The Board of Governors of the Federal Reserve System is requesting public comments on a proposal to extend, for three more years, the recordkeeping and disclosure requirements related to the regulation of Appraisal Management Companies (AMCs) under Regulation Y. These requirements are associated with the minimum standards that AMCs must meet and are necessary for states that participate in this regulatory program. The Federal Reserve is inviting feedback on the necessity, accuracy, quality, and burden of the information collection and suggestions to improve the process or reduce its burden. Comments should be submitted by February 21, 2025, and the submissions will become publicly accessible.
Simple Explanation
The Federal Reserve, which helps take care of the country's money, wants to know what people think about letting certain companies continue to keep records about house prices for three more years. They want to know if the rules are clear and if there's a way to make the process easier for the companies.