Overview
Title
Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Appraisal Management Companies
Agencies
ELI5 AI
The government wants to know what people think about some new rules for companies that help with figuring out how much houses are worth. They're trying to make it easier by doing less paperwork, but need people's ideas to make sure it's good for everyone.
Summary AI
The Office of the Comptroller of the Currency (OCC), a part of the Treasury Department, has announced a request for public comments on a revised information collection about Appraisal Management Companies as required by the Paperwork Reduction Act of 1995. This collection involves recordkeeping requirements for managing appraisal companies, as directed by the Dodd-Frank Act. The deadline for submitting comments is January 21, 2025. The OCC has reduced the estimated annual paperwork burden from 2,455 hours in 2021 to 1,991 hours due to fewer respondents.
Abstract
The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites comment on a continuing information collection, as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning a revision to its information collection titled, "Appraisal Management Companies." The OCC also is giving notice that it has sent the collection to OMB for review.
Keywords AI
Sources
AnalysisAI
The document in question is a notice from the Office of the Comptroller of the Currency (OCC), part of the U.S. Treasury Department, inviting public comment on a revised information collection process related to Appraisal Management Companies (AMCs). This initiative is in line with the Paperwork Reduction Act of 1995, which aims to minimize the paperwork burden for entities required to provide information to the government. The OCC has sent the collection to the Office of Management and Budget (OMB) for review and is seeking feedback from the public by January 21, 2025.
Summary
This document describes the renewal process for information collection concerning appraisal management companies, which are subject to regulations under the Dodd-Frank Wall Street Reform and Consumer Protection Act. These regulations establish the minimum requirements for state registration and supervision of AMCs and require states to report to a national registry maintained by the Appraisal Subcommittee. The notice states that while the methodology for information collection remains unchanged, the estimated annual burden on respondents has decreased from 2,455 hours in 2021 to 1,991 hours due to a decrease in the number of respondents.
Significant Issues or Concerns
One of the key issues is the lack of specific financial details related to the implementation and compliance costs of this information collection. Such information could provide insight into any potential for wasteful spending or unnecessary financial burden on the entities involved. Additionally, the document does not identify specific parties who might benefit from or be disadvantaged by this process, potentially missing valuable context about whom this regulatory framework impacts most directly.
The document also assumes a level of familiarity with legal and regulatory terms that might not be evident to all readers, particularly those without a background in law or regulatory compliance. Terms such as the "Dodd-Frank Act" and references to various sections of U.S. Code could benefit from more accessible explanations.
Broad Public Impact
For the general public, this document highlights an effort by a federal agency to streamline the information collection process and reduce the burden on businesses. By inviting public comment, the OCC is ensuring that the process remains transparent and potentially more efficient. This can foster greater trust in governmental processes and ensure that they do not overtax businesses.
Impact on Specific Stakeholders
Specific stakeholders, primarily businesses or other for-profit entities involved with appraisal management companies, may experience a reduced administrative workload, which is beneficial in freeing resources for other operational needs. However, they might also be concerned about any changes in compliance requirements and the need to remain vigilant against penalties for non-compliance.
The OCC’s actions could also indirectly impact consumers by potentially influencing the costs of real estate transactions and evaluations. With less administrative burden on companies, savings might be passed down the line to consumers. However, without explicit details on how these savings could materialize, these benefits remain speculative.
In sum, while the OCC aims to reduce paperwork burdens and streamline processes, stakeholders stand to gain or face challenges based on how well the revised processes are communicated and implemented.
Issues
• The document does not specify the specific amount of financial burden or expenditure associated with the Appraisal Management Companies information collection, which could help in assessing potential wasteful spending.
• There is no mention of any particular organizations or individuals that might benefit or be favored by this information collection, but it might be useful to clarify whether any specific entities are involved in the AMC registry process.
• The document is generally clear, but it assumes a certain level of understanding regarding legislative and regulatory references, such as the Dodd-Frank Act, which could be unclear to some readers without background knowledge.
• Some terms or procedures, like 'telecommunications relay services' and references to legal and regulatory codes, may not be easily understood by all audiences and could benefit from additional context or explanation.
• The document mentions automated collection techniques but does not provide examples or details, which could help clarify how burden reduction might be implemented.