan Bank (Banks) and of the Office of Finance under FHFA’s regulations on Minority and Women Inclusion (MWI), codified at 12 CFR part 1223, which it will soon be submitting for renewal of the OMB control number under the PRA. A. Need for and Use of the Information Collection The Federal Home Loan Bank System consists of eleven regional Banks and the Office of Finance, which issues and services the Banks’ debt securities. The Banks are wholesale financial institutions, organized under authority of the Federal Home Loan Bank Act (Bank Act) to serve the public interest by enhancing the availability of residential housing finance and community lending credit through their member institutions and, to a limited extent, through certain eligible nonmember entities. Each Bank is structured as a regional cooperative that is owned and controlled by member financial institutions located within its E:\FR\FM\16MYN1.SGM 16MYN1

Agencies

[Federal Register Volume 83, Number 95 (Wednesday, May 16, 2018)]
[Notices]
[Pages 22681-22684]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-10430]


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FEDERAL HOUSING FINANCE AGENCY

[No. 2018-N-05]


Proposed Collection; Comment Request

AGENCY: Federal Housing Finance Agency.

ACTION: 60-Day notice of submission of information collection for 
approval from Office of Management and Budget.

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SUMMARY: In accordance with the requirements of the Paperwork Reduction 
Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA or the 
Agency) is seeking public comments concerning an information collection 
known as ``Minimum Requirements for Appraisal Management Companies,'' 
which has been assigned control number 2590-0013 by the Office of 
Management and Budget (OMB). FHFA intends to submit the information 
collection to OMB for review and approval of a three-year extension of 
the control number, which is due to expire on July 31, 2018.

[[Page 22682]]


DATES: Interested persons may submit comments on or before July 16, 
2018.

ADDRESSES: Submit comments to FHFA, identified by ``Proposed 
Collection; Comment Request: `Minimum Requirements for Appraisal 
Management Companies, (No. 2018-N-05)' '' by any of the following 
methods:
     Agency Website: www.fhfa.gov/open-for-comment-or-input.
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments. If you submit your 
comment to the Federal eRulemaking Portal, please also send it by email 
to FHFA at [email protected] to ensure timely receipt by the agency.
     Mail/Hand Delivery: Federal Housing Finance Agency, Eighth 
Floor, 400 Seventh Street SW, Washington, DC 20219, ATTENTION: Proposed 
Collection; Comment Request: ``Minimum Requirements for Appraisal 
Management Companies, (No. 2018-N-05)''.
    We will post all public comments we receive without change, 
including any personal information you provide, such as your name and 
address, email address, and telephone number, on the FHFA website at 
http://www.fhfa.gov. In addition, copies of all comments received will 
be available for examination by the public on business days between the 
hours of 10 a.m. and 3 p.m., at the Federal Housing Finance Agency, 
Eighth Floor, 400 Seventh Street SW, Washington, DC 20219. To make an 
appointment to inspect comments, please call the Office of General 
Counsel at (202) 649-3804.

FOR FURTHER INFORMATION CONTACT: Robert Witt, Senior Policy Analyst, 
Office of Housing and Regulatory Policy, by email at 
[email protected] or by telephone at (202) 649-3128; or Eric 
Raudenbush, Associate General Counsel, [email protected], (202) 
649-3084 (these are not toll-free numbers); Federal Housing Finance 
Agency, 400 Seventh Street SW, Washington, DC 20219. The 
Telecommunications Device for the Hearing Impaired is (800) 877-8339.

SUPPLEMENTARY INFORMATION: FHFA is seeking comments on its upcoming 
request to OMB to renew the PRA clearance for the following collection 
of information:
    Title: Minimum requirements for appraisal management companies.
    OMB Number: 2590-0013.
    Affected Public: Participating States and State-registered 
Appraisal Management Companies.

A. Need for and Use of the Information Collection

    In 2015, FHFA, the Federal Deposit Insurance Corporation (FDIC), 
the Office of the Comptroller of the Currency (OCC), and the Board of 
Governors of the Federal Reserve System (Board) (collectively, the 
Agencies) jointly issued regulations \1\ to implement minimum statutory 
requirements to be applied by States in the registration and 
supervision of appraisal management companies (AMCs).\2\ These minimum 
requirements apply to States that have elected to establish an 
appraiser certifying and licensing agency with authority to register 
and supervise AMCs (participating States).\3\
---------------------------------------------------------------------------

    \1\ The National Credit Union Administration and the Bureau of 
Consumer Financial Protection also participated in the joint 
rulemaking but, by agreement, the responsibility for clearance under 
the PRA of information collections contained in the joint 
regulations is shared only by the FDIC, OCC, Board, and FHFA.
    \2\ See 12 U.S.C. 3353(a). An AMC is an entity that serves as an 
intermediary for, and provides certain services to, appraisers and 
lenders.
    \3\ 12 U.S.C. 3346.
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    The regulations also implement the statutory requirement that 
States report to the Appraisal Subcommittee (ASC) of the Federal 
Financial Institutions Examination Council (FFIEC) the information 
required by the ASC to administer the national registry of AMCs (AMC 
National Registry or Registry).\4\ When fully established, the AMC 
National Registry will include AMCs that are either: (1) Subsidiaries 
owned and controlled by an insured depository institution (as defined 
in 12 U.S.C. 1813) and regulated by either the FDIC, OCC, or Board 
(federally regulated AMCs); \5\ or (2) registered with, and subject to 
supervision of, a State appraiser certifying and licensing agency.
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    \4\ See 12 U.S.C. 3353(e).
    \5\ See 12 CFR 1222.21(k) (defining ``Federally regulated 
AMC'').
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    FHFA's AMC regulation, located at Subpart B of 12 CFR part 1222, is 
substantively identical to the AMC regulations of the FDIC, OCC, and 
Board and contains the recordkeeping and reporting requirements 
described below.

1. State Reporting Requirements (IC #1)

    The regulation 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 submit to the 
ASC the information regarding such AMCs required to be submitted by ASC 
regulations or guidance concerning AMCs that operate in the State.\6\
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    \6\ See 12 CFR 1222.26.
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2. State Recordkeeping Requirements (IC #2)

    States seeking to register AMCs must have an AMC registration and 
supervision program. 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.\7\
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    \7\ See 12 CFR 1222.23(a).
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    The regulation requires each participating state to impose 
requirements on AMCs that are not federally regulated (non-federally 
regulated AMCs) 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 sections 
129E(a) through (i) of the Truth-in-Lending Act.\8\
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    \8\ See 12 CFR 1222.23(b). Sections 129E(a) through (i) of the 
Truth-in-Lending Act are located at 15 U.S.C. 1639e(a)-(i).
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3. AMC Reporting Requirements (IC #3)

    The regulation provides that an AMC may not be registered by a 
state or included on the AMC National Registry

[[Page 22683]]

if the 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 for a 
substantive cause.\9\ The regulation also provides that an AMC may not 
be registered by a state if any person that owns 10 percent or more of 
the AMC fails to submit to a background investigation carried out by 
the state appraiser certifying and licensing agency.\10\ Thus, each AMC 
registering with a state must provide information to the state on 
compliance with those ownership restrictions. Further, the regulation 
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 policies regarding the 
determination of the AMC National Registry fee, and information 
regarding compliance with the ownership restrictions described 
above.\11\
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    \9\ See 12 CFR 1222.24(a), .25(b).
    \10\ See 12 CFR 1222.24(b).
    \11\ See 12 CFR 1222.25(c).
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4. AMC Recordkeeping Requirements (IC #4)

    An entity meets the definition of an AMC that is subject to the 
requirements of the AMC regulation if, among other things, it oversees 
an appraiser panel of more than 15 state-certified or state-licensed 
appraisers in a state, or 25 or more state-certified or state-licensed 
appraisers in two or more states, within a given 12-month period.\12\ 
For purposes of determining whether a company qualifies as an AMC under 
that definition, 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.\13\ The AMC would retain these notices in its files.
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    \12\ See 12 CFR 1222.21(c)(iii).
    \13\ See 12 CFR 1222.22(b).
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B. Burden Estimate

    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 participating states and AMCs and then assign a share of the 
burden hours to each of the Agencies for each information collection.
    As noted above, each of the Agencies' AMC regulations contains 
reporting and recordkeeping requirements applying to participating 
states and to both federally regulated and non-federally regulated 
AMCs. The Agencies have estimated that approximately 200 entities meet 
the regulatory definition of an ``appraisal management company'' \14\ 
and that, of those 200 AMCs, approximately 120 are federally regulated 
and approximately 80 non-federally regulated.\15\ Unlike the insured 
depository institutions regulated by the OCC, FDIC, and Board, none of 
FHFA's regulated entities owns or controls an AMC or, by law, could 
ever own or control an AMC. Accordingly, the Agencies have agreed that 
responsibility for the burdens arising from reporting and recordkeeping 
requirements imposed upon federally regulated AMCs are to be split 
evenly among the OCC, FDIC, and Board (i.e., the equivalent of 40 
federally regulated AMCs for each agency) and that FHFA will not 
include those burdens in its totals. The four Agencies have agreed to 
split the total burdens imposed upon participating states and upon non-
federally regulated AMCs evenly between them (i.e., by taking 
responsibility for 25 percent of the burden per agency or, in the case 
of non-federally regulated AMCs, the equivalent of 20 such AMCs for 
each agency).
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    \14\ In FHFA's regulations, this definition is set forth at 12 
CFR 1222.21(c).
    \15\ FHFA anticipates that more definitive information on the 
total number of AMCs and on the relative number of federally 
regulated and non-federally regulated AMCs will become available 
after the joint regulations' AMC registration requirements become 
effective on August 10, 2018.
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    Thus, for ICs #1 and #2, which relate to reporting and 
recordkeeping requirements imposed upon participating states, each 
agency is responsible for 25 percent of the total estimated burden. For 
ICs #3 and #4, which relate to reporting and recordkeeping requirements 
imposed upon both federally regulated AMCs and non-federally regulated 
AMCs, the OCC, FDIC, and Board are each responsible for the burden 
imposed upon a total of 60 AMCs (40 federally regulated plus 20 non-
federally regulated), or 30 percent of the total burden, while FHFA is 
responsible only for the burden imposed upon 20 non-federally regulated 
AMCs, or 10 percent of the total burden.
    The Agencies estimate the total annualized hour burden placed on 
respondents by the information collection in the joint AMC regulations 
to be 1,445 hours. FHFA estimates its share of the hour burden to be 
183 hours. The calculations on which those estimated are based are 
described below.

1. State Reporting Requirements (IC #1)

    The total estimated burden hours for state reporting to the ASC are 
calculated by multiplying the number of states by the hour burden per 
state. The burden hours are then divided equally among the FDIC, OCC, 
Board, and FHFA, with each agency responsible for 25 percent of the 
total. For purposes of this calculation, the number of states is set at 
55 which, in conformity with the regulatory definition of ``state,'' 
includes all 50 U.S. states as well as the Commonwealth of the Northern 
Mariana Islands, the District of Columbia, Guam, Puerto Rico, and the 
U.S. Virgin Islands.\16\ The burden estimate of 1 hour per report is 
unchanged from the estimate provided for the currently-approved ICR. 
Therefore, the estimated total state reporting burden attributable to 
all of the Agencies is: 55 states x 1 hour/state = 55 hours. The 
estimated burden hours attributable to FHFA are 55 hours x 25 percent = 
14 hours (rounded to the nearest whole number).
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    \16\ See 12 CFR 1222.21(o).
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2. State Recordkeeping Requirements (IC #2)

    The estimated burden hours on participating 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, OCC, Board, and FHFA. According to the 
Appraisal Institute, as of July 26, 2017, there were 5 states that had 
not developed a system to register and oversee AMCs.\17\ The burden 
estimate of 40 hours per state without a registration system is 
unchanged from the estimate provided for the currently-approved ICR. 
Therefore, the total estimated burden attributable to all of the 
Agencies is: 5 States x 40 hours/state = 200 hours. The estimated 
burden hours attributable to FHFA are 200 hours x 25 percent = 50 
hours.
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    \17\ Appraisal Institute ``Enacted State AMC Laws''. https://www.appraisalinstitute.org/advocacy/enacted-state-amc-laws1/.
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3. AMC Reporting Requirements (IC #3)

    The burden for AMC reporting requirements for information needed to 
determine the AMC National Registry fee and information regarding 
compliance with the AMC ownership restrictions is calculated by 
multiplying the number of AMCs by the frequency of response and then by 
the burden per

[[Page 22684]]

response. As described above, 30 percent of the burden hours are then 
assigned to each of the FDIC, OCC, and Board, while 10 percent are 
assigned to FHFA.
    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.\18\ As discussed above, 5 states do not have AMC registration 
or oversight programs. According to the Consumer Financial Protection 
Bureau (CFPB), the average AMC operates in 19.56 states.\19\ 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, rounded to 2 states. The burden estimate of one hour per 
response is unchanged from the estimate provided for the currently-
approved ICR. Therefore, the total estimated hour burden is: 200 AMCs x 
2 states x 1 hour = 400 hours. The estimated burden hours attributable 
to FHFA are 400 hours x 10 percent = 40 hours.
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    \18\ 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.
    \19\ The CFPB conducted a survey of 9 AMCs in 2013 regarding the 
provisions in the regulation and the related PRA burden.
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4. AMC Recordkeeping Requirements (IC #4)

    The burden for recordkeeping by AMCs of 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. As described above, 30 percent 
of the burden hours are then assigned to each of the FDIC, OCC, and 
Board, while 10 percent are assigned to FHFA.
    The number of appraisers who leave an AMC annually, either by 
resigning, being laid off, or having their licenses revoked or 
surrendered, is estimated to be 9,881. The burden estimate of 0.08 
hours per notice is unchanged from the estimate provided for the 
currently-approved ICR. Therefore, the estimated total hour burden is: 
9,881 notices x 0.08 hours = 790 hours (rounded to the nearest whole 
number). The estimated burden hours attributable to FHFA are 790 hours 
x 10 percent = 79 hours.

C. Comments Request

    FHFA requests written comments on the following: (1) Whether the 
collection of information is necessary for the proper performance of 
FHFA functions, including whether the information has practical 
utility; (2) the accuracy of FHFA's estimates of the burdens of the 
collection of information; (3) ways to enhance the quality, utility, 
and clarity of the information collected; and (4) 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.

    Dated: May 10, 2018.
Kevin Winkler,
Chief Information Officer, Federal Housing Finance Agency.
[FR Doc. 2018-10430 Filed 5-15-18; 8:45 am]
 BILLING CODE 8070-01-P