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CFPB RIN: 3170-AA44 Publication ID: Spring 2014 
Title: Amendments to FIRREA Concerning Appraisals 
Abstract: The CFPB is participating in interagency rulemaking processes with the Board of Governors of the Federal Reserve System (Board), the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Federal Housing Finance Agency (FHFA) (collectively, the Agencies) to develop proposed regulations to implement the amendments made by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) to the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) concerning appraisals. The amendments made by the Dodd-Frank Act to FIRREA require new minimum requirements to be applied by states in the registration, reporting, and supervision of appraisal management companies. The FIRREA amendments further require implementing regulations for new quality control standards for automated valuation models designed to ensure a high level of confidence in the estimates produced by the valuation models, protect against the manipulation of data, seek to avoid conflicts of interest, require random sample testing and reviews, and address any other factor that the agencies determine to be appropriate. The Agencies are continuing their work to develop proposals to implement the Dodd-Frank Act's amendments to FIRREA concerning appraisal management company registration and quality control standards for automated valuation models. 
Agency: Consumer Financial Protection Bureau(CFPB)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: Undetermined  Unfunded Mandates: No 
CFR Citation: 12 CFR 1026.42 
Legal Authority: 12 USC 3353; 12 USC 3354 
Legal Deadline:
Action Source Description Date
Final  Statutory    01/21/2013 
Timetable:
Action Date FR Cite
NPRM (AMC)  04/09/2014  79 FR 19521 
NPRM Comment Period End  06/09/2014   
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: State 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
David Friend
Office of Regulations
Consumer Financial Protection Bureau
Phone:202 435-7700

Owen Bonheimer
Office of Regulations
Consumer Financial Protection Bureau
Phone:202 435-7700

 
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