89 FR 246 pgs. 104542-104543 - Proposed Agency Information Collection Activities; Comment Request
Type: NOTICEVolume: 89Number: 246Pages: 104542 - 104543
Pages: 104542, 104543FR document: [FR Doc. 2024-30589 Filed 12-20-24; 8:45 am]
Agency: Federal Reserve System
Official PDF Version: PDF Version
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment Request
AGENCY:
Board of Governors of the Federal Reserve System.
ACTION:
Notice, request for comment.
SUMMARY:
The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, without revision, the Recordkeeping and Disclosure Requirements Associated with Regulation Y for Minimum Requirements for Appraisal Management Companies (FR HY-5; OMB No. 7100-0370).
DATES:
Comments must be submitted on or before February 21, 2025.
ADDRESSES:
You may submit comments, identified by FR HY-5, by any of the following methods:
• Agency Website: https://www.federalreserve.gov/ . Follow the instructions for submitting comment, including attachments. Preferred method .
• Mail: Ann E. Misback, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551.
• Hand Delivery/Courier: Same as mailing address.
• Other Means: publiccomments@frb.gov . You must include the OMB number or the FR number in the subject line of the message.
Comments received are subject to public disclosure. In general, comments received will be made available on the Board's website at https://www.federalreserve.gov/apps/proposals/ without change and will not be modified to remove personal or business information including confidential, contact, or other identifying information. Comments should not include any information such as confidential information that would be not appropriate for public disclosure. Public comments may also be viewed electronically or in person in Room M-4365A, 2001 C St. NW, Washington, DC 20551, between 9 a.m. and 5 p.m. during Federal business weekdays.
Additionally, commenters may send a copy of their comments to the Office of Management and Budget (OMB) Desk Officer for the Federal Reserve Board, Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Room 10235, 725 17th Street NW, Washington, DC 20503, or by fax to (202) 395-6974.
FOR FURTHER INFORMATION CONTACT:
Federal Reserve Board Clearance Officer-Nuha Elmaghrabi-Office of the Chief Data Officer, Board of Governors of the Federal Reserve System, nuha.elmaghrabi@frb.gov, (202) 452-3884.
SUPPLEMENTARY INFORMATION:
On June 15, 1984, OMB delegated to the Board authority under the Paperwork Reduction Act (PRA) to approve and assign OMB control numbers to collections of information conducted or sponsored by the Board. In exercising this delegated authority, the Board is directed to take every reasonable step to solicit comment. In determining whether to approve a collection of information, the Board will consider all comments received from the public and other agencies.
During the comment period for this proposal, a copy of the proposed PRA OMB submission, including the draft reporting form and instructions, supporting statement (which contains more detail about the information collection and burden estimates than this notice), and other documentation, will be made available on the Board's public website at https://www.federalreserve.gov/apps/reportingforms/review or may be requested from the agency clearance officer, whose name appears above. On the page displayed at the link above, you can find the supporting information by referencing the collection identifier, FR HY-5. Final versions of these documents will be made available at https://www.reginfo.gov/public/do/PRAMain, if approved.
Request for Comment on Information Collection Proposal
The Board invites public comment on the following information collection, which is being reviewed under authority delegated by the OMB under the PRA. Comments are invited on the following:
[top] a. Whether the proposed collection of information is necessary for the proper
b. The accuracy of the Board's estimate of the burden of the proposed information collection, including the validity of the methodology and assumptions used;
c. Ways to enhance the quality, utility, and clarity of the information to be collected;
d. Ways to minimize the burden of information collection on respondents, including through the use of automated collection techniques or other forms of information technology; and
e. Estimates of capital or startup costs and costs of operation, maintenance, and purchase of services to provide information.
At the end of the comment period, the comments and recommendations received will be analyzed to determine the extent to which the Board should modify the proposal.
Proposal Under OMB Delegated Authority To Extend for Three Years, Without Revision, the Following Information Collection
Collection Title: Recordkeeping and Disclosure Requirements Associated with Regulation Y for Minimum Requirements for Appraisal Management Companies.
Collection Identifier: FR HY-5.
OMB Control Number: 7100-0370.
General description of collection: The Board's recordkeeping and disclosure requirements associated with the minimum requirements for Appraisal Management Companies (AMCs) are found in sections 225.192, 225.193, and 225.195 of the Board's Regulation Y, subpart M.
Section 225.192(b) provides that an appraiser in an AMC's network or panel is deemed to remain a part of the AMC's appraiser panel until the AMC (1) sends a written notice to the appraiser removing the appraiser with an explanation or (2) receives a written notice from the appraiser asking to be removed or a notice of the death or incapacity of the appraiser.
Pursuant to section 225.193(a), each participating state must establish and maintain within its appraiser certifying and licensing agency a registration and supervision program with the legal authority and mechanisms to, among other things, review and approve or deny an AMC's application for initial registration; require AMCs to submit reports, information, and documents; and report violations of appraisal-related laws, regulations, or orders, and disciplinary and enforcement actions to the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council .
Section 225.193(b) requires each participating state to require AMCs that are not owned and controlled by an insured depository institution and not regulated by a Federal financial institutions regulatory agency to register with the state appraiser certifying and licensing agency.
Section 225.195(c) requires a federally regulated AMC to 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 regarding the determination of the AMC National Registry fee, including information relating to certain ownership limitations in the regulation.
Frequency: Event-generated; ongoing.
Respondents: The FR HY-5 panel comprises Federal and state regulated AMCs and U.S. states, except that AMCs that oversee 15 or fewer appraisers in a state or less than 25 appraisers in two or more states are exempt from these recordkeeping and disclosure requirements.
Total estimated number of respondents: Section 225.192(b), 8,481; Section 225.193(a), 1; Section 225.193(b), 1,206; Section 225.195(c), 38.
Estimated average hours per response: Section 225.192(b), 5 minutes; Section 225.193(a), 40; Section 225.193(b), 1; Section 225.195(c), 1.
Total estimated annual burden hours: 1,991.
Board of Governors of the Federal Reserve System, December 18, 2024.
Benjamin W. McDonough,
Deputy Secretary and Ombuds of the Board.
[FR Doc. 2024-30589 Filed 12-20-24; 8:45 am]
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