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:
2590-0013
ICR Reference No:
202111-2590-001
Status:
Historical Active
Previous ICR Reference No:
201807-2590-002
Agency/Subagency:
FHFA
Agency Tracking No:
2021-N-11
Title:
Minimum Requirements for Appraisal Management Companies
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
03/18/2022
Retrieve Notice of Action (NOA)
Date Received in OIRA:
11/01/2021
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
03/31/2025
36 Months From Approved
03/31/2022
Responses
11,774
0
10,341
Time Burden (Hours)
837
0
183
Cost Burden (Dollars)
0
0
0
Abstract:
The Federal Housing Finance Agency (FHFA), along with the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Bureau of Consumer Financial Protection (Bureau) (collectively, the Agencies) in 2015 adopted joint regulations to implement statutory requirements to be applied by States in the registration and supervision of appraisal management companies (AMCs). An AMC is an entity that serves as an intermediary for, and provides certain services to, appraisers and lenders. The regulations also implement the statutory requirement that States report to the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) the information required by the ASC to administer a national registry of AMCs (AMC National Registry or Registry). FHFA, the OCC, the Board, and the FDIC have agreed to share responsibility for the PRA clearance of the collections of the information under the joint regulations. OMB has assigned FHFA’s portion of the information collection OMB Control Number 2590-0013.
Authorizing Statute(s):
PL:
Pub.L. 111 - 203 1473
Name of Law: Dodd-Frank Act
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 203 1473 Name of Law: Dodd-Frank Act
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:
86 FR 47107
08/23/2021
30-day Notice:
Federal Register Citation:
Citation Date:
86 FR 60239
11/01/2021
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
3
IC Title
Form No.
Form Name
State Recordkeeping Requirements
State Reporting Requirements
State-Regulated AMC Recordkeeping Requirements
State-Regulated AMC Reporting Requirements
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
11,774
10,341
0
-55
1,488
0
Annual Time Burden (Hours)
837
183
0
-14
668
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
Yes
Burden Reduction Due to:
Miscellaneous Actions
Short Statement:
The total estimated burden associated with this information collection for all four Agencies issuing the joint regulation increased from 1,445 to 8,208, with FHFA’s portion of the burden rising from 183 hours to 837 hours. This increase is due almost entirely to the increase from 200 to 3,860 in the Agencies’ estimate as to the number of entities that qualify as an “AMC” for purposes of the joint AMC regulations and the related information collection. Within this net increase, some burdens associated with specific ICs decreased for FHFA, as discussed in detail in items 2 and 12 in the Supporting Statement.
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.
No
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]?
Yes
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:
Maura Dundon 202 649-3961 maura.dundon@fhfa.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:
11/01/2021
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