Reporting information for the AMC Registry

Forms and Documents

Document Name	Status
Supporting Statement - Reporting Requirements for AMC Registry.docx Supporting Statement A	2021-03-09

IC Document Collections

IC ID	Document Title	Status
231469	Reporting information for the AMC Registry	Modified

ICR Details

OMB Control No: 3139-0009	ICR Reference No: 202102-3139-001
Status: Received in OIRA	Previous ICR Reference No: 201803-3139-001
Agency/Subagency: FFIEC	Agency Tracking No: ASC-2018-0001
Title: Reporting information for the AMC Registry
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 03/19/2021

	Requested	Previously Approved
Expiration Date	36 Months From Approved	06/30/2021
Responses	51	7,200
Time Burden (Hours)	1,148	1,875
Cost Burden (Dollars)	0	0

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Abstract: Section 1473 of the Dodd-Frank Act included amendments to Title XI of FIRREA. Section 1103 of Title XI, Functions of Appraisal Subcommittee, was amended by the Dodd-Frank Act to require the ASC to maintain a national registry of appraisal management companies (AMCs) of those AMCs that are either: (1) Registered with and subject to supervision by a State that has elected to register and supervise AMCs; or (2) are operating subsidies of a Federally regulated financial institution. Section 1117 of Title XI, Establishment of State appraiser certifying and licensing agencies, was amended by the Dodd-Frank Act to include additional duties for States, if they so choose, to: (1) Register and supervise AMCs; and (2) add information about AMCs in their State to the national registry of AMCs (AMC Registry).

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Authorizing Statute(s): US Code: 12 USC 3332 Name of Law: Real Estate Appraisal Reform as amended by Dodd-Frank Act
   US Code: 12 USC 3335 Name of Law: Real Estate Appraisal Reform as amended by Dodd-Frank Act
   US Code: 12 USC 3338(a)(4)(B) Name of Law: Real Estate Appraisal Reform as amended by Dodd-Frank Act
   US Code: 12 USC 3353 (e) Name of Law: Real Estate Appraisal Reform as amended by Dodd-Frank Act
  

Citations for New Statutory Requirements: US Code: 12 USC 3353(e) Name of Law: Real Estate Appraisal Reform as amended by Dodd-Frank Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 82476	12/18/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 14917	03/19/2021
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Reporting information for the AMC Registry

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ICR Summary of Burden

	Total Request	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	51	7,200	0	-7,149	0	0
Annual Time Burden (Hours)	1,148	1,875	0	-727	0	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: This is addressed in Item 12 of the Statement A which is attached. The Summary of Burden was changed from a monthly submission from 51 States to an annual submission from 51 States.

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Annual Cost to Federal Government: $6,756

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

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Common Form ICR:  No

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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: 03/19/2021

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