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Federal Register / Vol. 86, No. 208 / Monday, November 1, 2021 / Notices
requirements apply to states that have elected to establish an appraiser certifying and licensing agency with authority to register and supervise AMCs participating states.3
The 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 the national registry of AMCs AMC National Registry or Registry.4 The AMC National Registry includes AMCs that are either: 1
Subsidiaries owned or controlled by an insured depository institution as defined in 12 U.S.C. 1813 and regulated by either the FDIC, OCC, or the Board federally regulated AMCs; 5 or 2
registered with, and subject to supervision of, a state appraiser certifying and licensing agency.
FHFAs AMC regulation, located at Subpart B of 12 CFR part 1222, is substantively identical to the AMC
regulations of the FDIC, OCC, and the Board and contains the recordkeeping and reporting requirements described below.
1. State Reporting Requirements Removed; Formerly IC 1

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FHFAs 60-day notice included an information collection named State Reporting Requirements regarding the regulatory requirement 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.6
However, FHFA will not request to renew the State Reporting Requirements IC. The FDIC recently removed the same IC request in its 30-day notice. The FDIC
stated that it did not need to take the PRA reporting burden because the ASC
had issued its own regulations or guidance implementing these requirements and submitted its own IC
taking the PRA burden.7 FHFA concurs with the FDICs analysis. Accordingly, FHFA will not request to renew the IC
on State Reporting Requirements and that IC will be removed.
3 12

U.S.C. 3346.
12 U.S.C. 3353e.
5 See 12 CFR 1222.21k defining a federally regulated AMC.
6 See 12 CFR 1222.26.
7 See Federal Deposit Insurance Corporation, Agency Information Collection Activities: Proposed Collection Renewal; Comment Request, 86 FR at 58269, 58274 Oct. 21, 2021.
4 See
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2. State Recordkeeping Requirements Redesignated IC 1; Formerly 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 AMCs registration; iii examine an AMCs books and records and require the submission of reports, information, and documents; iv verify an AMCs 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 appraisal-related laws, regulations, or orders, and disciplinary and enforcement actions to the ASC.8
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 129Ea through i of the Truth-in-Lending Act.9
FHFA is redesignating this IC from 2
to 3.
8 See
12 CFR 1222.23a.
12 CFR 1222.23b. Sections 129Ea through i of the Truth-in-Lending Act are located at 15
U.S.C. 1639eai.
9 See
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3. AMC Disclosure Requirements StateRegulated AMCs Redesignated IC 2;
Formerly 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.10 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.11 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 ASCs policies, including policies regarding the determination of the AMC National Registry fee, and information regarding compliance with the ownership restrictions described above.
In FHFAs 60-day notice, we combined federally and non-federally regulated AMCs in former IC 3, entitled AMC Reporting Requirements. Subsequently, the FDIC
issued its 30-day notice dividing the same information collected in FHFAs AMC Reporting Requirements IC into two different ICs: One for state-regulated AMCs, for which FHFA would take 10
percent of the burden FDIC IC 3; and one for federally regulated AMCs, for which FHFA would take zero burden FDIC IC 4.12 FHFA concurs with this approach and revises its submission by disaggregating the federally regulated and state-regulated AMCs. In addition, FHFA is correcting the title of this IC to reflect that it is a disclosure requirement instead of a reporting requirement and redesignating it to IC 2. Thus, FHFAs redesignated IC 2 entitled AMC
Disclosure Requirements Stateregulated AMCs now only applies to state-regulated AMCs and corresponds to FDICs IC 3.

10 See
12 CFR 1222.24a, 1222.25b.
12 CFR 1222.24b.
12 See 86 FR at 58276, 58277. The FDICs IC 3
and IC 4 are combined in FHFAs IC 3.
11 See
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