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:
7100-0370
ICR Reference No:
202205-7100-009
Status:
Historical Active
Previous ICR Reference No:
201906-7100-006
Agency/Subagency:
FRS
Agency Tracking No:
FR HY-5
Title:
Recordkeeping and Disclosure Requirements Associated with Regulation Y for Minimum Requirements for Appraisal Management Companies
Type of Information Collection:
No material or nonsubstantive change to a currently approved collection
Common Form ICR:
No
Type of Review Request:
Delegated
OIRA Conclusion Action:
Approved without change
Conclusion Date:
06/24/2022
Retrieve Notice of Action (NOA)
Date Received in OIRA:
06/24/2022
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
06/30/2022
06/30/2022
06/30/2022
Responses
3,609
0
4,250
Time Burden (Hours)
2,508
0
3,513
Cost Burden (Dollars)
0
0
0
Abstract:
In 2015, the Board published a final rule implementing section 1473 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which relates to the supervision and regulation of appraisal management companies (AMCs). An AMC is an entity that serves as an intermediary for, and provides certain appraisal-related services to, creditors. The Board’s final rule instituted certain disclosure requirements for AMCs and U.S. states, which are located in the Board’s Regulation Y- Bank Holding Companies and Change in Bank Control (12 CFR Part 225).
Authorizing Statute(s):
US Code:
12 USC 3353(e)
Name of Law: Financial Institutions Reform, Recovery, and Enforcement Act of 1989
US Code:
12 USC 3338(a)(1)-(3)
Name of Law: Financial Institutions Reform, Recovery, and Enforcement Act of 1989
US Code:
12 USC 3353(a)
Name of Law: Financial Institutions Reform, Recovery, and Enforcement Act of 1989
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:
84 FR 8098
03/06/2019
30-day Notice:
Federal Register Citation:
Citation Date:
84 FR 28048
06/17/2019
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
5
IC Title
Form No.
Form Name
Disclosure Section 225.192(b) Written notice of appraiser removal from network or panel
Disclosure Section 225.193(b) State regulated AMC reporting requirements
Disclosure Section 225.195(c) Federally regulated AMC reporting requirements
Disclosure Section 225.196 State reporting requirements to the ASC
Recordkeeping Section 225.193(a) Registration and supervision program
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
3,609
4,250
0
0
-641
0
Annual Time Burden (Hours)
2,508
3,513
0
0
-1,005
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:
No
Burden Reduction Due to:
Short Statement:
The decrease in total annual burden hours reflects an update to the respondent counts.
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]?
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:
Kaitlin Merritt 202 452-3752 kaitlin.m.merritt@frb.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:
06/24/2022
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