On June 9, 2015, the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, Bureau of Consumer Financial Protection, and Federal Housing Finance Agency (collectively, the agencies) published a joint final rule in the Federal Register (80 FR 32658). This final rule implements the minimum requirements in section 1473 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) to be applied by States in the registration and supervision of AMCs; and 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 requirements 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. The final rule is effective on August 10, 2015.
The Boardâs reporting and recordkeeping requirements of Regulation H and Regulation Y associated with minimum requirements for AMCs are found in sections 225.192 through 225.196.
US Code:
12 USC 3353(a)
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code:
12 USC 3353(e)
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code:
12 USC 3338(a)(2)
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code:
12 USC 3338(a)(3)
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
PL: Pub.L. 111 - 203 124 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
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.
FRHY5_20160418_omb.pdf
Establish and maintain registration and supervision program (Section 225.193)