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.
Simple Explanation
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.