Minimum Requirements for Appraisal Management Companies

Forms and Documents

Document Name	Status
FR2 -0195 Minimum Requirements for Appraisal Management Companies 86 FR 58269 October 21 2021.pdf Supplementary Document	2021-10-22
FR1-0195 Minimum Requirements Appraisal Management Companies 86 FR 43652 August 10, 2021.pdf Supplementary Document	2021-10-22
SPST 0195 Minimum Requirements for Appraisal Management Companies 2021 Renewal FINAL.docx Supporting Statement A	2021-10-22

IC Document Collections

IC ID	Document Title	Status
211296	State Reporting Requirements to Appraisal Subcommittee	Modified
211295	AMC Reporting Requirements (State and Federal AMCs)	Modified
211294	Develop and Maintain a State Licensing Program	Modified
211293	Written Notice of Appraiser Removal from Network or Panel	Modified

ICR Details

OMB Control No: 3064-0195	ICR Reference No: 202109-3064-004
Status: Received in OIRA	Previous ICR Reference No: 201804-3064-013
Agency/Subagency: FDIC	Agency Tracking No:
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	Date Submitted to OIRA: 10/22/2021

	Requested	Previously Approved
Expiration Date	36 Months From Approved	10/31/2021
Responses	3,558	10,341
Time Burden (Hours)	2,457	421
Cost Burden (Dollars)	0	0

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Abstract: Minimum Requirements for Appraisal Management Companies Final Rule - The FDIC, OCC, Board, NCUA, Bureau, and FHFA (collectively, the Agencies) are adopting a final rule to implement the minimum requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) to be applied by participating States in the registration and supervision of appraisal management companies (AMCs). The final rule also implements the minimum requirements in the Dodd-Frank Act for AMCs that are subsidiaries owned and controlled by an insured depository institution and regulated by a Federal financial institutions regulatory agency (Federally regulated AMCs). Under the final rule, these Federally regulated AMCs do not need to register with a State, but are subject to the same minimum requirements as State regulated AMCs. The final rule also implements the requirement for States to report to the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) the information required by the ASC to administer the new national registry of AMCs (AMC National Registry). In conjunction with this implementation, the FDIC is integrating its appraisal regulations for State nonmember banks and State savings associations.

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Authorizing Statute(s): US Code: 12 USC 3353 Name of Law: Dodd-Frank Act
  

Citations for New Statutory Requirements: US Code: 12 USC 3353 Name of Law: 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:
	86 FR 43652	08/10/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 58269	10/21/2021
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 4

IC Title	Form No.	Form Name
AMC Reporting Requirements (State and Federal AMCs)
Develop and Maintain a State Licensing Program
State Reporting Requirements to Appraisal Subcommittee
Written Notice of Appraiser Removal from Network or Panel

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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	3,558	10,341	0	0	-6,783	0
Annual Time Burden (Hours)	2,457	421	0	0	2,036	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:

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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

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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: 10/22/2021

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