View Information Collection Request (ICR) Package
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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
7100-0250
ICR Reference No:
202105-7100-011
Status:
Historical Active
Previous ICR Reference No:
202102-7100-009
Agency/Subagency:
FRS
Agency Tracking No:
FR Y-30
Title:
Recordkeeping and Disclosure Provisions Associated with Real Estate Appraisal Standards
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Delegated
OIRA Conclusion Action:
Approved without change
Conclusion Date:
05/26/2021
Retrieve Notice of Action (NOA)
Date Received in OIRA:
05/26/2021
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
05/31/2024
36 Months From Approved
05/31/2021
Responses
340,076
0
338,210
Time Burden (Hours)
28,340
0
28,184
Cost Burden (Dollars)
0
0
0
Abstract:
Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C. § 3331 et seq.) requires that, for federally related transactions, regulated institutions obtain real estate appraisals performed by certified or licensed appraisers in conformance with uniform appraisal standards. The Board’s regulations implementing Title XI of FIRREA, contained in the Board’s Regulation Y - Bank Holding Companies and Change in Bank Control (12 CFR Part 225), include certain recordkeeping requirements that apply to state member banks (SMBs), bank holding companies (BHC), and nonbank subsidiaries of BHCs that extend mortgage credit (together, institutions). The Board and other supervisory agencies also have issued Interagency Appraisal and Evaluation Guidelines (the Guidelines) that convey supervisory expectations relating to real estate appraisals and evaluations used to support real estate-related financial transactions. These Guidelines recommend that institutions adopt certain policies and procedures to ensure compliance with Title XI of FIRREA and Regulation Y.
Authorizing Statute(s):
US Code:
12 USC 3339
Name of Law: Financial Institutions Reform, Recovery and Enforcement Act of 1989
US Code:
12 USC 1844(c)
Name of Law: Bank Holding Company Act of 1956
US Code:
12 USC 248(a)
Name of Law: Federal Reserve Act
US Code:
12 USC 324
Name of Law: Federal Reserve Act
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
85 FR 65050
10/14/2020
30-day Notice:
Federal Register Citation:
Citation Date:
86 FR 9504
02/16/2021
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
4
IC Title
Form No.
Form Name
Disclosure Nonbank subsidiaries of BHCs Guidelines
Disclosure SMBs Guidelines
Recordkeeping Nonbank subsidiaries of BHCs Sections 225.61 - 225.67 and guidelines
Recordkeeping SMBs Sections 225.61 - 225.67 and guidelines
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
340,076
338,210
0
1,866
0
0
Annual Time Burden (Hours)
28,340
28,184
0
156
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Miscellaneous Actions
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The estimated total annual burden for the FR Y-30 is 28,184 hours, and would increase to 28,340 hours with the revisions. The Board has used a more accurate methodology for calculating the burden of the information collection based on its experience. The Board is using (1) the average number of loans per institution as the frequency and (2) 5 minutes as the estimated average time per response for the appraisals or evaluations.
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
Yes
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
No
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
No
Agency Contact:
Richard Palmer 202 502-8438 Richard.Palmer@ferc.gov
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
05/26/2021
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