Federal Register / Vol. 83, No. 147 / Tuesday, July 31, 2018 / Notices 36931 

Title: Accelerating Wireline 

Broadband Deployment by Removing 

Barriers to Infrastructure Investment, 

GN Docket No. 17–84. 

Form Number(s): N/A. 

Type of Review: Revision of a 

currently approved collection. 

Respondents: Business or other forprofit entities. 

Number of Respondents and 

Responses: 5,357 respondents; 573,928 

responses. 

Estimated Time per Response: 0.5–4.5 

hours. 

Frequency of Response: On occasion 

reporting requirements; recordkeeping 

and third-party disclosure requirements. 

Obligation to Respond: Required to 

obtain or retain benefits. Statutory 

authority for this information collection 

is contained in 47 U.S.C. 222 and 251. 

Total Annual Burden: 575,448 hours. 

Total Annual Cost: No cost. 

Privacy Act Impact Assessment: No 

impact(s). 

Nature and Extent of Confidentiality: 

The Commission is not requesting that 

the respondents submit confidential 

information to the FCC. Respondents 

may, however, request confidential 

treatment for information they believe to 

be confidential under 47 CFR 0.459 of 

the Commission’s rules. 

Needs and Uses: Section 251 of the 

Communications Act of 1934, as 

amended, 47 U.S.C. 251, is designed to 

accelerate private sector development 

and deployment of telecommunications 

technologies and services by spurring 

competition. Section 222(e) is also 

designed to spur competition by 

prescribing requirements for the sharing 

of subscriber list information. These 

information collection requirements are 

designed to help implement certain 

provisions of sections 222(e) and 251, 

and to eliminate operational barriers to 

competition in the telecommunications 

services market. Specifically, these 

information collection requirements 

will be used to implement (1) local 

exchange carriers’ (‘‘LECs’’) obligations 

to provide their competitors with 

dialing parity and non-discriminatory 

access to certain services and 

functionalities; (2) incumbent local 

exchange carriers’ (‘‘ILECs’’) duty to 

make network information disclosures; 

and (3) numbering administration. The 

revisions to this collection relate to 

changes in one of many components of 

the currently approved collection— 

specifically, certain reporting, 

recordkeeping and/or third-party 

disclosure requirements under section 

251(c)(5). In November 2017, the 

Commission adopted new rules 

concerning certain information 

collection requirements implemented 

under section 251(c)(5) of the Act, 

pertaining to network change 

disclosures. Most of the changes to 

those rules applied specifically to a 

certain subset of network change 

disclosures, namely notices of planned 

copper retirements. In addition, the 

changes removed a rule that prohibits 

incumbent LECs from engaging in useful 

advanced coordination with entities 

affected by network changes. In June 

2018, the Commission revised its 

network change disclosure rules to (1) 

revise the types of network changes that 

trigger an incumbent LEC’s public 

notice obligation, and (2) extend the 

force majeure provisions applicable to 

copper retirements to all types of 

network changes. The changes are 

aimed at removing unnecessary 

regulatory barriers to the deployment of 

high-speed broadband networks. The 

Commission estimates that these 

revisions do not result in any change to 

the total annual burden hours or any 

additional outlays of funds for hiring 

outside contractors or procuring 

equipment as the changes eliminate 

notices that are subsumed by notice 

obligations that remain in force or 

simply codify procedures available to a 

small number of incumbent LECs by 

waiver orders. 

Federal Communications Commission. 

Marlene Dortch, 

Secretary, Office of the Secretary. 

[FR Doc. 2018–16300 Filed 7–30–18; 8:45 am] 

BILLING CODE 6712–01–P 

FEDERAL HOUSING FINANCE 

AGENCY 

[No. 2018–N–08] 

Proposed Collection; Comment 

Request 

AGENCY: Federal Housing Finance 

Agency. 

ACTION: 30-Day notice of submission of 

information collection for approval from 

Office of Management and Budget. 

SUMMARY: In accordance with the 

requirements of the Paperwork 

Reduction Act of 1995 (PRA), the 

Federal Housing Finance Agency (FHFA 

or the Agency) is seeking public 

comments concerning an information 

collection known as ‘‘Minimum 

Requirements for Appraisal 

Management Companies,’’ which has 

been assigned control number 2590– 

0013 by the Office of Management and 

Budget (OMB). FHFA intends to submit 

the information collection to OMB for 

review and approval of a three-year 

extension of the control number, which 

is due to expire on July 31, 2018. 

DATES: Interested persons may submit 

comments on or before August 30, 2018. 

ADDRESSES: Submit comments to the 

Office of Information and Regulatory 

Affairs of the Office of Management and 

Budget, Attention: Desk Officer for the 

Federal Housing Finance Agency, 

Washington, DC 20503, Fax: (202) 395– 

3047, Email: OIRA_submission@

omb.eop.gov. Please also submit 

comments to FHFA, identified by 

‘‘Proposed Collection; Comment 

Request: ‘Minimum Requirements for 

Appraisal Management Companies, (No. 

2018–N–08)’’’ by any of the following 

methods: 

• Agency Website: www.fhfa.gov/ 

open-for-comment-or-input. 

• Federal eRulemaking Portal: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. If 

you submit your comment to the 

Federal eRulemaking Portal, please also 

send it by email to FHFA at 

RegComments@fhfa.gov to ensure 

timely receipt by the Agency. 

• Mail/Hand Delivery: Federal 

Housing Finance Agency, Eighth Floor, 

400 Seventh Street SW, Washington, DC 

20219, ATTENTION: Proposed 

Collection; Comment Request: 

‘‘Minimum Requirements for Appraisal 

Management Companies, (No. 2018–N– 

08).’’ 

We will post all public comments we 

receive without change, including any 

personal information you provide, such 

as your name and address, email 

address, and telephone number, on the 

FHFA website at http://www.fhfa.gov. In 

addition, copies of all comments 

received will be available for 

examination by the public through the 

electronic comment docket for this PRA 

Notice also located on the FHFA 

website. 

FOR FURTHER INFORMATION CONTACT: 

Robert Witt. Senior Policy Analyst, 

Office of Housing and Regulatory 

Policy, by email at Robert.Witt@fhfa.gov 

or by telephone at (202) 649–3128; or 

Eric Raudenbush, Associate General 

Counsel, Eric.Raudenbush@fhfa.gov, 

(202) 649–3084 (these are not toll-free 

numbers); Federal Housing Finance 

Agency, 400 Seventh Street SW, 

Washington, DC 20219. The 

Telecommunications Device for the 

Hearing Impaired is (800) 877–8339. 

SUPPLEMENTARY INFORMATION: FHFA is 

seeking comments on its upcoming 

request to OMB to renew the PRA 

clearance for the following collection of 

information: 

Title: Minimum requirements for 

appraisal management companies. 


daltland on DSKBBV9HB2PROD with NOTICES
36932 Federal Register / Vol. 83, No. 147 / Tuesday, July 31, 2018 / Notices 

1See 80 FR 32658 (June 9, 2015). By agreement, 

the responsibility for clearance under the PRA of 

information collections contained in the joint 

regulations is shared only by the FDIC, OCC, Board, 

and FHFA. 2See 12 U.S.C. 3350(4), (5). ‘‘Federal financial 

institutions regulatory agency’’ includes the FDIC, 

OCC, Board, and National Credit Union 

Administration. See 12 U.S.C. 3350(6). 3Section 1117 of the Financial Institutions 

Reform, Recovery, and Enforcement Act of 1989 

(FIRREA), 12 U.S.C. 3346, permits states to 

establish an appraiser certifying and licensing 

agency ‘‘to assure the availability of State certified 

and licensed appraisers for the performance in a 

State of appraisals in federally related transactions 

and to assure effective supervision of the activities 

of certified and licensed appraisers.’’ The DoddFrank Act amended section 1117 to provide that the 

duties of a state appraiser certifying and licensing 

agency may also include the registration and 

supervision of AMCs. Although states are not 

required by federal law to register and supervise 

AMCs, or even to establish an appraiser certifying 

and licensing agency, an AMC that is not registered 

with such a state agency (except for those regulated 

by a federal financial institutions regulatory agency) 

may not participate in a federally-related 

transaction in that state. See 12 U.S.C. 3353(f)(1). 

4See 12 CFR 1222.23. 

5See 12 U.S.C. 3353(e). 

6See 12 CFR 1222.21(k) (defining ‘‘Federally 

regulated AMC’’). 

7See 12 CFR 1222.20 through 1222.26. For 

clarity, the regulatory citations in this notice are to 

FHFA’s version of the joint regulations only. 

8See 12 CFR 1222.26. 

9See 12 CFR 1222.23(a). 10See 12 CFR 1222.23(b). Sections 129E(a) 

through (i) of the Truth-in-Lending Act are located 

at 15 U.S.C. 1639e(a) through (i). 11See 12 CFR 1222.24(a) and 1222.25(b). 12See 12 CFR 1222.24(b). 

OMB Number: 2590–0013. 

Affected Public: Participating States 

and State-registered Appraisal 

Management Companies. 

A. Need for and Use of the Information 

Collection 

In 2015, the Federal Deposit 

Insurance Corporation (FDIC), the Office 

of the Comptroller of the Currency 

(OCC), the Board of Governors of the 

Federal Reserve System (Board), the 

Bureau of Consumer Financial 

Protection (Bureau), and FHFA 

(collectively, the Agencies) jointly 

issued regulations 1 to implement 

provisions of the Dodd-Frank Wall 

Street Reform and Consumer Protection 

Act (Dodd-Frank Act) relating to the 

eligibility of appraisal management 

companies (AMCs) to provide appraisal 

management services for real estate 

related financial transactions that are 

engaged in, contracted for, or regulated 

by a ‘‘federal financial institutions 

regulatory agency’’ or the Resolution 

Trust Corporation (‘‘Federally related 

transactions’’).2 Generally, these 

statutory provisions provide that an 

AMC either be registered with a state’s 

appraiser certifying and licensing 

agency or be subject to oversight by a 

federal financial institutions regulatory 

agency in order to participate in a 

Federally related transaction.3

As required by the Dodd-Frank Act 

provisions, the Agencies’ joint AMC 

regulations establish minimum 

requirements for the registration and 

supervision of AMCs to be applied by 

states that have elected to establish an 

appraiser certifying and licensing 

agency with authority to register and 

supervise AMCs (participating states).4

The joint regulations also implement the 

statutory requirement that states report 

to the Appraisal Subcommittee (ASC) of 

the Federal Financial Institutions 

Examination Council (FFIEC) the 

information required by the ASC to 

administer a national registry of AMCs 

(AMC National Registry or Registry).5

When fully established, the AMC 

National Registry will include AMCs 

that are either: (1) Subsidiaries owned 

and controlled by an insured depository 

institution (as defined in 12 U.S.C. 

1813) and regulated by either the FDIC, 

OCC, or Board (federally regulated 

AMCs) ;6 or (2) registered with, and 

subject to supervision of, a state 

appraiser certifying and licensing 

agency. FHFA’s AMC regulation, 

located at Subpart B of 12 CFR part 

1222, is substantively identical to the 

AMC regulations of the FDIC, OCC, and 

Board and contains the recordkeeping 

and reporting requirements described 

below.7

1. State Reporting Requirements (IC #1) 

The regulation requires that each state 

electing to register AMCs for purposes 

of permitting AMCs to provide appraisal 

management services relating to covered 

transactions in the state submit to the 

ASC the information regarding such 

AMCs required to be submitted by ASC 

regulations or guidance concerning 

AMCs that operate in the state.8

2. State Recordkeeping Requirements 

(IC #2) 

States seeking to register AMCs must 

have an AMC registration and 

supervision program. The regulation 

requires each participating state to 

establish and maintain within its 

appraiser certifying and licensing 

agency a registration and supervision 

program with the legal authority and 

mechanisms to: (i) Review and approve 

or deny an application for initial 

registration; (ii) periodically review and 

renew, or deny renewal of, an AMC’s 

registration; (iii) examine an AMC’s 

books and records and require the 

submission of reports, information, and 

documents; (iv) verify an AMC’s panel 

members’ certifications or licenses; (v) 

investigate and assess potential 

violations of laws, regulations, or 

orders; (vi) discipline, suspend, 

terminate, or deny registration renewals 

of AMCs that violate laws, regulations, 

or orders; and (vii) report violations of 

laws, regulations, or orders, and 

disciplinary and enforcement actions to 

the ASC.9

The regulation requires each 

participating state to impose 

requirements on AMCs that are not 

federally regulated (non-federally 

regulated AMCs) to: (i) Register with 

and be subject to supervision by a state 

appraiser certifying and licensing 

agency in each state in which the AMC 

operates; (ii) use only state-certified or 

state-licensed appraisers for federally 

regulated transactions in conformity 

with any federally regulated transaction 

regulations; (iii) establish and comply 

with processes and controls reasonably 

designed to ensure that the AMC, in 

engaging an appraiser, selects an 

appraiser who is independent of the 

transaction and who has the requisite 

education, expertise, and experience 

necessary to competently complete the 

appraisal assignment for the particular 

market and property type; (iv) direct the 

appraiser to perform the assignment in 

accordance with the Uniform Standards 

of Professional Appraisal Practice; and 

(v) establish and comply with processes 

and controls reasonably designed to 

ensure that the AMC conducts its 

appraisal management services in 

accordance with sections 129E(a) 

through (i) of the Truth-in-Lending 

Act.10

3. AMC Reporting Requirements (IC #3) 

The regulation provides that an AMC 

may not be registered by a state or 

included on the AMC National Registry 

if the company is owned, directly or 

indirectly, by any person who has had 

an appraiser license or certificate 

refused, denied, cancelled, surrendered 

in lieu of revocation, or revoked in any 

state for a substantive cause.11 The 

regulation also provides that an AMC 

may not be registered by a state if any 

person that owns 10 percent or more of 

the AMC fails to submit to a background 

investigation carried out by the state 

appraiser certifying and licensing 

agency.12 Thus, each AMC registering 

with a state must provide information to 

the state on compliance with those 

ownership restrictions. Further, the 

regulation requires that a federally 

regulated AMC report to the state or 

states in which it operates the 

information required to be submitted by 

the state pursuant to the ASC’s policies, 

including policies regarding the 

determination of the AMC National 


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Federal Register / Vol. 83, No. 147 / Tuesday, July 31, 2018 / Notices 36933 

13See 12 CFR 1222.25(c). 

14See 12 CFR 1222.21(c)(iii). 

15See 12 CFR 1222.22(b). 

16 In FHFA’s regulations, this definition is set 

forth at 12 CFR 1222.21(c). 

17FHFA anticipates that definitive information 

on the total number of AMCs and on the relative 

number of federally regulated and non-federally 

regulated AMCs will become available after the 

AMC National Registry becomes fully operational in 

2020. 

18See 12 CFR 1222.21(o). 

19Appraisal Institute ‘‘Enacted State AMC Laws,’’ 

https://www.appraisalinstitute.org/advocacy/ 

enacted-state-amc-laws1/. 

20The number of states includes all U.S. states, 

territories, and districts to include: The 

Commonwealth of the Northern Mariana Islands; 

the District of Columbia; Guam; Puerto Rico; and 

the U.S. Virgin Islands. 

Registry fee, and information regarding 

compliance with the ownership 

restrictions described above.13

4. AMC Recordkeeping Requirements 

(IC #4) 

An entity meets the definition of an 

AMC that is subject to the requirements 

of the AMC regulation if, among other 

things, it oversees an appraiser panel of 

more than 15 state-certified or statelicensed appraisers in a state, or 25 or 

more state-certified or state-licensed 

appraisers in two or more states, within 

a given 12-month period.14 For 

purposes of determining whether a 

company qualifies as an AMC under 

that definition, the regulation provides 

that an appraiser in an AMC’s network 

or panel is deemed to remain on the 

network or panel until: (i) The AMC 

sends a written notice to the appraiser 

removing the appraiser with an 

explanation; or (ii) receives a written 

notice from the appraiser asking to be 

removed or a notice of the death or 

incapacity of the appraiser.15 The AMC 

would retain these notices in its files. 

B. Burden Estimate 

FHFA’s burden estimates for the 

information collections described above 

appear below. The estimates below 

remain the same as those set forth in the 

60-day notice, despite one commenter’s 

assertion that some of the assumptions 

underlying those burden estimates are 

incorrect. Those assertions and FHFA’s 

responses are addressed below in 

section C of the notice. 

There is no change in the existing 

methodology or substance of this 

information collection. For the 

information collections described above, 

the general methodology is to compute 

the industry wide burden hours for 

participating states and AMCs and then 

assign a share of the burden hours to 

each of the Agencies for each 

information collection. 

As noted above, each of the Agencies’ 

AMC regulations contains reporting and 

recordkeeping requirements applying to 

participating states and to both federally 

regulated and non-federally regulated 

AMCs. The Agencies have estimated 

that approximately 200 entities meet the 

regulatory definition of an ‘‘appraisal 

management company’’ 16 and that, of 

those 200 AMCs, approximately 120 are 

federally regulated and approximately 

80 are non-federally regulated.17 Unlike 

the insured depository institutions 

regulated by the OCC, FDIC, and Board, 

none of FHFA’s regulated entities owns 

or controls an AMC or, by law, could 

ever own or control an AMC. 

Accordingly, the Agencies have agreed 

that responsibility for the burdens 

arising from reporting and 

recordkeeping requirements imposed 

upon federally regulated AMCs are to be 

split evenly among the OCC, FDIC, and 

Board (i.e., the equivalent of 40 

federally regulated AMCs for each 

agency) and that FHFA will not include 

those burdens in its totals. The four 

Agencies have agreed to split the total 

burdens imposed upon participating 

states and upon non-federally regulated 

AMCs evenly between them (i.e., by 

taking responsibility for 25 percent of 

the burden per agency or, in the case of 

non-federally regulated AMCs, the 

equivalent of 20 such AMCs for each 

agency). 

Thus, for ICs #1 and #2, which relate 

to reporting and recordkeeping 

requirements imposed upon 

participating states, each agency is 

responsible for 25 percent of the total 

estimated burden. For ICs #3 and #4, 

which relate to reporting and 

recordkeeping requirements imposed 

upon both federally regulated AMCs 

and non-federally regulated AMCs, the 

OCC, FDIC, and Board are each 

responsible for the burden imposed 

upon a total of 60 AMCs (40 federally 

regulated plus 20 non-federally 

regulated), or 30 percent of the total 

burden, while FHFA is responsible only 

for the burden imposed upon 20 nonfederally regulated AMCs, or 10 percent 

of the total burden. 

The Agencies estimate the total 

annualized hour burden placed on 

respondents by the information 

collection in the joint AMC regulations 

to be 1,445 hours. FHFA estimates its 

share of the hour burden to be 183 

hours. The calculations on which those 

estimates are based are described below. 

1. State Reporting Requirements (IC #1) 

The total estimated burden hours for 

states reporting to the ASC are 

calculated by multiplying the number of 

states by the hour burden per state. The 

burden hours are then divided equally 

among the FDIC, OCC, Board, and 

FHFA, with each agency responsible for 

25 percent of the total. For purposes of 

this calculation, the number of states is 

set at 55 which, in conformity with the 

regulatory definition of ‘‘state,’’ includes 

all 50 U.S. states as well as the 

Commonwealth of the Northern Mariana 

Islands, the District of Columbia, Guam, 

Puerto Rico, and the U.S. Virgin 

Islands.18 The burden estimate of 1 hour 

per report is unchanged from the 

estimate provided for the currentlyapproved ICR. Therefore, the estimated 

total state reporting burden attributable 

to all of the Agencies is: 55 states × 1 

hour/state = 55 hours. The estimated 

burden hours attributable to FHFA are 

55 hours × 25 percent = 14 hours 

(rounded to the nearest whole number). 

2. State Recordkeeping Requirements 

(IC #2) 

The estimated burden hours on 

participating states for developing and 

maintaining an AMC licensing program 

is calculated by multiplying the number 

of states without a registration and 

licensing program by the hour burden to 

develop the system. The total burden 

hours are then equally divided among 

the FDIC, OCC, Board, and FHFA. 

According to the Appraisal Institute, as 

of July 26, 2017, there were 5 states that 

had not developed a system to register 

and oversee AMCs.19 The burden 

estimate of 40 hours per state without a 

registration system is unchanged from 

the estimate provided for the currentlyapproved ICR. Therefore, the total 

estimated burden attributable to all of 

the Agencies is: 5 states × 40 hours/state 

= 200 hours. The estimated burden 

hours attributable to FHFA are 200 

hours × 25 percent = 50 hours. 

3. AMC Reporting Requirements (IC #3) 

The burden for AMC reporting 

requirements for information needed to 

determine the AMC National Registry 

fee and information regarding 

compliance with the AMC ownership 

restrictions is calculated by multiplying 

the number of AMCs by the frequency 

of response and then by the burden per 

response. As described above, 30 

percent of the burden hours are then 

assigned to each of the FDIC, OCC, and 

Board, while 10 percent are assigned to 

FHFA. 

The frequency of response is 

estimated as the number of states that 

do not have an AMC registration 

program in which the average AMC 

operates.20 As discussed above, 5 states 

do not have AMC registration or 


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36934 Federal Register / Vol. 83, No. 147 / Tuesday, July 31, 2018 / Notices 

21The CFPB conducted a survey of 9 AMCs in 

2013 regarding the provisions in the regulation and 

the related PRA burden. 

22See 83 FR 22681 (May 16, 2018). 

23See 12 U.S.C. 3353(a). 

24See 12 U.S.C. 3353(d). 

25See 12 U.S.C. 3353(e). 

26The joint regulations define ‘‘appraisal 

management company’’ generally to mean an entity 

that: (1) Provides appraisal management services 

(for example, maintaining a panel of certified and 

licensed appraisers to perform appraisals, managing 

the process of having an appraisal performed, 

collecting fees, and paying appraisers) to creditors 

or to secondary mortgage market participants; (2) 

provides such services in connection with valuing 

a consumer’s primary dwelling as security for a 

consumer credit transaction or incorporating such 

transactions into securitizations; and (3) oversees an 

appraiser panel of more than 15 State-certified or 

State-licensed appraisers in a State or 25 or more 

State-certified or State-licensed appraisers in two or 

more States within a 12-month period. See 12 CFR 

1222.21(c)(1). 

oversight programs. According to the 

Consumer Financial Protection Bureau 

(CFPB), the average AMC operates in 

19.56 states.21 Therefore, the average 

AMC operates in approximately 2 states 

that do not have AMC registration 

systems: (5 states/55 states) × 19.56 

states = 1.778 states, rounded to 2 states. 

The burden estimate of one hour per 

response is unchanged from the 

estimate provided for the currentlyapproved ICR. Therefore, the total 

estimated hour burden is: 200 AMCs × 

2 states × 1 hour = 400 hours. The 

estimated burden hours attributable to 

FHFA are 400 hours × 10 percent = 40 

hours. 

4. AMC Recordkeeping Requirements 

(IC #4) 

The burden for recordkeeping by 

AMCs of written notices of appraiser 

removal from a network or panel is 

estimated to be equal to the number of 

appraisers who leave the profession per 

year multiplied by the estimated 

percentage of appraisers who work for 

AMCs, then multiplied by burden hours 

per notice. As described above, 30 

percent of the burden hours are then 

assigned to each of the FDIC, OCC, and 

Board, while 10 percent are assigned to 

FHFA. 

The number of appraisers who leave 

an AMC annually, either by resigning, 

being laid off, or having their licenses 

revoked or surrendered, is estimated to 

be 9,881. The burden estimate of 0.08 

hours per notice is unchanged from the 

estimate provided for the currentlyapproved ICR. Therefore, the estimated 

total hour burden is: 9,881 notices × 

0.08 hours = 790 hours (rounded to the 

nearest whole number). The estimated 

burden hours attributable to FHFA are 

790 hours × 10 percent = 79 hours. 

C. Response to Comments Received 

In accordance with the requirements 

of 5 CFR 1320.8(d), FHFA published an 

initial notice and request for comments 

regarding the renewal of the PRA 

clearance for this information collection 

in the Federal Register on May 16, 2018 

(‘‘60-day notice’’).22 The 60-day 

comment period closed on July 16, 

2018. FHFA received two comments. 

One comment letter, from an 

individual, asserted that this collection 

of information is not necessary for the 

proper performance of FHFA functions 

because ‘‘there is currently too much 

oversight which cost excessive amounts 

of money’’ and that those costs are 

‘‘passed down to the consumers through 

the AMCs to cover costs to maintain 

regulatory compliance.’’ Because these 

comments relate to regulatory burden 

generally and not to the collection of 

information under the joint AMC 

regulation, FHFA has not addressed 

them in this notice. 

The second comment letter, from a 

trade association representing AMCs, 

addressed a number of issues relating to 

the collection of information under the 

joint AMC regulation. First, the 

commenter stated that the collection of 

information is ‘‘necessary’’ and has 

‘‘practical utility,’’ but ‘‘only to the 

extent that the information collected 

serves the proper purpose to promote 

appraiser independence while ensuring 

a healthy real estate valuation market.’’ 

FHFA disagrees with the commenter’s 

implication that the ‘‘proper purpose’’ 

of the collection of information under 

the joint AMC regulations is limited to 

the promotion of appraiser 

independence. In fact, as required by 

statute, the AMC regulations address all 

issues on which the Agencies were 

required to promulgate regulations— 

including minimum requirements for 

registration of AMCs in participating 

states,23 registration limitations for 

AMCs,24 and the reporting of 

information by AMCs to the ASC 25— 

and not merely the promotion of 

appraiser independence. The collection 

of information is necessary for 

implementation of those requirements. 

To the extent that the commenter 

disagrees with the scope and 

requirements of the joint AMC 

regulations, FHFA notes that those 

regulations may not be rescinded or 

revised through the PRA renewal 

process. 

The second comment letter also 

questioned the accuracy of FHFA’s 

estimates of the burdens of the 

collection of information. Asserting that 

the Agencies’ estimate that there are 200 

AMCs currently operating in the U.S. is 

too low, the commenter stated, without 

providing any further information or 

support, that ‘‘industry estimates’’ as to 

the number of AMCs ‘‘are closer to 

400.’’ As stated in the 60-day notice, 

because the actual number of AMCs is 

not currently known and will not be 

known until the AMC National Registry 

is fully operational in 2020, the 

Agencies made a best guess that 200 

entities currently qualify as an AMC, as 

that term is defined under the joint 

AMC regulations.26 Because the 

commenter has provided no support for 

its assertion regarding the current 

number of AMCs subject to the joint 

regulations, FHFA’s estimate as to that 

number remains unchanged. 

The commenter further asserted that, 

contrary to the Agencies’ estimates that 

60 percent of existing AMCs (or 120 out 

of 200) are federally regulated, it knows 

of only one federally regulated AMC in 

existence. As with respect to the total 

number of AMCs, the Agencies made a 

best guess estimate as to the relative 

number of federally regulated and nonfederally-regulated AMCs in the absence 

of any available empirical data on this 

issue pending completion of the AMC 

National Registry. As explained above, 

that estimate has no bearing on the 

Agencies’ estimates as to the total 

amount of burden imposed by the 

collections of information under the 

joint AMC regulations, but relates only 

to the appropriate distribution among 

the rulemaking Agencies of 

responsibility (under the PRA) for a 

portion of the total estimated burden. 

Given this, and the lack of support 

provided by the commenter for its 

estimate as to the actual number of 

federally regulated AMCs, FHFA’s 

estimate as to the relative number 

remains unchanged from that reflected 

in the 60-day notice. 

Other issues addressed in the second 

comment letter, including 

recommendations that the ASC issue 

additional guidance to states and AMCs 

concerning the AMC minimum 

requirements, find opportunities to 

develop reporting efficiencies in the 

state licensing system, and be more 

aggressive in supporting modernization 

of the outdated National Appraiser 

Registry do not relate to the collection 

of information under the joint AMC 

regulation. The Agencies, however, will 

forward these suggestions to the ASC for 

consideration. 

D. Comments Request 

In accordance with the requirements 

of 5 CFR 1320.10(a), FHFA is publishing 


daltland on DSKBBV9HB2PROD with NOTICES
Federal Register / Vol. 83, No. 147 / Tuesday, July 31, 2018 / Notices 36935 

this second notice to request comments 

regarding the following: (1) Whether the 

collection of information is necessary 

for the proper performance of FHFA 

functions, including whether the 

information has practical utility; (2) the 

accuracy of FHFA’s estimates of the 

burdens of the collection of information; 

(3) ways to enhance the quality, utility, 

and clarity of the information collected; 

and (4) ways to minimize the burden of 

the collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Dated: July 26, 2018. 

Kevin Winkler, 

Chief Information Officer, Federal Housing 

Finance Agency. 

[FR Doc. 2018–16350 Filed 7–30–18; 8:45 am] 

BILLING CODE 8070–01–P 

FEDERAL MARITIME COMMISSION 

Notice of Agreement Filed 

The Commission hereby gives notice 

of the filing of the following agreement 

under the Shipping Act of 1984. 

Interested parties may submit comments 

on the agreement to the Secretary by 

email at Secretary@fmc.gov, or by mail, 

Federal Maritime Commission, 

Washington, DC 20573, within twelve 

days of the date this notice appears in 

the Federal Register. Copies of the 

agreement are available through the 

Commission’s website (www.fmc.gov) or 

by contacting the Office of Agreements 

at (202)-523–5793 or tradeanalysis@

fmc.gov. 

Agreement No.: 201263. 

Agreement Name: Maersk/MSC/Zim 

Cooperative Working Agreement. 

Parties: Maersk Line A/S; 

Mediterranean Shipping Company S.A.; 

and Zim Integrated Shipping Services 

Ltd. 

Filing Party: Wayne Rohde, Cozen 

O’Connor. 

Synopsis: The Agreement authorizes 

the parties to share space and cooperate 

on the provision of service strings in the 

trade between Asia and the U.S. East 

Coast. 

Proposed Effective Date: 9/8/2018. 

Location: https://www2.fmc.gov/ 

FMC.Agreements.Web/Public/ 

AgreementHistory/14256. 

Dated: July 25, 2018. 

Rachel Dickon, 

Secretary. 

[FR Doc. 2018–16280 Filed 7–30–18; 8:45 am] 

BILLING CODE P 

FEDERAL RESERVE SYSTEM 

Formations of, Acquisitions by, and 

Mergers of Bank Holding Companies 

The companies listed in this notice 

have applied to the Board for approval, 

pursuant to the Bank Holding Company 

Act of 1956 (12 U.S.C. 1841 et seq.) 

(BHC Act), Regulation Y (12 CFR part 

225), and all other applicable statutes 

and regulations to become a bank 

holding company and/or to acquire the 

assets or the ownership of, control of, or 

the power to vote shares of a bank or 

bank holding company and all of the 

banks and nonbanking companies 

owned by the bank holding company, 

including the companies listed below. 

The applications listed below, as well 

as other related filings required by the 

Board, are available for immediate 

inspection at the Federal Reserve Bank 

indicated. The applications will also be 

available for inspection at the offices of 

the Board of Governors. Interested 

persons may express their views in 

writing on the standards enumerated in 

the BHC Act (12 U.S.C. 1842(c)). If the 

proposal also involves the acquisition of 

a nonbanking company, the review also 

includes whether the acquisition of the 

nonbanking company complies with the 

standards in section 4 of the BHC Act 

(12 U.S.C. 1843). Unless otherwise 

noted, nonbanking activities will be 

conducted throughout the United States. 

Unless otherwise noted, comments 

regarding each of these applications 

must be received at the Reserve Bank 

indicated or the offices of the Board of 

Governors not later than August 23, 

2018. 

A. Federal Reserve Bank of 

Minneapolis (Mark A. Rauzi, Vice 

President), 90 Hennepin Avenue, 

Minneapolis, Minnesota 55480–0291: 

1. Mackinac Financial Corporation, 

Manistique, Michigan; to acquire 100 

percent of the voting shares of Lincoln 

Community Bank, Merrill, Wisconsin. 

Board of Governors of the Federal Reserve 

System, July 26, 2018. 

Yao-Chin Chao, 

Assistant Secretary of the Board. 

[FR Doc. 2018–16337 Filed 7–30–18; 8:45 am] 

BILLING CODE P 

FEDERAL RESERVE SYSTEM 

Formations of, Acquisitions by, and 

Mergers of Bank Holding Companies 

The companies listed in this notice 

have applied to the Board for approval, 

pursuant to the Bank Holding Company 

Act of 1956 (12 U.S.C. 1841 et seq.) 

(BHC Act), Regulation Y (12 CFR part 

225), and all other applicable statutes 

and regulations to become a bank 

holding company and/or to acquire the 

assets or the ownership of, control of, or 

the power to vote shares of a bank or 

bank holding company and all of the 

banks and nonbanking companies 

owned by the bank holding company, 

including the companies listed below. 

The applications listed below, as well 

as other related filings required by the 

Board, are available for immediate 

inspection at the Federal Reserve Bank 

indicated. The applications will also be 

available for inspection at the offices of 

the Board of Governors. Interested 

persons may express their views in 

writing on the standards enumerated in 

the BHC Act (12 U.S.C. 1842(c)). If the 

proposal also involves the acquisition of 

a nonbanking company, the review also 

includes whether the acquisition of the 

nonbanking company complies with the 

standards in section 4 of the BHC Act 

(12 U.S.C. 1843). Unless otherwise 

noted, nonbanking activities will be 

conducted throughout the United States. 

Unless otherwise noted, comments 

regarding each of these applications 

must be received at the Reserve Bank 

indicated or the offices of the Board of 

Governors not later than August 24, 

2018. 

A. Federal Reserve Bank of 

Minneapolis (Mark A. Rauzi, Vice 

President), 90 Hennepin Avenue, 

Minneapolis, Minnesota 55480–0291: 

1. Citizens Community Bancorp, Inc., 

Eau Claire, Wisconsin; to acquire 100 

percent of United Bank, Osseo, 

Wisconsin. 

B. Federal Reserve Bank of St. Louis 

(David L. Hubbard, Senior Manager), 

P.O. Box 442, St. Louis, Missouri 

63166–2034. Comments can also be sent 

electronically to 

Comments.applications@stls.frb.org: 

1. Old National Bancorp, Evansville, 

Indiana; to merge with Klein Financial, 

Inc., Chaska, Minnesota, and thereby 

indirectly acquire KleinBank, also of 

Chaska, Minnesota. 

Board of Governors of the Federal Reserve 

System, July 25, 2018. 

Yao-Chin Chao, 

Assistant Secretary of the Board. 

[FR Doc. 2018–16377 Filed 7–30–18; 8:45 am] 

BILLING CODE 6210–01–P 

FEDERAL RESERVE SYSTEM 

Agency Information Collection 

Activities; Announcement of Board 

Approval Under Delegated Authority 

and Submission to OMB 

AGENCY: Board of Governors of the 

Federal Reserve System. 


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