Appraisal Subcommittee; Notice of Termination of Residential Temporary Waiver Relief, 65980 [2019-26030]
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Federal Register / Vol. 84, No. 231 / Monday, December 2, 2019 / Notices
Federal Deposit Insurance Corporation.
Annmarie H. Boyd,
Assistant Executive Secretary.
[FR Doc. 2019–26013 Filed 11–29–19; 8:45 am]
BILLING CODE P
FEDERAL FINANCIAL INSTITUTIONS
EXAMINATION COUNCIL
[Docket No. AS19–10]
Appraisal Subcommittee Notice of
Meeting
Appraisal Subcommittee of the
Federal Financial Institutions
Examination Council.
ACTION: Notice of special meeting.
AGENCY:
In accordance with Section 1104 (b) of
Title XI of the Financial Institutions
Reform, Recovery, and Enforcement Act
of 1989, as amended, notice is hereby
given that the Appraisal Subcommittee
(ASC) will meet in open session for a
Special Meeting:
Location: Via teleconference.
Date: December 12, 2019.
Time: 11:00 a.m..
Status: Open.
Action and Discussion Item
ASC Grants Handbook
Revised Delegations of Authority
How To Attend and Observe This
Special ASC Meeting
If you would like to listen to this
Meeting, we ask that you send an email
to meetings@asc.gov by noon on
December 11th and the dial-in
information will be sent to you. The use
of any audio tape recording device, or
any other electronic or mechanical
device designed for similar purposes is
prohibited.
Dated: November 26, 2019.
Lori Schuster,
Management and Program Analyst.
[FR Doc. 2019–26045 Filed 11–29–19; 8:45 am]
BILLING CODE 6700–01–P
FEDERAL FINANCIAL INSTITUTIONS
EXAMINATION COUNCIL
[Docket No. AS19–09]
Appraisal Subcommittee; Notice of
Termination of Residential Temporary
Waiver Relief
Appraisal Subcommittee of the
Federal Financial Institutions
Examination Council.
ACTION: Notice of termination of
residential temporary waiver relief.
jbell on DSKJLSW7X2PROD with NOTICES
AGENCY:
The Appraisal Subcommittee
(ASC) of the Federal Financial
SUMMARY:
VerDate Sep<11>2014
17:10 Nov 29, 2019
Jkt 250001
Institutions Examination Council
(FFIEC) is providing notice of
termination of temporary waiver relief
of appraiser credentialing requirements
for appraisals of federally related
transactions (FRTs) under $500,000 for
1-to-4 family residential real estate
transactions throughout the State of
North Dakota which was granted by
Order for a period of one year pursuant
to section 1119(b) of Title XI of the
Financial Institutions Reform, Recovery,
and Enforcement Act of 1989, as
amended (Title XI) and the rules
promulgated thereunder. The Order
provided that the temporary waiver for
residential real estate transactions
would terminate 60 days after the
effective date of a final rule issued by
the federal banking agencies increasing
the appraisal exemption threshold limit
for residential real estate transactions.
The federal banking agencies issued a
final rule that increased the appraisal
exemption threshold for residential real
estate transactions with an effective date
of October 9, 2019. The Order specified
that the temporary waiver for residential
real estate transactions will terminate 60
days after the effective date of that rule,
which will occur on December 8, 2019.
FOR FURTHER INFORMATION CONTACT:
James R. Park, Executive Director, at
(202) 595–7575, or Alice M. Ritter,
General Counsel, at (202) 595–7577,
ASC, 1325 G Street NW, Suite 500,
Washington, DC 20005.
SUPPLEMENTARY INFORMATION: Section
1119(b) of Title XI authorizes the ASC
to waive, on a temporary basis and with
concurrence of the FFIEC, ‘‘any
requirement relating to certification or
licensing of a person to perform
appraisals under [Title XI]’’ upon ‘‘a
written determination that there is a
scarcity of certified or licensed
appraisers to perform appraisals in
connection with [FRTs] 1 in a State, or
in any geographical political
subdivision of a State, leading to
significant delays in the performance of
such appraisals.’’ 2 The ASC has
promulgated regulations that set forth
procedures 3 governing the processing of
temporary waiver requests.
On August 1, 2018, the Governor of
North Dakota, the North Dakota
Department of Financial Institutions,
and the North Dakota Bankers
Association (Requester) submitted a
temporary waiver request to the ASC.
1 ‘‘Federally related transaction’’ (FRT) refers to
any real estate related financial transaction which:
(a) A federal financial institutions regulatory agency
engages in, contracts for, or regulates; and (b)
requires the services of an appraiser. (Title XI
§ 1121 (4), 12 U.S.C. 3350.)
2 12 U.S.C. 3348(b).
3 12 CFR part 1102, subpart A.
PO 00000
Frm 00016
Fmt 4703
Sfmt 9990
The Requester sought a temporary
waiver of not less than five years of
appraiser credentialing requirements for
appraisals of FRTs under $500,000 for 1to-4 family residential real estate
transactions and under $1,000,000 for
agricultural and commercial real estate
transactions throughout the State of
North Dakota.4
On July 9, 2019, the ASC convened a
Special Meeting to consider the request.
Based on the information provided by
the Requester, the North Dakota Real
Estate Appraiser Qualifications and
Ethics Board (Appraiser Board), and by
the public through comment letter
submissions, the ASC issued an Order
approving a limited version of the
waiver request.5
The Order, which was published in
the Federal Register,6 in pertinent part
included the following:
• A temporary waiver of appraiser
credentialing requirements for
appraisals of FRTs under $500,000 for
1-to-4 family residential real estate
transactions throughout the State of
North Dakota for a period of one year,
unless the federal banking agencies
issue a rule increasing appraisal
exemption threshold limits for
residential real estate transactions, in
which case the residential waiver will
terminate 60 days after the effective date
of that threshold increase.
The federal banking agencies issued a
final rule increasing the appraisal
exemption threshold limits for
residential real estate transactions with
an effective date of October 9, 2019.7
The temporary waiver for residential
real estate transactions terminates by its
own terms 60 days after the effective
date of that rule, which will occur on
December 8, 2019.
*
*
*
*
*
By the Appraisal Subcommittee.
Dated: November 26, 2019.
Arthur Lindo,
Chairman.
[FR Doc. 2019–26030 Filed 11–29–19; 8:45 am]
BILLING CODE 6700–01–P
4 On September 7, 2018, the ASC responded with
a request for clarification and additional
information, and on April 10, 2019, the Requester
submitted an additional letter with a clarification of
the request and additional information.
5 An approval of a temporary waiver by the ASC
is subject to the approval of the FFIEC. (See 12
U.S.C. 3348(b); 12 CFR 1102.5.) On July 12, 2019,
the FFIEC approved the temporary waiver granted
by the ASC on July 9, 2019.
6 84 FR 38630 (Aug. 7, 2019).
7 84 FR 53579 (Oct. 8, 2019).
E:\FR\FM\02DEN1.SGM
02DEN1
]]>Agencies
[Federal Register Volume 84, Number 231 (Monday, December 2, 2019)]
[Notices]
[Page 65980]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-26030]
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FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
[Docket No. AS19-09]
Appraisal Subcommittee; Notice of Termination of Residential
Temporary Waiver Relief
AGENCY: Appraisal Subcommittee of the Federal Financial Institutions
Examination Council.
ACTION: Notice of termination of residential temporary waiver relief.
-----------------------------------------------------------------------
SUMMARY: The Appraisal Subcommittee (ASC) of the Federal Financial
Institutions Examination Council (FFIEC) is providing notice of
termination of temporary waiver relief of appraiser credentialing
requirements for appraisals of federally related transactions (FRTs)
under $500,000 for 1-to-4 family residential real estate transactions
throughout the State of North Dakota which was granted by Order for a
period of one year pursuant to section 1119(b) of Title XI of the
Financial Institutions Reform, Recovery, and Enforcement Act of 1989,
as amended (Title XI) and the rules promulgated thereunder. The Order
provided that the temporary waiver for residential real estate
transactions would terminate 60 days after the effective date of a
final rule issued by the federal banking agencies increasing the
appraisal exemption threshold limit for residential real estate
transactions. The federal banking agencies issued a final rule that
increased the appraisal exemption threshold for residential real estate
transactions with an effective date of October 9, 2019. The Order
specified that the temporary waiver for residential real estate
transactions will terminate 60 days after the effective date of that
rule, which will occur on December 8, 2019.
FOR FURTHER INFORMATION CONTACT: James R. Park, Executive Director, at
(202) 595-7575, or Alice M. Ritter, General Counsel, at (202) 595-7577,
ASC, 1325 G Street NW, Suite 500, Washington, DC 20005.
SUPPLEMENTARY INFORMATION: Section 1119(b) of Title XI authorizes the
ASC to waive, on a temporary basis and with concurrence of the FFIEC,
``any requirement relating to certification or licensing of a person to
perform appraisals under [Title XI]'' upon ``a written determination
that there is a scarcity of certified or licensed appraisers to perform
appraisals in connection with [FRTs] \1\ in a State, or in any
geographical political subdivision of a State, leading to significant
delays in the performance of such appraisals.'' \2\ The ASC has
promulgated regulations that set forth procedures \3\ governing the
processing of temporary waiver requests.
---------------------------------------------------------------------------
\1\ ``Federally related transaction'' (FRT) refers to any real
estate related financial transaction which: (a) A federal financial
institutions regulatory agency engages in, contracts for, or
regulates; and (b) requires the services of an appraiser. (Title XI
Sec. 1121 (4), 12 U.S.C. 3350.)
\2\ 12 U.S.C. 3348(b).
\3\ 12 CFR part 1102, subpart A.
---------------------------------------------------------------------------
On August 1, 2018, the Governor of North Dakota, the North Dakota
Department of Financial Institutions, and the North Dakota Bankers
Association (Requester) submitted a temporary waiver request to the
ASC. The Requester sought a temporary waiver of not less than five
years of appraiser credentialing requirements for appraisals of FRTs
under $500,000 for 1-to-4 family residential real estate transactions
and under $1,000,000 for agricultural and commercial real estate
transactions throughout the State of North Dakota.\4\
---------------------------------------------------------------------------
\4\ On September 7, 2018, the ASC responded with a request for
clarification and additional information, and on April 10, 2019, the
Requester submitted an additional letter with a clarification of the
request and additional information.
---------------------------------------------------------------------------
On July 9, 2019, the ASC convened a Special Meeting to consider the
request. Based on the information provided by the Requester, the North
Dakota Real Estate Appraiser Qualifications and Ethics Board (Appraiser
Board), and by the public through comment letter submissions, the ASC
issued an Order approving a limited version of the waiver request.\5\
---------------------------------------------------------------------------
\5\ An approval of a temporary waiver by the ASC is subject to
the approval of the FFIEC. (See 12 U.S.C. 3348(b); 12 CFR 1102.5.)
On July 12, 2019, the FFIEC approved the temporary waiver granted by
the ASC on July 9, 2019.
---------------------------------------------------------------------------
The Order, which was published in the Federal Register,\6\ in
pertinent part included the following:
---------------------------------------------------------------------------
\6\ 84 FR 38630 (Aug. 7, 2019).
---------------------------------------------------------------------------
A temporary waiver of appraiser credentialing requirements
for appraisals of FRTs under $500,000 for 1-to-4 family residential
real estate transactions throughout the State of North Dakota for a
period of one year, unless the federal banking agencies issue a rule
increasing appraisal exemption threshold limits for residential real
estate transactions, in which case the residential waiver will
terminate 60 days after the effective date of that threshold increase.
The federal banking agencies issued a final rule increasing the
appraisal exemption threshold limits for residential real estate
transactions with an effective date of October 9, 2019.\7\ The
temporary waiver for residential real estate transactions terminates by
its own terms 60 days after the effective date of that rule, which will
occur on December 8, 2019.
---------------------------------------------------------------------------
\7\ 84 FR 53579 (Oct. 8, 2019).
---------------------------------------------------------------------------
* * * * *
By the Appraisal Subcommittee.
Dated: November 26, 2019.
Arthur Lindo,
Chairman.
[FR Doc. 2019-26030 Filed 11-29-19; 8:45 am]
BILLING CODE 6700-01-P
