[Federal Register Volume 83, Number 47 (Friday, March 9, 2018)]
[Notices]
[Pages 10480-10481]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-04756]
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FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
[Docket No. AS18-03]
Appraisal Subcommittee; Notice of Received Request for a
Temporary Waiver
AGENCY: Appraisal Subcommittee of the Federal Financial Institutions
Examination Council, FFIEC.
ACTION: Notice of received request for a temporary waiver; request for
comments.
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SUMMARY: The Appraisal Subcommittee (ASC) of the Federal Financial
Institutions Examination Council (FFIEC) has received a request for a
temporary waiver of appraiser certification or licensing requirements
pursuant to the Financial Institutions Reform, Recovery, and
Enforcement Act, and the rules promulgated thereunder. The ASC is
requesting comment (including written data, views and arguments) on the
received request.
DATES: Comments must be received on or before April 9, 2018.
ADDRESSES: Commenters are encouraged to submit comments (including
written data, views and arguments) by the Federal eRulemaking Portal or
email, if possible. You may submit comments, identified by Docket
Number AS18-03, by any of the following methods:
Federal eRulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments. Click on the ``Help''
tab on the Regulations.gov home page to get information on using
Regulations.gov, including instructions for submitting public comments.
E-Mail: [email protected]. Include the docket number in
the subject line of the message.
Fax: (202) 289-4101. Include docket number on fax cover
sheet.
Mail: Address to Appraisal Subcommittee, Attn: Lori
Schuster, Management and Program Analyst, 1401 H Street NW, Suite 760,
Washington, DC 20005.
Hand Delivery/Courier: 1401 H Street NW, Suite 760,
Washington, DC 20005.
In general, the ASC will enter all comments received into the
docket and publish those comments on the Federal eRulemaking
(regulations.gov) website without change, including any business or
personal information that you provide, 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 enclose any
information in your comment or supporting materials that you consider
confidential or inappropriate for public disclosure. At the close of
the comment period, all public comments will also be made available on
the ASC's website at https://www.asc.gov (follow link in ``What's
New'') as submitted, unless modified for technical reasons.
You may review comments by any of the following methods:
Viewing Comments Electronically: Go to https://www.regulations.gov. Enter ``Docket ID AS18-03'' in the Search box and
click ``Search.'' Click on the ``Help'' tab on the Regulations.gov home
page to get information on using Regulations.gov, including
instructions for viewing public comments, viewing other supporting and
related materials, and viewing the docket after the close of the
comment period.
Viewing Comments Personally: You may personally inspect
comments at the ASC office, 1401 H Street NW, Suite 760, Washington, DC
20005. To make an appointment, please call Lori Schuster at (202) 595-
7578.
FOR FURTHER INFORMATION CONTACT: James R. Park, Executive Director, at
(202) 595-7575, or Alice M. Ritter, General Counsel, at (202) 595-7577,
Appraisal Subcommittee, 1401 H Street NW, Suite 760, Washington, DC
20005.
SUPPLEMENTARY INFORMATION:
I. Background
Title XI of the Financial Institutions Reform, Recovery, and
Enforcement Act of 1989, as amended (Title XI), established the ASC.\1\
The purpose of Title XI is ``to provide that Federal financial and
public policy interests in real estate related transactions will be
protected by requiring that real estate appraisals utilized 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.'' \2\ Title XI requires the use of
State licensed or certified appraisers in federally related
transactions.\3\ Section 1119(b) of Title XI, 12 U.S.C. 3348(b),
authorizes the ASC to waive, on a temporary basis and with approval of
the FFIEC, any certification or licensing requirement relative to
certifying or licensing individuals to perform appraisals under Title
XI in a State or geographic political subdivisions of a State upon a
written determination that there is a scarcity of certified or licensed
appraisers to perform appraisals in connection with federally related
transactions leading to significant delays in the performance of such
appraisals. The ASC has issued procedures \4\ governing the processing
of temporary waiver requests. After receiving a waiver request, the ASC
is required to issue a public notice in the Federal Register requesting
comment on the request for a proposed temporary waiver. Within 15 days
of the close of the 30-day comment period, the ASC, by order, will
grant or deny a waiver, in whole or in part, and upon specified terms
or conditions, including provisions for waiver termination. If the ASC
approves any or all of the request, it is subject to approval by the
FFIEC. The ASC's order granting or denying the
[[Page 10481]]
waiver shall respond to comments received and shall provide reasons for
the ASC's finding. The order shall be published promptly in the Federal
Register, though in the case of an order granting a waiver, only after
approval by the FFIEC.
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\1\ The ASC Board is comprised of seven members. Five members
are designated by the heads of the FFIEC agencies (Board of
Governors of the Federal Reserve System [Board], Consumer Financial
Protection Bureau [CFPB], Federal Deposit Insurance Corporation
[FDIC], Office of the Comptroller of the Currency [OCC], and
National Credit Union Administration [NCUA]). The other two members
are designated by the heads of the Department of Housing and Urban
Development (HUD) and the Federal Housing Finance Agency (FHFA).
\2\ Title XI Sec. 1101, 12 U.S.C. 3331.
\3\ ``Federally related transaction'' refers to any real estate
related financial transaction which: a) a federal financial
institutions regulatory agency engages in, contracts for, or
regulates; and b) requires the services of an appraiser. (Title XI
Sec. 1121 (4), 12 U.S.C. 3350.)
\4\ 12 CFR part 1102, subpart A.
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II. Request for Temporary Waiver; Received Request
On November 20, 2017, a letter requesting consideration of a
temporary waiver was received by the ASC from TriStar Bank, a state-
chartered bank located in Dickson, Tennessee (the Requester). On
November 30, 2017, ASC staff replied by letter to the Requester, in
which ASC staff described the information required to file a completed
waiver request pursuant to 12 CFR 1102.2 and 1102.3, subpart A,
Temporary Waiver Requests. On January 22, 2018, the Requester submitted
additional information (dated January 10, 2018) in response to the
ASC's November 30, 2017 letter. Pursuant to 12 CFR 1102.4, the ASC is
publishing a notice respecting the received request to give interested
persons 30 days to comment, including submission of written data, views
and arguments.
You may view the received request by any of the following methods:
Viewing Received Request Electronically: Go to https://www.asc.gov. In the ``What's New'' box on the home page, a link is
provided to view the received request and supporting documentation.
Viewing Received Request Personally: You may personally
inspect the received request and supporting documentation at the ASC
office, 1401 H Street NW, Suite 760, Washington, DC 20005. To make an
appointment, please call Lori Schuster at (202) 595-7578.
III. Request for Comment
The ASC seeks comment on all aspects of the received request,
including submission of written data, views and arguments.
* * * * *
By the Appraisal Subcommittee.
Dated: March 6, 2018.
James R. Park,
Executive Director.
[FR Doc. 2018-04756 Filed 3-8-18; 8:45 am]
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