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CFPB RIN: 3170-AA44 Publication ID: Fall 2014 
Title: Amendments to FIRREA Concerning Appraisals 

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 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 (AMCs). The FIRREA amendments further require implementing regulations for new quality control standards for automated valuation models (AVMs) 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. Work to issue a final rule to implement the Dodd-Frank Act's AMC amendments to FIRREA is ongoing, and work to develop a proposed rule to implement the Dodd-Frank Act’s AVM amendments to FIRREA will continue.

Agency: Consumer Financial Protection Bureau(CFPB)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final 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 
Action Date FR Cite
NPRM (AMC)  04/09/2014  79 FR 19521   
NPRM Comment Period End (AMC)  06/09/2014 
Final Rule (AMC)  12/00/2014 
NPRM (AVM)  To Be Determined 
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 Supervision Policy
Consumer Financial Protection Bureau
Washington, DC 20552
Phone:202 435-7700