Federal Financial Institutions Examination Council 2010 – Federal Register Recent Federal Regulation Documents
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Appraisal Subcommittee (ASC); ASC Rules of Operation; Amended
This notice announces the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council's (FFIEC) adoption of its amended ASC Rules of Operation. The ASC Rules of Operation serve as corporate bylaws outlining the ASC's purpose, functions, authority, organization and operation.
Description of Office, Procedures, and Public Information
The Federal Financial Institutions Examination Council (Council or FFIEC), on behalf of its members, is amending its Freedom of Information Act (FOIA) regulations. Among other things, this final rule revises the procedures to be used by members of the public in requesting records maintained by the Council, the time limits in which the Council must make a determination on disclosure in response to a request for records, and the time period in which a requester has the right to administratively appeal any adverse determination made on a request for records, and provides procedures to be used to request expedited processing of FOIA requests.
Modification of the Annual National Registry Fee
Under authority in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Reform Act), the ASC modified the annual National Registry fee (Registry fee) to $40 from the current $25 amount at its meeting on October 13, 2010. The ASC raised the Registry fee to support its supervisory activities, including additional authority and responsibility under the Dodd-Frank Reform Act. The modified Registry fee of $40 is effective on January 1, 2012. As of January 1, 2012, for all new appraiser credentials and all renewals of existing credentials, States are required to collect and transmit to the ASC the modified Registry fee of $40. The National Registry is a database of all State licensed and certified appraisers who are eligible to perform appraisals for federally related transactions. Through the National Registry, lenders and consumers can readily determine whether an appraiser holds the appropriate credential and remains in good standing with the State. Each State maintains procedures for certifying, licensing, supervising and disciplining appraisers. The ASC is responsible for monitoring States' appraiser regulatory programs.
Description of Office, Procedures, and Public Information
The Federal Financial Institutions Examination Council (Council or FFIEC), on behalf of its members, is proposing to update its Freedom of Information Act (FOIA) regulations. The Council last made changes to its FOIA regulations in 1988. Since that time information relating to the Council has changed and there have been several amendments to the FOIA, which need to be reflected in the regulations. The proposed rules revise the procedures to be used by members of the public in requesting records maintained by the Council, the time limits in which the Council must make a determination on disclosure in response to a request for records, the time period in which a requester has the right to administratively appeal any adverse determination made on a request for records, and provides procedures to be used to request expedited processing of FOIA requests. The revisions in the proposed rules are designed to improve access to records maintained by the Council and to provide clearer guidance to requesters on how to obtain records under the FOIA.
Appraisal Subcommittee; Appraiser Regulation; Privacy Act Implementation
The Subcommittee is adopting nonsubstantive amendments to its regulations relating to the Privacy Act of 1974. The amendments correct
Appraisal Subcommittee; Rules of Operation; Amendment
The Appraisal Subcommittee (Subcommittee) of the Federal Financial Institutions Examination Council is amending the following sections:
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