Rules and Regulations. Notice and request for comment

Agency: Office of the Comptroller of the Currency (OCC), Treasury
Action: Notice and request for comment
Citation: FR Doc. 2024-23781

Summary

The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites comment on a continuing information collection, as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning a revision to its information collection titled, “Appraisal Management Companies.”

Dates

Comments must be received by December 16, 2024.

Supplementary Information

Under the PRA (44 U.S.C. 3501 et seq. ), Federal agencies must obtain approval from the OMB for each collection of information that they conduct or sponsor. “Collection of information” is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to include agency requests or requirements that members of the public submit reports, keep records, or provide information to a third party. Section 3506(c)(2)(A) of title 44 generally requires Federal agencies to provide a 60-day notice in the Federal Register concerning each proposed collection of information, including each proposed extension of an existing collection of information, before submitting the collection to OMB for approval. To comply with this requirement, the OCC is publishing notice of the renewal/revision of this collection. Title: Appraisal Management Companies. OMB Control No.: 1557-0324. Type of Review: Regular. Affected Public: Businesses or other for-profit. Description: This information collection comprises recordkeeping and disclosure requirements under regulations issued by the OCC, jointly with the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the National Credit Union Administration, the Bureau of Consumer Financial Protection, and the Federal Home Finance Agency, that implement the minimum requirements in section 1473 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) to be applied by States in the registration and supervision of appraisal management companies (AMCs). The regulations also implement the requirement in section 1473 of the Dodd-Frank Act for States to report to the Appraisal Subcommittee of the Federal Financial Institutions Examination Council the information required by the ASC to administer the new national registry of appraisal management companies (AMC National Registry or Registry). The information collection requirements are established in 12 CFR part 34 of the OCC's codified regulations. There is no change in the methodology or substance of this information collection. The decrease in total estimated annual burden from 2,455 in 2021 to 1,991 currently is due to a change in the estimated number or respondents. Estimated Burden: Summary of Estimated Annual Burden (OMB No. 1557-0324) Information Collection (IC) (obligation to respond) Type of burden (frequency of response) Number of respondents Number of responses per respondent Time per response (HH:MM) Annual burden (hours) 1. Written Notice of Appraiser Removal from Network or Panel, 12 CFR 34.212(b) (Mandatory) Disclosure (On occasion) 8,481 1 00:05 707 2. Develop and Maintain a State Licensing Program, 12 CFR 34.213(a) and (b) (Mandatory) Recordkeeping (On occasion) 1 1 40:00 40 3. AMC Disclosure Requirements (State regulated AMCs), 12 CFR 34.214 (Mandatory) Disclosure (On occasion) 1,206 1 01:00 1,206 4. AMC Disclosure Requirements (Federally-regulated AMCs), 12 CFR 34.215(c) (Mandatory) Disclosure (On occasion) 38 1 01:00 38 Total Annual Burden (Hours): 1,991 Estimated Total Annual Burden: 1,991 hours. Comments submitted in response to this notice will be summarized and included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the OCC, including whether the information has practical utility; (b) The accuracy of the OCC's estimate of the burden of the collection of information; (c) Ways to enhance the quality, utility, and clarity of the information to be collected; (d) Ways to minimize the burden of the collection on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) Estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Patrick T. Tierney, Assistant Director, Office of the Comptroller of the Currency. [FR Doc. 2024-23781 Filed 10-11-24; 8:45 am]