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[Federal Register Volume 77, Number 188 (Thursday, September 27, 2012)]
[Notices]
[Pages 59398-59399]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-23782]

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FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL

[Docket No. AS12-16]

Appraisal Subcommittee; Proposed Policy Statements

AGENCY: Appraisal Subcommittee of the Federal Financial Institutions 
Examination Council.

ACTION: Notice of extension of comment period.

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SUMMARY: On August 30, 2012, the Appraisal Subcommittee (ASC) of the 
Federal Financial Institutions Examination Council issued a proposal to 
revise ASC Policy Statements. The ASC has received a request to extend 
the comment period set in the proposal and has determined to extend the 
comment period for an additional 30 days.

DATES: Comments must now be received on or before November 29, 2012.

ADDRESSES: You may submit comments by any of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     E-Mail: webmaster@asc.gov. 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, 1401 H Street NW., Suite 760, Washington, DC 20005.
    All public comments will be made available on the ASC's Web site at 
http://www.asc.gov (follow link in ``What's New'') as submitted, unless 
modified for technical reasons. Accordingly, comments will not be 
edited to remove any personal identifying or contact information.

FOR FURTHER INFORMATION CONTACT: James R. Park, Executive Director, at 
(202) 595-7575, or Alice M. Ritter, General Counsel, at (202) 595-7577, 
via Internet email at jim@asc.gov and alice@asc.gov, respectively, or 
by U.S. Mail at Appraisal Subcommittee, 1401 H Street NW., Suite 760, 
Washington, DC 20005.

SUPPLEMENTARY INFORMATION: On August 30, 2012, the ASC issued a 
proposal to revise the ASC Policy Statements. The proposed Policy 
Statements are intended to provide States with the necessary 
information to maintain their Programs in compliance with Title XI of 
the Financial Institutions Reform, Recovery, and Enforcement Act of 
1989, as amended (Title XI). Further, the proposed Policy Statements 
address the ASC's authority to evaluate a State Program for compliance 
with Title XI and to take sanctions against a State when its Program 
does not comply with Title XI. The proposal excludes provisions from 
the current Policy Statements that have become outdated or lack 
enforceability. Additionally, the proposal reflects consideration of 
recent amendments to the Uniform Standards of Professional Appraisal 
Practice (USPAP) and the AQB Real Property Appraiser Qualification 
Criteria. Proposed Policy Statements 1 thru 7 correspond with the seven 
categories evaluated during the ASC's Compliance

[[Page 59399]]

Review process and included in the ASC Compliance Review Report to a 
State. Proposed Policy Statement 8 sets forth procedures in the event 
the ASC imposes interim sanctions against a State. The proposal 
includes four appendices. The ASC requested comment on its proposal and 
set a 60-day comment period, originally scheduled to end on October 29, 
2012. The ASC has received a request to extend the comment period. The 
ASC Board believes a 30-day extension will facilitate the submission of 
comments without causing undue delay to the implementation of proposed 
Policy Statements. Accordingly, the comment period is extended and 
comments must now be received by November 29, 2012.
* * * * *

    By the Appraisal Subcommittee.

    Dated: September 24, 2012.
Peter Gillispie,
Chairman.
[FR Doc. 2012-23782 Filed 9-26-12; 8:45 am]
BILLING CODE 6700-01-P
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