Vol. 80 Tuesday,
No. 110 June 9, 2015
Part II
Department of the Treasury
Office of the Comptroller of the Currency
12 CFR Part 34
Federal Reserve System
12 CFR Parts 208 and 225
Federal Deposit Insurance Corporation
12 CFR Parts 323 and 390
Bureau of Consumer Financial Protection
12 CFR Part 1026
Federal Housing Finance Agency
12 CFR Part 1222
Minimum Requirements for Appraisal Management Companies; Final Rule
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No. 110 June 9, 2015
Part II
Department of the Treasury
Office of the Comptroller of the Currency
12 CFR Part 34
Federal Reserve System
12 CFR Parts 208 and 225
Federal Deposit Insurance Corporation
12 CFR Parts 323 and 390
Bureau of Consumer Financial Protection
12 CFR Part 1026
Federal Housing Finance Agency
12 CFR Part 1222
Minimum Requirements for Appraisal Management Companies; Final Rule
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32658 Federal Register / Vol. 80, No. 110 / Tuesday, June 9, 2015 / Rules and Regulations
1 Public Law 111–203, 124 Stat. 1376.
2 Public Law 101–73, 103 Stat. 183.
3 The term ‘‘appraisal management company’’ is
defined in more detail in section 1121(11) of Title
XI of FIRREA, 12 U.S.C. 3350(11), and in § 34.211(c)
of this final rule.
4 12 U.S.C. 3346.
5 Hereafter, section references are to Title XI of
FIRREA, unless otherwise noted.
6 12 U.S.C. 3332(a)(6).
7 12 U.S.C. 3353(e). See also FIRREA section
1109(a)(3), 12 U.S.C. 3338(a)(3) (requiring States to
submit reports to the ASC concerning supervisory
activities involving AMCs). This final rule does not
implement section 1109(a)(3); this section of
FIRREA is implemented by the ASC.
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Part 34
[Docket No. OCC–2014–0002]
RIN 1557–AD64
FEDERAL RESERVE SYSTEM
12 CFR Parts 208 and 225
[Docket No. R–1486]
RIN 7100–AE15
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Parts 323 and 390
RIN 3064–AE10
BUREAU OF CONSUMER FINANCIAL
PROTECTION
12 CFR Part 1026
RIN 3170–AA44
FEDERAL HOUSING FINANCE
AGENCY
12 CFR Part 1222
RIN 2590–AA61
Minimum Requirements for Appraisal
Management Companies
AGENCIES: Office of the Comptroller of
the Currency, Treasury (OCC); Board of
Governors of the Federal Reserve
System (Board); Federal Deposit
Insurance Corporation (FDIC); National
Credit Union Administration (NCUA);
Bureau of Consumer Financial
Protection (Bureau); and Federal
Housing Finance Agency (FHFA).
ACTION: Final rule.
SUMMARY: The OCC, Board, FDIC,
NCUA, Bureau, and FHFA (collectively,
the Agencies) are adopting a final rule
to implement the minimum
requirements in the Dodd-Frank Wall
Street Reform and Consumer Protection
Act (the Dodd-Frank Act) to be applied
by participating States in the
registration and supervision of appraisal
management companies (AMCs). The
final rule also implements the minimum
requirements in the Dodd-Frank Act for
AMCs that are subsidiaries owned and
controlled by an insured depository
institution and regulated by a Federal
financial institutions regulatory agency
(Federally regulated AMCs). Under the
final rule, these Federally regulated
AMCs do not need to register with a
State, but are subject to the same
minimum requirements as State-
regulated AMCs. The final rule also
implements the requirement for States
to report to the Appraisal Subcommittee
(ASC) of the Federal Financial
Institutions Examination Council
(FFIEC) the information required by the
ASC to administer the new national
registry of AMCs (AMC National
Registry). In conjunction with this
implementation, the FDIC is integrating
its appraisal regulations for State
nonmember banks and State savings
associations.
DATES: Effective date. This final rule
will become effective on August 10,
2015.
Compliance date: Federally regulated
AMCs must comply with the minimum
requirements for providing appraisal
management services under 12 CFR
34.215(a) no later than 12 months from
the effective date of this final rule. The
participating State or States in which a
State-regulated AMC operates will
establish the compliance deadline for
State-regulated AMCs.
FOR FURTHER INFORMATION CONTACT:
OCC: Robert L. Parson, Appraisal
Policy Specialist, (202) 649–6423, G.
Kevin Lawton, Appraiser (Real Estate
Specialist), (202) 649–7152, Mitchell E.
Plave, Special Counsel, Legislative and
Regulatory Activities Division, (202)
649–5490, for persons who are deaf or
hard of hearing, TTY, (202) 649–5597,
or Christopher Manthey, Special
Counsel, Bank Activities and Structure
Division, (202) 649–5500.
Board: Carmen Holly, Supervisory
Financial Analyst, Division of Banking
Supervision and Regulation, at (202)
973–6122, or Walter McEwen, Senior
Counsel, Legal Division, at (202) 452–
3321, Board of Governors of the Federal
Reserve System, Washington, DC 20551.
FDIC: Beverlea S. Gardner, Senior
Examination Specialist, Division of Risk
Management and Supervision, at (202)
898–3640, Sandra S. Barker, Senior
Policy Analyst, Division of Depository
and Consumer Protection, at (202) 898–
3915, Mark Mellon, Counsel, Legal
Division, at (202) 898–3884, or
Benjamin K. Gibbs, Senior Regional
Attorney, at (678) 916–2458, Federal
Deposit Insurance Corporation, 550 17th
Street NW., Washington, DC 20429.
NCUA: John Brolin or Pamela Yu,
Staff Attorneys, Office of General
Counsel, at (703) 518–6540, or Vincent
Vieten, Program Officer, Office of
Examination and Insurance, at (703)
518–6360, or 1775 Duke Street,
Alexandria, Virginia, 22314.
Bureau: Owen Bonheimer, Counsel,
Office of Regulations, and David Friend,
Counsel, Office of Regulations, 1700 G
Street NW., Washington, DC 20552, at
(202) 435–7000.
FHFA: Robert Witt, Senior Policy
Analyst, Office of Housing and
Regulatory Policy, (202) 649–3128, or
Ming-Yuen Meyer-Fong, Assistant
General Counsel, Office of General
Counsel, (202) 649–3078, Federal
Housing Finance Agency, 400 Seventh
Street SW., Washington, DC 20024.
SUPPLEMENTARY INFORMATION:
I. Background
AMC Minimum Requirements
Section 1473 of the Dodd-Frank Act 1
added a new section 1124 to Title XI of
the Financial Institutions Reform,
Recovery, and Enforcement Act of
1989 2 (FIRREA) that established
minimum requirements to be applied by
States in the registration and
supervision of AMCs. An AMC is an
entity that serves as an intermediary for,
and provides certain services to,
creditors.3 These minimum
requirements apply to States that have
elected to establish, pursuant to section
1117 of FIRREA,4 an appraiser certifying
and licensing agency with authority to
register and supervise AMCs
(participating States). Section 1473 of
the Dodd-Frank Act 5 also requires the
ASC to maintain an AMC National
Registry, which will include AMCs that
are either registered with, and subject to
supervision by, a State appraiser
certifying and licensing agency or are
subsidiaries owned and controlled by a
Federally regulated insured depository
institution and regulated by a Federal
financial institutions regulatory
agency.6 Section 1124(e) further
requires the Agencies to promulgate
regulations for the reporting of the
activities of AMCs to the ASC in
determining the payment of the annual
fee for the AMC National Registry.7
Pursuant to FIRREA section 1124, the
Agencies must establish, by rule,
minimum requirements to be imposed
by a participating State appraiser
certifying and licensing agency on
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1 Public Law 111–203, 124 Stat. 1376.
2 Public Law 101–73, 103 Stat. 183.
3 The term ‘‘appraisal management company’’ is
defined in more detail in section 1121(11) of Title
XI of FIRREA, 12 U.S.C. 3350(11), and in § 34.211(c)
of this final rule.
4 12 U.S.C. 3346.
5 Hereafter, section references are to Title XI of
FIRREA, unless otherwise noted.
6 12 U.S.C. 3332(a)(6).
7 12 U.S.C. 3353(e). See also FIRREA section
1109(a)(3), 12 U.S.C. 3338(a)(3) (requiring States to
submit reports to the ASC concerning supervisory
activities involving AMCs). This final rule does not
implement section 1109(a)(3); this section of
FIRREA is implemented by the ASC.
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Part 34
[Docket No. OCC–2014–0002]
RIN 1557–AD64
FEDERAL RESERVE SYSTEM
12 CFR Parts 208 and 225
[Docket No. R–1486]
RIN 7100–AE15
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Parts 323 and 390
RIN 3064–AE10
BUREAU OF CONSUMER FINANCIAL
PROTECTION
12 CFR Part 1026
RIN 3170–AA44
FEDERAL HOUSING FINANCE
AGENCY
12 CFR Part 1222
RIN 2590–AA61
Minimum Requirements for Appraisal
Management Companies
AGENCIES: Office of the Comptroller of
the Currency, Treasury (OCC); Board of
Governors of the Federal Reserve
System (Board); Federal Deposit
Insurance Corporation (FDIC); National
Credit Union Administration (NCUA);
Bureau of Consumer Financial
Protection (Bureau); and Federal
Housing Finance Agency (FHFA).
ACTION: Final rule.
SUMMARY: The OCC, Board, FDIC,
NCUA, Bureau, and FHFA (collectively,
the Agencies) are adopting a final rule
to implement the minimum
requirements in the Dodd-Frank Wall
Street Reform and Consumer Protection
Act (the Dodd-Frank Act) to be applied
by participating States in the
registration and supervision of appraisal
management companies (AMCs). The
final rule also implements the minimum
requirements in the Dodd-Frank Act for
AMCs that are subsidiaries owned and
controlled by an insured depository
institution and regulated by a Federal
financial institutions regulatory agency
(Federally regulated AMCs). Under the
final rule, these Federally regulated
AMCs do not need to register with a
State, but are subject to the same
minimum requirements as State-
regulated AMCs. The final rule also
implements the requirement for States
to report to the Appraisal Subcommittee
(ASC) of the Federal Financial
Institutions Examination Council
(FFIEC) the information required by the
ASC to administer the new national
registry of AMCs (AMC National
Registry). In conjunction with this
implementation, the FDIC is integrating
its appraisal regulations for State
nonmember banks and State savings
associations.
DATES: Effective date. This final rule
will become effective on August 10,
2015.
Compliance date: Federally regulated
AMCs must comply with the minimum
requirements for providing appraisal
management services under 12 CFR
34.215(a) no later than 12 months from
the effective date of this final rule. The
participating State or States in which a
State-regulated AMC operates will
establish the compliance deadline for
State-regulated AMCs.
FOR FURTHER INFORMATION CONTACT:
OCC: Robert L. Parson, Appraisal
Policy Specialist, (202) 649–6423, G.
Kevin Lawton, Appraiser (Real Estate
Specialist), (202) 649–7152, Mitchell E.
Plave, Special Counsel, Legislative and
Regulatory Activities Division, (202)
649–5490, for persons who are deaf or
hard of hearing, TTY, (202) 649–5597,
or Christopher Manthey, Special
Counsel, Bank Activities and Structure
Division, (202) 649–5500.
Board: Carmen Holly, Supervisory
Financial Analyst, Division of Banking
Supervision and Regulation, at (202)
973–6122, or Walter McEwen, Senior
Counsel, Legal Division, at (202) 452–
3321, Board of Governors of the Federal
Reserve System, Washington, DC 20551.
FDIC: Beverlea S. Gardner, Senior
Examination Specialist, Division of Risk
Management and Supervision, at (202)
898–3640, Sandra S. Barker, Senior
Policy Analyst, Division of Depository
and Consumer Protection, at (202) 898–
3915, Mark Mellon, Counsel, Legal
Division, at (202) 898–3884, or
Benjamin K. Gibbs, Senior Regional
Attorney, at (678) 916–2458, Federal
Deposit Insurance Corporation, 550 17th
Street NW., Washington, DC 20429.
NCUA: John Brolin or Pamela Yu,
Staff Attorneys, Office of General
Counsel, at (703) 518–6540, or Vincent
Vieten, Program Officer, Office of
Examination and Insurance, at (703)
518–6360, or 1775 Duke Street,
Alexandria, Virginia, 22314.
Bureau: Owen Bonheimer, Counsel,
Office of Regulations, and David Friend,
Counsel, Office of Regulations, 1700 G
Street NW., Washington, DC 20552, at
(202) 435–7000.
FHFA: Robert Witt, Senior Policy
Analyst, Office of Housing and
Regulatory Policy, (202) 649–3128, or
Ming-Yuen Meyer-Fong, Assistant
General Counsel, Office of General
Counsel, (202) 649–3078, Federal
Housing Finance Agency, 400 Seventh
Street SW., Washington, DC 20024.
SUPPLEMENTARY INFORMATION:
I. Background
AMC Minimum Requirements
Section 1473 of the Dodd-Frank Act 1
added a new section 1124 to Title XI of
the Financial Institutions Reform,
Recovery, and Enforcement Act of
1989 2 (FIRREA) that established
minimum requirements to be applied by
States in the registration and
supervision of AMCs. An AMC is an
entity that serves as an intermediary for,
and provides certain services to,
creditors.3 These minimum
requirements apply to States that have
elected to establish, pursuant to section
1117 of FIRREA,4 an appraiser certifying
and licensing agency with authority to
register and supervise AMCs
(participating States). Section 1473 of
the Dodd-Frank Act 5 also requires the
ASC to maintain an AMC National
Registry, which will include AMCs that
are either registered with, and subject to
supervision by, a State appraiser
certifying and licensing agency or are
subsidiaries owned and controlled by a
Federally regulated insured depository
institution and regulated by a Federal
financial institutions regulatory
agency.6 Section 1124(e) further
requires the Agencies to promulgate
regulations for the reporting of the
activities of AMCs to the ASC in
determining the payment of the annual
fee for the AMC National Registry.7
Pursuant to FIRREA section 1124, the
Agencies must establish, by rule,
minimum requirements to be imposed
by a participating State appraiser
certifying and licensing agency on
VerDate Sep<11>2014 18:57 Jun 08, 2015 Jkt 235001 PO 00000 Frm 00002 Fmt 4701 Sfmt 4700 E:\FR\FM\09JNR2.SGM 09JNR2
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