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AGENCY:
Office of the Comptroller of the Currency (OCC), Treasury.
ACTION:
Notice and request for comment.
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.
ADDRESSES:
Commenters are encouraged to submit comments by email, if possible. You may submit comments by any of the following methods:
- Email: prainfo@occ.treas.gov.
- Mail: Chief Counsel's Office, Attention: Comment Processing, Office of the Comptroller of the Currency, Attention: 1557-0324, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
- Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
- Fax: (571) 293-4835.
Instructions: You must include “OCC” as the agency name and “1557-0324” in your comment. In general, the OCC will publish comments on www.reginfo.gov without change, including any business or personal information provided, such as name and address information, email addresses, or phone numbers. Comments received, including attachments and other supporting materials, are part of the public record and subject to public disclosure. Do not include any information in your comment or supporting materials that you consider confidential or inappropriate for public disclosure.
Following the close of this notice's 60-day comment period, the OCC will publish a second notice with a 30-day comment period. You may review comments and other related materials that pertain to this information collection beginning on the date of publication of the second notice for this collection by the method set forth in the next bullet.
- Viewing Comments Electronically: Go to www.reginfo.gov. Hover over the “Information Collection Review” tab and click on “Information Collection Review” from the drop-down menu. From the “Currently under Review” drop-down menu, select “Department of Treasury” and then click “submit.” This information collection can be located by searching OMB control number “1557-0324” or “Appraisal Management Companies.” Upon finding the appropriate information collection, click on the related “ICR Reference Number.” On the next screen, select “View Supporting Statement and Other Documents” and then click on the link to any comment listed at the bottom of the screen.
- For assistance in navigating www.reginfo.gov, please contact the Regulatory Information Service Center at (202) 482-7340.
FOR FURTHER INFORMATION CONTACT:
Shaquita Merritt, Clearance Officer, (202) 649-5490, Chief Counsel's Office, Office of the Comptroller of the Currency, 400 7th Street SW, Washington, DC 20219. If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
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 |