Recordkeeping and Disclosure Provisions Associated with Real Estate Appraisal Standards

ICR 202105-7100-011

OMB: 7100-0250

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2021-05-26
ICR Details
7100-0250 202105-7100-011
Active 202102-7100-009
FRS FR Y-30
Recordkeeping and Disclosure Provisions Associated with Real Estate Appraisal Standards
Revision of a currently approved collection   No
Delegated
Approved without change 05/26/2021
Retrieve Notice of Action (NOA) 05/26/2021
  Inventory as of this Action Requested Previously Approved
05/31/2024 36 Months From Approved 05/31/2021
340,076 0 338,210
28,340 0 28,184
0 0 0

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.

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
  
None

Not associated with rulemaking

  85 FR 65050 10/14/2020
86 FR 9504 02/16/2021
No

  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
Yes
Miscellaneous Actions
No
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.

$0
No
    Yes
    No
No
No
No
No
Richard Palmer 202 502-8438 Richard.Palmer@ferc.gov

  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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
05/26/2021


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