[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