[Federal Register Volume 62, Number 236 (Tuesday, December 9, 1997)] [Notices] [Page 64846] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 97-32158] ----------------------------------------------------------------------- FEDERAL RESERVE SYSTEM Agency Information Collection Activities: Submission to OMB Under Delegated Authority Background Notice is hereby given of the final approval of a proposed information collection by the Board of Governors of the Federal Reserve System (Board) under OMB delegated authority, as per 5 CFR 1320.16 (OMB Regulations on Controlling Paperwork Burdens on the Public). 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. FOR FURTHER INFORMATION CONTACT: Chief, Financial Reports Section--Mary M. McLaughlin--Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, DC 20551 (202-452-3829) OMB Desk Officer--Alexander T. Hunt--Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Room 3208, Washington, DC 20503 (202-395-7860) Final approval under OMB delegated authority of 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, December 3, 1997. William W. Wiles, Secretary of the Board. [FR Doc. 97-32158 Filed 12-8-97; 8:45AM] Billing Code 6210-01-F