Proposed Collection; Comment Request, 22681-22684 [2018-10430]
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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
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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:
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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.
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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: https://
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 https://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.
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SUPPLEMENTARY INFORMATION:
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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.
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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
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
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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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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
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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.
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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
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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.
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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 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.
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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: https://
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:
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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 https://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
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[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.
-----------------------------------------------------------------------
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: https://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
https://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\
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\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
