[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]


=======================================================================
-----------------------------------------------------------------------

FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Proposed Collection; 
Comment Request

AGENCY: Board of Governors of the Federal Reserve System
ACTION: Notice

-----------------------------------------------------------------------

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