[Federal Register Volume 62, Number 186 (Thursday, September 25, 1997)]
[Notices]
[Pages 50370-50371]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-25494]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Proposed Collection;
Comment Request
AGENCY: Board of Governors of the Federal Reserve System
ACTION: Notice
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Background:
On June 15, 1984, the Office of Management and Budget (OMB)
delegated to the Board of Governors of the Federal Reserve System
(Board) its approval authority under the Paperwork Reduction Act, as
per 5 CFR 1320.16, to approve of and assign OMB control numbers to
collection of information requests and requirements conducted or
sponsored by the Board under conditions set forth in 5 CFR 1320
Appendix A.1. The Federal Reserve may not conduct or sponsor, and the
respondent is not required to respond to, an information collection
that has been extended, revised, or implemented on or after October 1,
1995, unless it displays a currently valid OMB control number. Board-
approved collections of information will be incorporated into the
official OMB inventory of currently approved collections of
information. A copy of the OMB 83-I and supporting statement and the
approved collection of information instrument will be placed into OMB's
public docket files. The following information collection, which is
being handled under this delegated authority, has received initial
Board approval and is hereby published for comment. At the end of the
comment period, the proposed information collection, along with an
analysis of comments and recommendations received, will be submitted to
the Board for final approval under OMB delegated authority. Comments
are invited on the following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Federal Reserve's functions; including
whether the information has practical utility;
b. The accuracy of the Federal Reserve'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; and
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.
DATES: Comments must be submitted on or before November 24, 1997.
[[Page 50371]]
ADDRESSES: Comments, which should refer to the OMB control number or
agency form number, should be addressed to William W. Wiles, Secretary,
Board of Governors of the Federal Reserve System, 20th and C Streets,
N.W., Washington, DC 20551, or delivered to the Board's mail room
between 8:45 a.m. and 5:15 p.m., and to the security control room
outside of those hours. Both the mail room and the security control
room are accessible from the courtyard entrance on 20th Street between
Constitution Avenue and C Street, N.W. Comments received may be
inspected in room M-P-500 between 9:00 a.m. and 5:00 p.m., except as
provided in section 261.8 of the Board's Rules Regarding Availability
of Information, 12 CFR 261.8(a).
A copy of the comments may also be submitted to the OMB desk
officer for the Board: Alexander T. Hunt, Office of Information and
Regulatory Affairs, Office of Management and Budget, New Executive
Office Building, Room 3208, Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT: A copy of the Paperwork Reduction Act
Submission (OMB 83-I), supporting statement, and other documents that
will be placed into OMB's public docket files once approved may be
requested from the agency clearance officer, whose name appears
below.Mary M. McLaughlin, Chief, Financial Reports Section (202-452-
3829), Division of Research and Statistics, Board of Governors of the
Federal Reserve System, Washington, DC 20551. Telecommunications Device
for the Deaf (TDD) users may contact Diane Jenkins (202-452-3544),
Board of Governors of the Federal Reserve System, Washington, DC 20551.
Proposal to approve under OMB delegated authority the extension for
three years, without revision, of the following report:
1. Report title: Recordkeeping Requirements Associated with Real
Estate Appraisal Standards for Federally Related Transactions Pursuant
to Regulations H and Y
Agency form number: none
OMB control number: 7100-0250
Frequency: on occasion
Reporters: state member banks and bank holding company (BHC)
subsidiaries
Annual reporting hours: 61,220 (27,940 for state member banks and
33,280 for BHC subsidiaries
Estimated average hours per response: .25
Number of respondents: 2,040 (1,016 state member banks and 1,024 BHC
subsidiaries)
Small businesses are affected.
General description of report: This recordkeeping is mandatory
(U.S.C. Sections 3310, 3331-3351). Since the Federal Reserve does not
collect this information, confidentiality under the Freedom of
Information Act (FOIA) is generally not at issue. The issue of the
confidentiality of the information, however, might arise if the Federal
Reserve were to obtain a copy of the appraisal during an examination or
inspection. In such a case, the documents would be exempt (5 U.S.C.
552(b)(8)). The information also would be exempt if disclosure would
likely cause substantial harm to the institution from which it was
obtained (5 U.S.C. 552(b)(4)).
Abstract: This information collection is a recordkeeping
requirement contained in the Board's Regulation H (12 C.F.R. 208.18)
and Regulation Y (12 C.F.R. 225.61) that implements Title XI of the
Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
The purpose of the statute is to provide that federal financial and
public policy interests in real estate related transactions will be
protected by requiring that real estate appraisals used in connection
with federally related transactions are performed in writing, in
accordance with uniform standards, by individuals whose competency has
been demonstrated and whose professional conduct will be subject to
effective supervision.
The Federal Deposit Insurance Corporation, the Office of the
Controller of the Currency, and the Office of Thrift Supervision have
parallel requirements for the institutions they supervise.
Board of Governors of the Federal Reserve System, September 19,
1997.
William W. Wiles,
Secretary of the Board.
[FR Doc. 97-25494 Filed 9-24-97; 8:45 am]
Billing Code 6210-01-F
