Proposed Collection; Comment Request, 47107-47110 [2021-17971]
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Federal Register / Vol. 86, No. 160 / Monday, August 23, 2021 / Notices
the burden of the collection of
information on the respondents,
including the use of automated
collection techniques or other forms of
information technology; and ways to
further reduce the information
collection burden on small business
concerns with fewer than 25 employees.
The FCC may not conduct or sponsor
a collection of information unless it
displays a currently valid Office of
Management and Budget (OMB) control
number. No person shall be subject to
any penalty for failing to comply with
a collection of information subject to the
PRA that does not display a valid OMB
control number.
DATES: Written PRA comments should
be submitted on or before October 22,
2021. If you anticipate that you will be
submitting comments but find it
difficult to do so within the period of
time allowed by this notice, you should
advise the contact listed below as soon
as possible.
ADDRESSES: Direct all PRA comments to
Cathy Williams, FCC, via email to PRA@
fcc.gov and to Cathy.Williams@fcc.gov.
FOR FURTHER INFORMATION CONTACT: For
additional information about the
information collection, contact Cathy
Williams at (202) 418–2918.
SUPPLEMENTARY INFORMATION:
OMB Control No.: 3060–0625.
Title: Section 24.103, Construction
requirements.
Form No.: N/A.
Type of Review: Extension of a
currently-approved collection.
Respondents: Business or other forprofit, individuals or household, notfor-profit institutions, and state, local or
tribal government.
Number of Respondents and
Responses: 9 respondents and 20
responses.
Estimated Time per Response: 3
hours.
Frequency of Response:
Recordkeeping requirement, On
occasion reporting requirement, 5 and
10 year reporting requirements.
Obligation to Respond: To ensure that
licensees timely construct systems that
either provide coverage to minimum
geographic portions of their licensed
areas, that provide service to minimum
percentages of the population of those
areas, or that, in the alternative, provide
service that is sound, favorable, and
substantially above a level of mediocre
service that would barely warrant
renewal.
Total Annual Burden: 23 hours.
Annual Cost Burden: $12,375.
Privacy Act Impact Assessment: Yes.
Nature and Extent of Confidentiality:
There are no requests of a sensitive
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nature considered, or those considered
a private matter, being sought from the
applicants on this collection.
Needs and Uses: The information
collection requirements contained in
Section 24.103 require that certain
narrowband PCS licensees notify
Commission at specific benchmarks that
they are in compliance with applicable
construction requirements in order to
ensure that these licensees quickly
construct their systems and that, with
those systems, they provide, within
their respective licensed areas: Coverage
to minimum geographic areas, service to
minimum percentages of the
population, or ‘‘substantial service’’
within ten years after license grant. The
Commission is not currently collecting
information from narrowband PCS
licensees under Section 24.103 and does
not expect to do so during the three year
period for which it seeks extension of its
current collection authority under that
section. However, following the future
auction of new narrowband PCS
licenses, the reporting and
recordkeeping requirements under this
section will be used to satisfy the
Commission’s rule that such licensees
demonstrate compliance with these
construction requirements by the 5 and
10-year benchmarks established upon
the grant date of each license. Without
this information, the Commission would
not be able to carry out its statutory
responsibilities.
OMB Control Number: 3060–1050.
Title: Section 97.303, Frequency
Sharing Requirements.
Form Number: N/A.
Type of Review: Extension of a
currently approved collection.
Respondents: Individuals or
households.
Number of Respondents: 5,000
respondents; 5,000 responses.
Estimated Time per Response: 20
minutes (.33 hours).
Frequency of Response:
Recordkeeping requirement.
Obligation to Respond: Required to
obtain or retain benefits. Statutory
authority for this information collection
is contained in 47 U.S.C. 151, 154, 301,
302(a) and 303(c), and (f) of the
Communications Act of 1934, as
amended.
Total Annual Burden: 1,650 hours.
Total Annual Cost: No cost.
Privacy Impact Assessment: No
impact(s).
Nature and Extent of Confidentiality:
There is no need for confidentiality with
this collection.
Needs and Uses: The Commission
established a recordkeeping procedure
in section 97.303(s) that required that
amateur operator licensees using other
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47107
antennas must maintain in their station
records either manufacturer data on the
antenna gain or calculations of the
antenna gain.
The amateur radio service governed
by 47 CFR part 97 of the Commission’s
rules, provides spectrum for amateur
radio service licensees to participate in
a voluntary noncommercial
communication service which provides
emergency communications and allows
experimentation with various radio
techniques and technologies to further
the understanding of radio use and the
development of technologies. The
information collection is used to
calculate the effective radiated power
(ERP) that the station is transmitting to
ensure that ERP does not exceed 100 W
PEP.
Federal Communications Commission.
Katura Jackson,
Federal Register Liaison Officer.
[FR Doc. 2021–18077 Filed 8–20–21; 8:45 am]
BILLING CODE 6712–01–P
FEDERAL HOUSING FINANCE
AGENCY
[No. 2021–N–9]
Proposed Collection; Comment
Request
Federal Housing Finance
Agency.
ACTION: 60-Day notice of submission of
information collection for approval from
the 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 ‘‘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 October 31, 2021.
DATES: Interested persons may submit
comments on or before October 22,
2021.
SUMMARY:
Submit comments to FHFA,
identified by ‘‘Proposed Collection;
Comment Request: Minimum
Requirements for Appraisal
Management Companies, (No. 2021–N–
9)’’ by any of the following methods:
• Agency Website: www.fhfa.gov/
open-for-comment-or-input.
ADDRESSES:
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• 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, 400 Seventh
Street SW, Washington, DC 20219,
ATTENTION: Proposed Collection;
Comment Request: ‘‘Minimum
Requirements for Appraisal
Management Companies, (No. 2021–N–
9).’’
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, 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, Robert.Witt@fhfa.gov, (202) 649–
3128; or Angela Supervielle, Counsel,
Angela.Supervielle@fhfa.gov, (202) 649–
3973 (these are not toll-free numbers);
Federal Housing Finance Agency, 400
Seventh Street SW, Washington, DC
20219. The Telecommunications Device
for the Deaf 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
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
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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 The AMC National Registry
includes 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
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
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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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
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
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).
9 See 12 CFR 1222.24(a), 1222.25(b).
8 See
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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
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 3,860 entities meet
the regulatory definition of an
‘‘appraisal management company.’’ 14
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.
10 See
12 CFR 1222.24(b).
12 CFR 1222.25(c).
12 See 12 CFR 1222.21(c)(1)(iii).
13 See 12 CFR 1222.22(b).
14 In FHFA’s regulations, this definition is set
forth at 12 CFR 1222.21(c).
11 See
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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 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.
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 30 percent of the
total burden, while FHFA is responsible
only for 10 percent of the burden
imposed.
The Agencies estimate the total
annualized hour burden placed on
respondents by the information
collection in the joint AMC regulations
to be 8,265 hours. FHFA estimates its
share of the hour burden to be 859
hours. The calculations on which those
estimations are based are described
below.
1. State Reporting Requirements (IC #1)
The total estimated burden hours for
states 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.15 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).
15 See
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47109
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 ASC there are four
states (the territories of Guam, Mariana
Islands, Puerto Rico, and the U.S. Virgin
Islands) that have not developed a
system to register and oversee AMCs.16
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: 4
states × 40 hours/state = 160 hours. The
estimated burden hours attributable to
FHFA are 160 hours × 25 percent = 40
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
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.17 As discussed above, 4 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.18 Therefore, the average
AMC operates in approximately 2 states
that do not have AMC registration
systems: (4 states/55 states) × 19.56
states = 1.422 states, rounded to 2 states.
The burden estimate of one hour per
response is unchanged from the
16 Appraisal Subcommittee ‘‘States’ Status on
Implementation of AMC Programs,’’ available at
https://www.asc.gov/National-Registries/
StatesStatus.aspx.
17 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.
18 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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estimate provided for the currentlyapproved ICR. Therefore, the total
estimated hour burden is: 3,860 AMCs
× 2 states × 1 hour = 7,720 hours. The
estimated burden hours attributable to
FHFA are 7,720 hours × 10 percent =
772 hours.
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 4,130. 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: 4,130 notices ×
0.08 hours = 330 hours (rounded to the
nearest whole number). The estimated
burden hours attributable to FHFA are
330 hours × 10 percent = 33 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.
Kevin Smith,
Chief Information Officer, Federal Housing
Finance Agency.
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FEDERAL RESERVE SYSTEM
Change in Bank Control Notices;
Acquisitions of Shares of a Bank or
Bank Holding Company
The notificants listed below have
applied under the Change in Bank
Control Act (Act) (12 U.S.C. 1817(j)) and
18:11 Aug 20, 2021
Jkt 253001
Board of Governors of the Federal Reserve
System, August 18, 2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021–18002 Filed 8–20–21; 8:45 am]
[FR Doc. 2021–18087 Filed 8–20–21; 8:45 am]
GENERAL SERVICES
ADMINISTRATION
BILLING CODE P
Change in Bank Control Notices;
Acquisitions of Shares of a Bank or
Bank Holding Company
BILLING CODE 8070–01–P
The public portions of the
applications listed below, as well as
other related filings required by the
Board, if any, are available for
immediate inspection at the Federal
Reserve Bank(s) indicated below and at
the offices of the Board of Governors.
This information may also be obtained
on an expedited basis, upon request, by
contacting the appropriate Federal
Reserve Bank and from the Board’s
Freedom of Information Office at
https://www.federalreserve.gov/foia/
request.htm. Interested persons may
express their views in writing on the
standards enumerated in paragraph 7 of
the Act.
Comments regarding each of these
applications must be received at the
Reserve Bank indicated or the offices of
the Board of Governors, Ann E.
Misback, Secretary of the Board, 20th
Street and Constitution Avenue NW,
Washington, DC 20551–0001, not later
than September 7, 2021.
A. Federal Reserve Bank of
Minneapolis (Chris P. Wangen,
Assistant Vice President) 90 Hennepin
Avenue, Minneapolis, Minnesota
55480–0291:
1. Peter J. Nelson Trust (in formation),
Kari A.M. Nelson, as trustee, both of
Glenwood, Minnesota; to join the
Nelson-Martinson Family Shareholder
Group, a group acting in concert, to
acquire voting shares of Financial
Services of Lowry, Inc., Lowry,
Minnesota, and thereby indirectly retain
voting shares of Lowry State Bank,
Lowry, Minnesota and First National
Bank of Osakis, Osakis, Minnesota.
Board of Governors of the Federal Reserve
System, August 18, 2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
FEDERAL RESERVE SYSTEM
[FR Doc. 2021–17971 Filed 8–20–21; 8:45 am]
VerDate Sep<11>2014
§ 225.41 of the Board’s Regulation Y (12
CFR 225.41) to acquire shares of a bank
or bank holding company. The factors
that are considered in acting on the
applications are set forth in paragraph 7
of the Act (12 U.S.C. 1817(j)(7)).
The public portions of the
applications listed below, as well as
other related filings required by the
Board, if any, are available for
immediate inspection at the Federal
Reserve Bank(s) indicated below and at
the offices of the Board of Governors.
This information may also be obtained
on an expedited basis, upon request, by
contacting the appropriate Federal
Reserve Bank and from the Board’s
Freedom of Information Office at
https://www.federalreserve.gov/foia/
request.htm. Interested persons may
express their views in writing on the
standards enumerated in paragraph 7 of
the Act.
Comments regarding each of these
applications must be received at the
Reserve Bank indicated or the offices of
the Board of Governors, Ann E.
Misback, Secretary of the Board, 20th
Street and Constitution Avenue NW,
Washington DC 20551–0001, not later
than September 7, 2021.
A. Federal Reserve Bank of Chicago
(Colette A. Fried, Assistant Vice
President) 230 South LaSalle Street,
Chicago, Illinois 60690–1414:
1. Robert F. Hingst, Kokomo, Indiana;
and Ann Hingst Vyas and Amit Vyas,
both of Chicago, Illinois; to become
members of the Hingst Family Control
Group, a group acting in concert, to
acquire voting shares of Community
First Financial Corporation and thereby
indirectly acquire voting shares of
Community First Bank of Indiana, both
of Kokomo, Indiana.
The notificants listed below have
applied under the Change in Bank
Control Act (Act) (12 U.S.C. 1817(j)) and
§ 225.41 of the Board’s Regulation Y (12
CFR 225.41) to acquire shares of a bank
or bank holding company. The factors
that are considered in acting on the
applications are set forth in paragraph 7
of the Act (12 U.S.C. 1817(j)(7)).
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BILLING CODE 6210–01–P
[OMB Control No. 3090–0317; Docket No.
2021–0001; Sequence No. 7]
Information Collection; Notarized
Document Submittal for System for
Award Management Registration
Office of Acquisition Policy,
General Services Administration (GSA).
ACTION: Notice of request for comments
regarding an extension to an existing
OMB clearance.
AGENCY:
Under the provisions of the
Paperwork Reduction Act, the
Regulatory Secretariat Division will be
submitting to the Office of Management
SUMMARY:
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]]>Agencies
[Federal Register Volume 86, Number 160 (Monday, August 23, 2021)]
[Notices]
[Pages 47107-47110]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-17971]
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FEDERAL HOUSING FINANCE AGENCY
[No. 2021-N-9]
Proposed Collection; Comment Request
AGENCY: Federal Housing Finance Agency.
ACTION: 60-Day notice of submission of information collection for
approval from the Office of Management and Budget.
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SUMMARY: In accordance with the requirements of the Paperwork Reduction
Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA or the
Agency) is seeking public comments concerning an information collection
known as ``Minimum Requirements for Appraisal Management Companies,''
which has been assigned control number 2590-0013 by the Office of
Management and Budget (OMB). FHFA intends to submit the information
collection to OMB for review and approval of a three-year extension of
the control number, which is due to expire on October 31, 2021.
DATES: Interested persons may submit comments on or before October 22,
2021.
ADDRESSES: Submit comments to FHFA, identified by ``Proposed
Collection; Comment Request: Minimum Requirements for Appraisal
Management Companies, (No. 2021-N-9)'' by any of the following methods:
Agency Website: www.fhfa.gov/open-for-comment-or-input.
[[Page 47108]]
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, 400
Seventh Street SW, Washington, DC 20219, ATTENTION: Proposed
Collection; Comment Request: ``Minimum Requirements for Appraisal
Management Companies, (No. 2021-N-9).''
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, 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, [email protected], (202)
649-3128; or Angela Supervielle, Counsel, [email protected],
(202) 649-3973 (these are not toll-free numbers); Federal Housing
Finance Agency, 400 Seventh Street SW, Washington, DC 20219. The
Telecommunications Device for the Deaf 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\ The AMC National Registry includes
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 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
[[Page 47109]]
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), 1222.25(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)(1)(iii).
\13\ See 12 CFR 1222.22(b).
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B. Burden Estimate
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 3,860 entities
meet the regulatory definition of an ``appraisal management company.''
\14\ 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
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.
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\14\ In FHFA's regulations, this definition is set forth at 12
CFR 1222.21(c).
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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 30 percent
of the total burden, while FHFA is responsible only for 10 percent of
the burden imposed.
The Agencies estimate the total annualized hour burden placed on
respondents by the information collection in the joint AMC regulations
to be 8,265 hours. FHFA estimates its share of the hour burden to be
859 hours. The calculations on which those estimations are based are
described below.
1. State Reporting Requirements (IC #1)
The total estimated burden hours for states 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.\15\ 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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\15\ 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
ASC there are four states (the territories of Guam, Mariana Islands,
Puerto Rico, and the U.S. Virgin Islands) that have not developed a
system to register and oversee AMCs.\16\ 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: 4 states x 40
hours/state = 160 hours. The estimated burden hours attributable to
FHFA are 160 hours x 25 percent = 40 hours.
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\16\ Appraisal Subcommittee ``States' Status on Implementation
of AMC Programs,'' available at https://www.asc.gov/National-Registries/StatesStatus.aspx.
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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 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.\17\ As discussed above, 4 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.\18\ Therefore,
the average AMC operates in approximately 2 states that do not have AMC
registration systems: (4 states/55 states) x 19.56 states = 1.422
states, rounded to 2 states. The burden estimate of one hour per
response is unchanged from the
[[Page 47110]]
estimate provided for the currently-approved ICR. Therefore, the total
estimated hour burden is: 3,860 AMCs x 2 states x 1 hour = 7,720 hours.
The estimated burden hours attributable to FHFA are 7,720 hours x 10
percent = 772 hours.
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\17\ 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.
\18\ 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 4,130. 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:
4,130 notices x 0.08 hours = 330 hours (rounded to the nearest whole
number). The estimated burden hours attributable to FHFA are 330 hours
x 10 percent = 33 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.
Kevin Smith,
Chief Information Officer, Federal Housing Finance Agency.
[FR Doc. 2021-17971 Filed 8-20-21; 8:45 am]
BILLING CODE 8070-01-P
