[56 FR 33451 (July 22, 1991)]

FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL

[Docket No. AS91-3]

Appraisal Subcommittee; Amendments to Chairperson's Delegation of

Authority

AGENCY: Appraisal Subcommittee, Federal Financial Institutions

Examination Council

ACTION: Amendment to resolution delegating authority to the Chairperson.

SUMMARY: This notice announces that the Appraisal Subcommittee ("ASC") of the Federal Financial Institutions Examination Council ("FFIEC"), on July 10, 1991, amended its June 14, 1991 Resolution, which, among other things, delegated to the ASC Chairperson or his/her designee authority to reallocate resources within the ASC's annual budget.1 The amendment clarifies the delegated authority by changing and adding new dollar parameters.

EFFECTIVE DATE: July 22,1991.

FOR FURTHER INFORMATION CONTACT:

Edwin W. Baker, Executive Director, or Marc L. Weinberg, General Counsel; Appraisal Subcommittee, Federal Financial Institutions Examination Council; 1776 G Street NW; suite 850B; Washington, DC 20006; (202) 357-0133.

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156 FR 28561 June 21, 1991).

SUPPLEMENTARY INFORMATION: Section 1102 (12 U.S.C. 3310) of title

XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ("FIRREA")2 established the ASC and placed it within the FFIEC. Under title XI, the ASC must: (1) Monitor the Federal Financial Institutions Regulatory Agencies3 and Resolution Trust Corporation's appraisal regulations; (2) monitor and review the practices, procedures, activities, and organizational structure of the Appraisal Foundation; (3) monitor State real estate appraiser certification and licensing programs; (4) maintain a national registry of State certified and licensed appraisers; and (5) review State compliance with title XI and take action against non-complying States.4 The amendment changes only paragraph two of the Resolution respecting the authority of the Chairperson or his/her designee to reallocate resources among object classes. More specifically, each reallocation exceeding $25,000 must be approved by the ASC, and each reallocation of $25,000 or less must be reported to the ASC monthly. In addition, an aggregate of no more than $50,000 in reallocations can be made without ASC approval between ASC meetings.

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2Public Law No. 101-73, 103 Stat. 511 (1989); 12 U.S.C. 3310, 3331-3351

3The Federal Financial Institution Regulatory Agencies are: the Board of Governors of the Federal Reserve System, the Federal

(Footnote continued)

The ASC finds that the amendment should provide the ASC and its staff with an appropriate measure of financial flexibility to meet the needs of developing and administering the new, evolving title XI regulatory program. The ASC further finds that this agency action: (1) Is "a rule of agency organization, procedure, or practice" that does not require notice and public procedure under 5 U.S.C. 553(b); and (2) is not a "substantive rule" requiring at least 30 days between its publication in the Federal Register and effective date under 5 U.S.C. § 553(d).

For the reasons above, paragraph two of the June 14, 1991 Resolution is amended as follows:

Resolution

* * * * *

The Chairperson,

* * * * *

(2) Approves and/or delegates the approval of the distribution

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(Continued footnote)

Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Administration, title XI 1121(6); 12 U.S.C. 3350(6).

4See title XI, 1118, 12 U.S.C. 3347.

of budgetary resources in the form of a Budget Execution Plan and may reallocate resources among object classes so long as:

(a)* * *

(b) No single reallocation action exceeds $25,000 without the consent of the Subcommittee;

(c) An aggregate of not more than $50,000 in reallocations is allowed without Subcommittee approval between meetings of the Subcommittee; and

(d) Every reallocation of $25,000 or less shall be reported to the Subcommittee monthly.

Dated: July 17, 1991.

Fred D. Finke, Chairman.

[FR Doc. 91-17376 Filed 7-19-91; 8:45 am]

BILLING CODE 6210-01-M