Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Appraisal Management Companies, 38204-38206 [2018-16639]

Download as PDF 38204 Federal Register / Vol. 83, No. 150 / Friday, August 3, 2018 / Notices data.13 However, NHTSA has not conducted any formal reviews or baseline risk adjustments to date. Should NHTSA now consider adjusting the baseline risks used in the ratings calculations to reflect the crash test data from today’s vehicles? Or, would there be a better approach to update the crashworthiness program to better differentiate performance among the vehicle fleet (e.g., new tests, dummies, injury criteria, etc.)? (21) How frequently should NCAP change crashworthiness test requirements and/or update rating requirements to stay relevant with each new model year vehicle fleet? What effect would year-to-year changes have on (a) the credibility and understandability of information provided to consumers and (b) the manufacturers? D. Crashworthiness amozie on DSK3GDR082PROD with NOTICES1 should consider, and what are their advantages and disadvantages? (16) Currently, many crash avoidance technologies are sold as optional equipment on vehicles, and a variety of different advanced technology features may be available on different trim levels. How can NCAP best communicate whether crash avoidance technologies are standard vs. optional on a vehicle model or trim level to ensure consumers are given accurate information on the safety of the vehicle they are purchasing? How should equipment availability affect the ratings of vehicles? What metric should NHTSA use to determine when it is appropriate to remove an advanced technology from NCAP (e.g., replace a technology once it reaches a high level of fleet penetration and replace it with a technology with a low level of penetration)? E. Meeting Agenda 8–9 a.m. Arrival/Check-in through security 9–9:10 a.m. Welcome remarks from NHTSA 9:10–11:10 a.m. Speakers on consumer information 11:10 a.m.–12:10 p.m. Speakers on rating system 12:10–1:15 p.m. Lunch (not provided) 1:15–3:15 p.m. Speakers on crash avoidance 3:15–4:15 p.m. Speakers on crashworthiness 4:15–4:50 p.m. Speakers on other topics 4:50–5 p.m. Closing remarks from NHTSA Under authority delegated in 49 CFR 1.95 and 501.5. (17) What are the opportunities for crashworthiness safety improvement? How should NHTSA approach consideration of new tests, test protocols or test devices, new injury criteria, risk curves, or additional occupants to be more reflective of realworld crashes? Could meaningful changes to injury criteria and risk curves be made to the current crash test dummies in the existing test configurations? (18) Should NHTSA expand assessments beyond frontal and side crash testing? If so, how? For example, should NHTSA consider inclusion of other strategies, such as credit for enhanced seat belt reminders, or other technologies? (19) How can the crashworthiness aspects of NCAP complement other vehicle safety consumer information programs in the U.S.? For example, are the crash modes, crash test dummies and injury criteria used in NCAP complementary to those used by the IIHS? Do they strike the right balance for the frontal and side impact crash configurations? (20) Most new vehicles rated by NCAP are currently receiving 4- or 5star ratings. These star ratings are based on how a vehicle’s risk of injury reflected in NCAP tests compares to a baseline injury risk for all crash types that was derived from NHTSA crash data for MY 2007 and 2008 vehicles. In its July 11, 2008, Federal Register notice announcing enhancements to NCAP, NHTSA indicated that it would periodically review the crash performance of the vehicle fleet, as reflected by then-current NCAP test VerDate Sep<11>2014 18:26 Aug 02, 2018 Jkt 244001 Issued in Washington, DC on: July 27, 2018. Heidi R. King, Deputy Administrator. [FR Doc. 2018–16653 Filed 8–2–18; 8:45 am] BILLING CODE 4910–59–P DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Appraisal Management Companies Office of the Comptroller of the Currency (OCC), Treasury. ACTION: Notice and request for comment. AGENCY: The OCC, as part of its continuing effort to reduce paperwork SUMMARY: 13 78 PO 00000 FR 20603. Frm 00089 Fmt 4703 Sfmt 4703 and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on a continuing information collection as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning the renewal of its information collection titled, ‘‘Appraisal Management Companies.’’ The OCC also is giving notice that it has sent the collection to OMB for review. DATES: You should submit written comments by September 4, 2018. ADDRESSES: Commenters are encouraged to submit comments by email, if possible. You may submit comments by any of the following methods: • Email: prainfo@occ.treas.gov. • Mail: Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, Attention: 1557–0324, 400 7th Street SW, suite 3E– 218, Washington, DC 20219. • Hand Delivery/Courier: 400 7th Street, SW, suite 3E–218, Washington, DC 20219. • Fax: (571) 465–4326. Instructions: You must include ‘‘OCC’’ as the agency name and ‘‘1557– 0324’’ in your comment. In general, the OCC will publish them on www.reginfo.gov without change, including any business or personal information that you provide, such as name and address information, email addresses, or phone numbers. Comments received, including attachments and other supporting materials, are part of the public record and subject to public disclosure. Do not include any information in your comment or supporting materials that you consider confidential or inappropriate for public disclosure. Additionally, please send a copy of your comments by mail to: OCC Desk Officer, 1557–0324, U.S. Office of Management and Budget, 725 17th Street NW, #10235, Washington, DC 20503 or by email to oira_submission@ omb.eop.gov. You may review comments and other related materials that pertain to this information collection 1 following the close of the 30-Day comment period for 1 On March 23, 2018, the OCC published a 60-Day notice for this information collection. The comments can be viewed on www.reginfo.gov. Please follow the instructions listed in this notice to view them. E:\FR\FM\03AUN1.SGM 03AUN1 amozie on DSK3GDR082PROD with NOTICES1 Federal Register / Vol. 83, No. 150 / Friday, August 3, 2018 / Notices this notice by any of the following methods: • Viewing Comments Electronically: Go to www.reginfo.gov. Click on the ‘‘Information Collection Review’’ tab. Underneath the ‘‘Currently under Review’’ section heading, from the dropdown menu, select ‘‘Department of Treasury’’ and then click ‘‘submit’’. This information collection can be located by searching by OMB control number ‘‘1557–0324’’ or ‘‘Appraisal Management Companies.’’ Upon finding the appropriate information collection, click on the related ‘‘ICR Reference Number.’’ On the next screen, select ‘‘View Supporting Statement and Other Documents’’ and then click on the link to any comment listed at the bottom of the screen. • For assistance in navigating www.reginfo.gov, please contact the Regulatory Information Service Center at (202) 482–7340. • Viewing Comments Personally: You may personally inspect comments at the OCC, 400 7th Street, SW, Washington, DC. For security reasons, the OCC requires that visitors make an appointment to inspect comments. You may do so by calling (202) 649–6700 or, for persons who are deaf or hearing impaired, TTY, (202) 649–5597. Upon arrival, visitors will be required to present valid government-issued photo identification and submit to security screening in order to inspect comments. FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance Officer, (202) 649–5490 or, for persons who are deaf or hearing impaired, TTY, (202) 649–5597, Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, 400 7th Street, SW, suite 3E–218, Washington, DC 20219. SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501–3520), Federal agencies must obtain approval from the OMB for each collection of information that they conduct or sponsor. ‘‘Collection of information’’ is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to include agency requests or requirements that members of the public submit reports, keep records, or provide information to a third party. The OCC requests that OMB extend its approval of the following collection: Title: Appraisal Management Companies. OMB Control No.: 1557–0324. Affected Public: Business or other forprofit. Type of Review: Regular review. Abstract: The OCC, Board of Governors of the Federal Reserve System (FRB), Federal Deposit VerDate Sep<11>2014 18:26 Aug 02, 2018 Jkt 244001 Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Consumer Financial Protection Bureau (Bureau), and Federal Housing Finance Agency (FHFA) (Agencies) have rules implementing the minimum requirements in section 1473 of the Dodd-Frank Wall Street Reform and Consumer Protection Act to be applied by States in the registration and supervision of appraisal management companies (AMCs). The Agencies have also implemented the requirement in section 1473 of the Dodd-Frank Act for States to report to the Appraisal Subcommittee of the Federal Financial Institutions Examination Council (FFIEC) the information required by the Appraisal Subcommittee (ASC) to administer the new national registry of appraisal management companies (AMC National Registry or Registry). State Recordkeeping Requirements States seeking to register AMCs must have an AMC registration and supervision program. Section 34.213(a) 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 law, regulation, or order violations; (vi) discipline, suspend, terminate, or deny registration renewals of, AMCs that violate laws, regulations, or orders; and (vii) report violations of appraisalrelated laws, regulations, or orders, and disciplinary and enforcement actions to the ASC. Section 34.213(b) requires each participating State to impose requirements on AMCs not owned and controlled by an insured depository institution and regulated by a Federal financial institutions regulatory agency 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 PO 00000 Frm 00090 Fmt 4703 Sfmt 4703 38205 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 Uniform Standards of Professional Appraisal Practices (USPAP); and (v) establish and comply with processes and controls reasonably designed to ensure that the AMC conducts its appraisal management services in accordance with section 129E(a)–(i) of the Truth in Lending Act. State Reporting Burden Section 34.216 requires that each State electing to register AMCs for purposes of permitting AMCs to provide appraisal management services relating to covered transactions in the State must submit to the ASC the information required to be submitted under subpart H to part 34 and any additional information required by the ASC concerning AMCs. AMC Reporting Requirements Section 34.215(c) requires that a Federally regulated AMC must report to the State or States in which it operates the information required to be submitted by the State pursuant to the ASC’s policies, including: (i) Information regarding the determination of the AMC National Registry fee; and (ii) the information listed in § 34.214. Section 34.214 provides that an AMC may not be registered by a State or included on the AMC National Registry if such company is owned, directly or indirectly, by any person who has had an appraiser license or certificate refused, denied, cancelled, surrendered in lieu of revocation, or revoked in any State. Each person that owns more than 10 percent of an AMC shall submit to a background investigation carried out by the State appraiser certifying and licensing agency. While § 34.214 does not authorize States to conduct background investigations of Federally regulated AMCs, it would allow a State to do so if the Federally regulated AMC chooses to register voluntarily with the State. AMC Recordkeeping Requirements Section 34.212(b) provides that an appraiser in an AMC’s network or panel is deemed to remain on the network or panel until: (i) The AMC sends a written notice to the appraiser removing the appraiser with an explanation; or (ii) receives a written notice from the appraiser asking to be removed or a notice of the death or incapacity of the appraiser. The AMC would retain these notices in its files. E:\FR\FM\03AUN1.SGM 03AUN1 38206 Federal Register / Vol. 83, No. 150 / Friday, August 3, 2018 / Notices Estimated Number of Respondents: 200 AMCs; 55 States and Territories. Total Estimated Annual Burden: 421. The OCC issued a notice for 60 days of comment on March 23, 2018, 83 FR 12843. One comment was received from a trade association representing appraisal management companies (AMCs). amozie on DSK3GDR082PROD with NOTICES1 Topic A: Whether the Collection of Information is Necessary for the Proper Performance of the Functions of the OCC, Including Whether the Information has Practical Utility In response to topic A, the commenter stated that the collection of information is ‘‘necessary and does have practical utility’’ but ‘‘only to the extent that the information collected serves the proper purpose to promote appraiser independence while ensuring a healthy real estate valuation market.’’ While not stated expressly, the commenter implies that the ‘‘proper purpose’’ of the collection is limited to collections relating appraiser independence. In response to this comment, the OCC notes that the purpose of the AMC rule and the collection is to implement all required elements of the statute, not only provisions that extend to appraiser independence. See 12 U.S.C. 3353(a) (setting minimum requirements for registration regulation in participating states); id. section 3353(d) (setting registration limitations for AMCs); and id. section 3353(e) (requiring reporting of information by AMCs to the ASC). The OCC and the other agencies that were party to the AMC rule were required to adopt regulations to implement the statutory requirements and the collection is a necessary component for implementation of these requirements. To the extent that the commenter disagrees with the scope and requirements of Title XI and the AMC rule, the OCC also notes that regulations may not be rescinded by the OCC through the PRA renewal process. Topic B: The Accuracy of the OCC’s Estimate of the Information Collection Burden In response to topic B, the commenter states that the burden estimates are too low. The commenter believes that the number of respondents is approximately twice what was estimated. The commenter also states that the actual number of AMCs will not be known until 2020 when the AMC National Registry is fully operational. The commenter indicates that its members believe that the estimate of the annual burden to comply is also too low. The commenter recommends that VerDate Sep<11>2014 18:26 Aug 02, 2018 Jkt 244001 the estimate be increased to twice the current estimate. The commenter notes that each state differs in complexity of their demands for the collection of information and not all are on the same renewal schedule. Some renew annually and some biennially, which have varying burdens for preparation and validation. The burden estimates for this collection have historically been prepared on an industry-wide basis and then allotted to each agency. The FDIC prepared the industry-wide estimates for this renewal. We invite commenters to review the analysis, which is included in our supporting statement, and comment during the 30-day comment period. Topic C: Ways to Enhance the Quality, Utility, and Clarity of the Information to be Collected In response to topic C, the commenter suggested that the ASC should issue additional guidance to states and AMCs concerning the AMC minimum requirements. The goal of such guidance would be to ‘‘provide consistency in the implementation of the regulations and information required.’’ The commenter also expressed concern that wide variation of AMC requirements from state to state may have material unintended consequences on lending activity in a particular jurisdiction. In response to these comments, OCC notes that the commenter’s suggestions do not relate to the collection. In addition, while Title XI and the AMC rule set minimum standards for the registration and supervision of AMCs by states, Title XI and the AMC rule expressly provide that a state may adopt requirements in addition to those contained in the AMC regulation. 12 U.S.C. 3353(b); 12 CFR 34.210(d). The OCC will, however, refer these suggestions to the ASC for consideration. Topic D: Ways to Minimize the Burden of the Collection on Respondents, Including Through the use of Automated Collection Techniques or Other Forms of Information Technology In response to topic D, the commenter recommends that the ASC ‘‘find opportunities to develop reporting efficiencies in the licensing system, which could include partnering with the Nationwide Multistate Licensing System (NMLS) or investing in a new process. Furthermore, the ASC should be more aggressive in supporting modernization of the outdated National Appraiser Registry (which AMCs must use to comply with the minimum requirements).’’ PO 00000 Frm 00091 Fmt 4703 Sfmt 4703 In response to these comments, OCC notes that the commenter’s suggestions do not relate to the collection. The OCC will, however, refer these suggestions to the ASC for consideration. Topic E: Estimates of Capital or Start-up Costs and Costs of Operation, Maintenance, and Purchase of Services to Provide Information The commenter stated that the ‘‘estimated cost to implement the AMC minimum requirements and AMC Registry requirements in 50 states and the District of Columbia ranges from $250,000–$500,000 per AMC,’’ not including ‘‘the additional $100,000– $200,000 paid by AMCs to the ASC to be on the National AMC Registry.’’ In response to the comment, the OCC notes that the commenter has not segregated the costs relating to the collection from costs of complying with the substantive requirements of Title XI and the AMC rule. Comments continue to be invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the OCC, including whether the information has practical utility; (b) The accuracy of the OCC’s estimate of the information collection burden; (c) Ways to enhance the quality, utility, and clarity of the information to be collected; (d) Ways to minimize the burden of the collection on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) Estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Dated: July 30, 2018. Karen Solomon, Acting Senior Deputy Comptroller and Chief Counsel. [FR Doc. 2018–16639 Filed 8–2–18; 8:45 am] BILLING CODE 4810–33–P DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency Agency Information Collection Requirements; Information Collection Renewal; Submission for OMB Review; Release of Non-Public Information Office of the Comptroller of the Currency (OCC), Treasury. ACTION: Notice and request for comment. AGENCY: The OCC, as part of its continuing effort to reduce paperwork SUMMARY: E:\FR\FM\03AUN1.SGM 03AUN1

Agencies

[Federal Register Volume 83, Number 150 (Friday, August 3, 2018)]
[Notices]
[Pages 38204-38206]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-16639]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Information Collection 
Renewal; Submission for OMB Review; Appraisal Management Companies

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

ACTION: Notice and request for comment.

-----------------------------------------------------------------------

SUMMARY: The OCC, as part of its continuing effort to reduce paperwork 
and respondent burden, invites the general public and other Federal 
agencies to take this opportunity to comment on a continuing 
information collection as required by the Paperwork Reduction Act of 
1995 (PRA). In accordance with the requirements of the PRA, the OCC may 
not conduct or sponsor, and the respondent is not required to respond 
to, an information collection unless it displays a currently valid 
Office of Management and Budget (OMB) control number.
    The OCC is soliciting comment concerning the renewal of its 
information collection titled, ``Appraisal Management Companies.'' The 
OCC also is giving notice that it has sent the collection to OMB for 
review.

DATES: You should submit written comments by September 4, 2018.

ADDRESSES: Commenters are encouraged to submit comments by email, if 
possible. You may submit comments by any of the following methods:
     Email: [email protected].
     Mail: Legislative and Regulatory Activities Division, 
Office of the Comptroller of the Currency, Attention: 1557-0324, 400 
7th Street SW, suite 3E-218, Washington, DC 20219.
     Hand Delivery/Courier: 400 7th Street, SW, suite 3E-218, 
Washington, DC 20219.
     Fax: (571) 465-4326.
    Instructions: You must include ``OCC'' as the agency name and 
``1557-0324'' in your comment. In general, the OCC will publish them on 
www.reginfo.gov without change, including any business or personal 
information that you provide, such as name and address information, 
email addresses, or phone numbers. Comments received, including 
attachments and other supporting materials, are part of the public 
record and subject to public disclosure. Do not include any information 
in your comment or supporting materials that you consider confidential 
or inappropriate for public disclosure.
    Additionally, please send a copy of your comments by mail to: OCC 
Desk Officer, 1557-0324, U.S. Office of Management and Budget, 725 17th 
Street NW, #10235, Washington, DC 20503 or by email to 
[email protected].
    You may review comments and other related materials that pertain to 
this information collection \1\ following the close of the 30-Day 
comment period for

[[Page 38205]]

this notice by any of the following methods:
---------------------------------------------------------------------------

    \1\ On March 23, 2018, the OCC published a 60-Day notice for 
this information collection. The comments can be viewed on 
www.reginfo.gov. Please follow the instructions listed in this 
notice to view them.
---------------------------------------------------------------------------

     Viewing Comments Electronically: Go to www.reginfo.gov. 
Click on the ``Information Collection Review'' tab. Underneath the 
``Currently under Review'' section heading, from the drop-down menu, 
select ``Department of Treasury'' and then click ``submit''. This 
information collection can be located by searching by OMB control 
number ``1557-0324'' or ``Appraisal Management Companies.'' Upon 
finding the appropriate information collection, click on the related 
``ICR Reference Number.'' On the next screen, select ``View Supporting 
Statement and Other Documents'' and then click on the link to any 
comment listed at the bottom of the screen.
     For assistance in navigating www.reginfo.gov, please 
contact the Regulatory Information Service Center at (202) 482-7340.
     Viewing Comments Personally: You may personally inspect 
comments at the OCC, 400 7th Street, SW, Washington, DC. For security 
reasons, the OCC requires that visitors make an appointment to inspect 
comments. You may do so by calling (202) 649-6700 or, for persons who 
are deaf or hearing impaired, TTY, (202) 649-5597. Upon arrival, 
visitors will be required to present valid government-issued photo 
identification and submit to security screening in order to inspect 
comments.

FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance 
Officer, (202) 649-5490 or, for persons who are deaf or hearing 
impaired, TTY, (202) 649-5597, Legislative and Regulatory Activities 
Division, Office of the Comptroller of the Currency, 400 7th Street, 
SW, suite 3E-218, Washington, DC 20219.

SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), Federal 
agencies must obtain approval from the OMB for each collection of 
information that they conduct or sponsor. ``Collection of information'' 
is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to include agency 
requests or requirements that members of the public submit reports, 
keep records, or provide information to a third party. The OCC requests 
that OMB extend its approval of the following collection:
    Title: Appraisal Management Companies.
    OMB Control No.: 1557-0324.
    Affected Public: Business or other for-profit.
    Type of Review: Regular review.
    Abstract: The OCC, Board of Governors of the Federal Reserve System 
(FRB), Federal Deposit Insurance Corporation (FDIC), National Credit 
Union Administration (NCUA), Consumer Financial Protection Bureau 
(Bureau), and Federal Housing Finance Agency (FHFA) (Agencies) have 
rules implementing the minimum requirements in section 1473 of the 
Dodd-Frank Wall Street Reform and Consumer Protection Act to be applied 
by States in the registration and supervision of appraisal management 
companies (AMCs). The Agencies have also implemented the requirement in 
section 1473 of the Dodd-Frank Act for States to report to the 
Appraisal Subcommittee of the Federal Financial Institutions 
Examination Council (FFIEC) the information required by the Appraisal 
Subcommittee (ASC) to administer the new national registry of appraisal 
management companies (AMC National Registry or Registry).

State Recordkeeping Requirements

    States seeking to register AMCs must have an AMC registration and 
supervision program. Section 34.213(a) 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 law, 
regulation, or order violations; (vi) discipline, suspend, terminate, 
or deny registration renewals of, AMCs that violate laws, regulations, 
or orders; and (vii) report violations of appraisal-related laws, 
regulations, or orders, and disciplinary and enforcement actions to the 
ASC.
    Section 34.213(b) requires each participating State to impose 
requirements on AMCs not owned and controlled by an insured depository 
institution and regulated by a Federal financial institutions 
regulatory agency 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 Uniform Standards of 
Professional Appraisal Practices (USPAP); and (v) establish and comply 
with processes and controls reasonably designed to ensure that the AMC 
conducts its appraisal management services in accordance with section 
129E(a)-(i) of the Truth in Lending Act.

State Reporting Burden

    Section 34.216 requires that each State electing to register AMCs 
for purposes of permitting AMCs to provide appraisal management 
services relating to covered transactions in the State must submit to 
the ASC the information required to be submitted under subpart H to 
part 34 and any additional information required by the ASC concerning 
AMCs.

AMC Reporting Requirements

    Section 34.215(c) requires that a Federally regulated AMC must 
report to the State or States in which it operates the information 
required to be submitted by the State pursuant to the ASC's policies, 
including: (i) Information regarding the determination of the AMC 
National Registry fee; and (ii) the information listed in Sec.  34.214.
    Section 34.214 provides that an AMC may not be registered by a 
State or included on the AMC National Registry if such company is 
owned, directly or indirectly, by any person who has had an appraiser 
license or certificate refused, denied, cancelled, surrendered in lieu 
of revocation, or revoked in any State. Each person that owns more than 
10 percent of an AMC shall submit to a background investigation carried 
out by the State appraiser certifying and licensing agency. While Sec.  
34.214 does not authorize States to conduct background investigations 
of Federally regulated AMCs, it would allow a State to do so if the 
Federally regulated AMC chooses to register voluntarily with the State.

AMC Recordkeeping Requirements

    Section 34.212(b) provides that an appraiser in an AMC's network or 
panel is deemed to remain on the network or panel until: (i) The AMC 
sends a written notice to the appraiser removing the appraiser with an 
explanation; or (ii) receives a written notice from the appraiser 
asking to be removed or a notice of the death or incapacity of the 
appraiser. The AMC would retain these notices in its files.

[[Page 38206]]

    Estimated Number of Respondents: 200 AMCs; 55 States and 
Territories.
    Total Estimated Annual Burden: 421.
    The OCC issued a notice for 60 days of comment on March 23, 2018, 
83 FR 12843. One comment was received from a trade association 
representing appraisal management companies (AMCs).

Topic A: Whether the Collection of Information is Necessary for the 
Proper Performance of the Functions of the OCC, Including Whether the 
Information has Practical Utility

    In response to topic A, the commenter stated that the collection of 
information is ``necessary and does have practical utility'' but ``only 
to the extent that the information collected serves the proper purpose 
to promote appraiser independence while ensuring a healthy real estate 
valuation market.'' While not stated expressly, the commenter implies 
that the ``proper purpose'' of the collection is limited to collections 
relating appraiser independence.
    In response to this comment, the OCC notes that the purpose of the 
AMC rule and the collection is to implement all required elements of 
the statute, not only provisions that extend to appraiser independence. 
See 12 U.S.C. 3353(a) (setting minimum requirements for registration 
regulation in participating states); id. section 3353(d) (setting 
registration limitations for AMCs); and id. section 3353(e) (requiring 
reporting of information by AMCs to the ASC). The OCC and the other 
agencies that were party to the AMC rule were required to adopt 
regulations to implement the statutory requirements and the collection 
is a necessary component for implementation of these requirements.
    To the extent that the commenter disagrees with the scope and 
requirements of Title XI and the AMC rule, the OCC also notes that 
regulations may not be rescinded by the OCC through the PRA renewal 
process.

Topic B: The Accuracy of the OCC's Estimate of the Information 
Collection Burden

    In response to topic B, the commenter states that the burden 
estimates are too low. The commenter believes that the number of 
respondents is approximately twice what was estimated. The commenter 
also states that the actual number of AMCs will not be known until 2020 
when the AMC National Registry is fully operational.
    The commenter indicates that its members believe that the estimate 
of the annual burden to comply is also too low. The commenter 
recommends that the estimate be increased to twice the current 
estimate. The commenter notes that each state differs in complexity of 
their demands for the collection of information and not all are on the 
same renewal schedule. Some renew annually and some biennially, which 
have varying burdens for preparation and validation.
    The burden estimates for this collection have historically been 
prepared on an industry-wide basis and then allotted to each agency. 
The FDIC prepared the industry-wide estimates for this renewal. We 
invite commenters to review the analysis, which is included in our 
supporting statement, and comment during the 30-day comment period.

Topic C: Ways to Enhance the Quality, Utility, and Clarity of the 
Information to be Collected

    In response to topic C, the commenter suggested that the ASC should 
issue additional guidance to states and AMCs concerning the AMC minimum 
requirements. The goal of such guidance would be to ``provide 
consistency in the implementation of the regulations and information 
required.'' The commenter also expressed concern that wide variation of 
AMC requirements from state to state may have material unintended 
consequences on lending activity in a particular jurisdiction.
    In response to these comments, OCC notes that the commenter's 
suggestions do not relate to the collection. In addition, while Title 
XI and the AMC rule set minimum standards for the registration and 
supervision of AMCs by states, Title XI and the AMC rule expressly 
provide that a state may adopt requirements in addition to those 
contained in the AMC regulation. 12 U.S.C. 3353(b); 12 CFR 34.210(d). 
The OCC will, however, refer these suggestions to the ASC for 
consideration.

Topic D: Ways to Minimize the Burden of the Collection on Respondents, 
Including Through the use of Automated Collection Techniques or Other 
Forms of Information Technology

    In response to topic D, the commenter recommends that the ASC 
``find opportunities to develop reporting efficiencies in the licensing 
system, which could include partnering with the Nationwide Multistate 
Licensing System (NMLS) or investing in a new process. Furthermore, the 
ASC should be more aggressive in supporting modernization of the 
outdated National Appraiser Registry (which AMCs must use to comply 
with the minimum requirements).''
    In response to these comments, OCC notes that the commenter's 
suggestions do not relate to the collection. The OCC will, however, 
refer these suggestions to the ASC for consideration.

Topic E: Estimates of Capital or Start-up Costs and Costs of Operation, 
Maintenance, and Purchase of Services to Provide Information

    The commenter stated that the ``estimated cost to implement the AMC 
minimum requirements and AMC Registry requirements in 50 states and the 
District of Columbia ranges from $250,000-$500,000 per AMC,'' not 
including ``the additional $100,000-$200,000 paid by AMCs to the ASC to 
be on the National AMC Registry.''
    In response to the comment, the OCC notes that the commenter has 
not segregated the costs relating to the collection from costs of 
complying with the substantive requirements of Title XI and the AMC 
rule.
    Comments continue to be invited on:
    (a) Whether the collection of information is necessary for the 
proper performance of the functions of the OCC, including whether the 
information has practical utility;
    (b) The accuracy of the OCC's estimate of the information 
collection burden;
    (c) Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    (d) Ways to minimize the burden of the collection on respondents, 
including through the use of automated collection techniques or other 
forms of information technology; and
    (e) Estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Dated: July 30, 2018.
Karen Solomon,
Acting Senior Deputy Comptroller and Chief Counsel.
[FR Doc. 2018-16639 Filed 8-2-18; 8:45 am]
 BILLING CODE 4810-33-P