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Federal Register / Vol. 86, No. 151 / Tuesday, August 10, 2021 / Notices
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respectively.28 Therefore, the annual average over the ten-year span is 138
licenses revoked or surrendered per year.29
The number of appraisal removal notices for AMCs is then calculated by adding the estimate of appraisers who are laid off or resign to the number of appraisers who have their licenses revoked or surrendered, and multiplying by the estimated percent of total appraisers who work for AMCs.
According the Appraisal Institute, approximately 81 percent of appraisers are sole proprietors, executives in a firm, or are listed as having other forms of employment status.30 The remaining 19 percent of appraisers are employees or staff members in firms such as AMCs, appraisal services companies, or other companies. Using 19 percent as the estimate of the percentage of appraisers who work for AMCs, the estimated total number of appraiser removal notices for AMCs is 4,130 notices per year, rounded to the nearest ten.31 Thus, the estimated number of annual respondents for this information collection is 4,130. The respondents to this IC are either natural persons or AMCs. There are no data available currently on the number of AMCs that are considered small, for the purposes of the Regulatory Flexibility Act RFA, and none of the respondents who are natural persons are small for the purposes of the RFA. As a rough approximation, to estimate the number of small respondents to this IC
FDIC uses the percentage of insured depository institutions that are small 70
percent for purposes of the RFA,32 and 28 Federal Financial Institution Examination Council: Appraisal Subcommittee, Annual Report 2019: Appendix E Appraiser Disciplinary Actions Reported by State, available at https
www.asc.gov/About-the-ASC/AnnualReports.aspx accessed June 2, 2021.
29 The average over the ten years is calculated as 1,380, or 804 + 576 divided by 10.
30 Appraisal Institute, U.S. VALUATION
PROFESSION FACT SHEET Q1 2019, available at https www.appraisalinstitute.org/
file.aspx?DocumentId=2342, accessed June 2, 2021.
31 The estimated total number of appraiser removal notices for AMCs is calculated as 21,586
+ 138 19 percent, which yields 4,127.56 notices, or 4,130 after rounding to the nearest ten. The estimate is rounded to the nearest ten because 10
percent of the respondents will be allocated to FHFA, and OMB systems require whole number inputs.
32 December 31, 2020, Call Report data. The Small Business Administration SBA defines a small banking organization as having $600 million or less in assets, where an organizations assets are determined by averaging the assets reported on its four quarterly financial statements for the preceding year. See 13 CFR 121.201 as amended by 84 FR
34261, effective August 19, 2019. In its determination, the SBA counts the receipts, employees, or other measure of size of the concern whose size is at issue and all of its domestic and foreign affiliates. See 13 CFR 121.103. Following
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assume that all respondents are AMCs.
Thus, FDIC estimates that 2,891
respondents to this IC are small for purposes of the RFA.33 This is likely a conservative estimate of small respondents for this information collection because not all respondents to this IC are AMCs.
The estimated number of notices per year is lower than the 2018 ICR estimate by 5,751 notices.34 Two factors contributed to the drop in estimated notices: First, the number of appraisers who are laid off or resign, and the number that have had their licenses revoked or surrendered 138 and 21,586, respectively are lower than the estimates in the 2018 ICR 245 and 23,280; second, there is more granular data available to calculate the share of appraisers employed by AMCs, appraisal services companies, or other companies. The most recent data from the Appraisal Institute contains nine separate categories for Appraiser Employment Status, whereas the data available for the 2018 ICR contained only four categories.35 Given the level of aggregation available in 2018, the estimate of the share of appraisers in the 2018 ICR likely included appraisers who are employees or staff members in a government or regulatory agency, and individuals with employment statuses such as valuation consultant, professor or other academic professional, semiretired or retired, or student. The FDIC
notes that appraisers or individuals with the five employment statuses listed above would not be subject to this IC.
Consequently, the share 19 percent is much lower than the share 42 percent used in the 2018 ICR.
IC 2: Develop and Maintain a State Licensing Program The second information collection pertains to developing and maintaining a state licensing program for AMCs pursuant to Section 323.14. Section these regulations, the FDIC uses a covered entitys affiliated and acquired assets, averaged over the preceding four quarters, to determine whether the covered entity is small for the purposes of RFA.
33 The estimated number of small respondents to this IC is calculated by multiplying the estimated number of respondents 4,130 by 70 percent.
34 See OMB No. 30640195 and the accompanying Supporting Statement submitted by the FDIC in 2018, available at https
www.reginfo.gov/public/do/PRAViewICR?ref_
nbr=201804-3064-013 accessed June 2, 2021.
35 The most recent data available from the Appraisal Institute includes five new categories employee or staff member in a government or regulatory agency, valuation consultant, professor or other academic professional, semi-retired or retired, and student, in addition to the four categories that match closely to the data in the 2018
ICR employee or staff member of a firm, sole proprietor of own business no employees/
partners, executive in a firm, and other.

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323.14 requires that each state electing to register AMCs for purposes of permitting AMCs to provide appraisal management services relating to covered transactions in the state must submit to the ASC certain information required under the Rule and any additional information required by the ASC
concerning AMCs. Thus, this burden falls on the states, especially those that have not developed a system to register and oversee AMCs. According to the ASC there are four states the territories of Guam, Mariana Islands, Puerto Rico, and the U.S. Virgin Islands that have not developed a system to register and oversee AMCs.36 Thus, the estimated number of annual respondents for this burden is four. Since respondents to this IC are states, none of the respondents are considered small for purposes of the RFA.
IC 3: AMC Disclosure Requirements State-Regulated AMCs 37
The third information collection relates to disclosure requirements for AMCs that are not federally regulated AMCs 38 state-regulated AMCs pursuant to Section 323.12, which involves information sent by AMCs to third parties, including states and the AMC National Registry. The disclosure requirement for this IC includes registration limitations/requirements.
According to the National Registry, accessed on June 2, 2021, there are 3,854 active AMCs, of which 3,817 are state-regulated AMCs.39 FDIC does not have the data to estimate the change in the number of active state-regulated AMCs using historical information because the National Registry became available for the states to populate in July 2018, and the states reporting characteristics vary over time.40 For the 36 ASC, States Status on Implementation of AMC Programs, available at https www.asc.gov/
National-Registries/StatesStatus.aspx accessed June 2, 2021.
37 Based on conversations between the SMEs at the FDIC, FRB, OCC, and FHFA, the current ICR
splits the IC 3 from the 2018 ICR titled AMC
Reporting Requirements State and Federal AMCs 323.12 & 13c in to two separate ICs, one each for state-regulated AMCs, and federally regulated AMCs.
38 Section 323.9 defines a federally regulated AMC as an AMC that is owned and controlled by an insured depository institution, as defined in 12
U.S.C. 1813 and regulated by the OCC, FRB, or FDIC.
39 ASC nonpublic data, obtained as of June 3, 2021, stored under this memos workpapers on FDIC SharePoint.
40 The most recent Annual Report of the ASC
notes that as of December 31, 2019, the National Registry contained 1,374 AMCs registered from 14
states. As of June 2, 2021, the date I accessed the ASCs website, there are 40 states currently populating the National Registry. See Federal Financial Institution Examination Council:

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