Federal Financial Institutions Examination Council – Federal Register Recent Federal Regulation Documents

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) contains a number of provisions addressing the authority of the Appraisal Subcommittee (ASC) and requirements for States' appraiser regulatory programs. The ASC is issuing Bulletin No. 2011-01 to provide information to the State appraiser regulatory officials on certain changes to the ASC's review process for monitoring State Appraiser Regulatory Programs which will be implemented July 1, 2011, and the statutory provisions that States must implement by July 1, 2013. To provide sufficient time for States to amend their rules, regulations, or operating procedures, the ASC is providing States with a two-year implementation period for requirements addressed in the bulletin.

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.

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.

The Subcommittee is adopting nonsubstantive amendments to its regulations relating to the Privacy Act of 1974. The amendments correct

The Federal Financial Institutions Examination Council (FFIEC), on behalf of its members, requests comment on this proposed Reverse Mortgage Products: Guidance for Managing Compliance and Reputation Risks (guidance). Upon completion of the guidance, and after consideration of comments received from the public, the Federal financial institution regulatory agencies will issue it as supervisory guidance to the institutions that they supervise and the State Liaison Committee of the FFIEC will encourage state regulators to adopt the guidance. Accordingly, institutions will be expected to use the guidance in their efforts to ensure that their risk management and

In accordance with the Paperwork Reduction Act of 1980 (44 U.S.C. Chapter 35), the Appraisal Subcommittee of the Federal Financial Institutions Examination Council (``ASC'') will submit to the Office of Management and Budget (``OMB'') for clearance the following information collection, without change from a previously approved collection.

Pursuant to section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA), the Federal Financial Institutions Examination Council (FFIEC) is publishing a report entitled ``Joint Report to Congress, July 31, 2007, Economic Growth and Regulatory Paperwork Reduction Act'' prepared by its constituent agencies: The Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Association (NCUA), the Office of the Comptroller of the Currency (OCC), and the Office of Thrift Supervision (OTS) (collectively, the Agencies).

In accordance with the Paperwork Reduction Act of 1995 and 5 CFR Part 1320, Reporting and Recordkeeping Requirements, the Appraisal Subcommittee of the Federal Financial Institutions Examination Council (``ASC'') is soliciting comments on the need for the collection of information contained in 12 CFR Part 1102, Subpart A, Temporary Waiver Requests. The ASC also requests comments on the practical utility of the collection of information; the accuracy of the burden hour estimate; ways to enhance the quality, utility, and clarity of the information to be collected; and ways to minimize the burden to respondents, including use of automated information collection techniques or other forms of information technology.

In accordance with the Paperwork Reduction Act of 1980 (44 U.S.C. Chapter 35), the Appraisal Subcommittee of the Federal Financial Institutions Examination Council (``ASC'') has sent to the Office of Management and Budget (``OMB'') the following reinstatement, without change, of a previously approved collection for which approval has expired.

The Federal Financial Institutions Examination Council (FFIEC), on behalf of the Office of Thrift Supervision (OTS), Treasury; the Board of Governors of the Federal Reserve System (Board); the Federal Deposit Insurance Corporation (FDIC); the National Credit Union Administration (NCUA); and the Office of the Comptroller of the Currency (OCC), Treasury (collectively, the Agencies), is seeking public comment on a proposed Interagency Advisory on the Unsafe and Unsound Use of Limitation of Liability Provisions and Certain Alternative Dispute Resolution Provisions in External Audit Engagement Letters. The proposal advises financial institutions' boards of directors, audit committees, and management that they should ensure that they do not enter any agreement that contains external auditor limitation of liability provisions with respect to financial statement audits.