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CFPB RIN: 3170-AA44 Publication ID: Spring 2015 
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 Board (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 of 1989 (FIRREA) concerning appraisals. The amendments made by the Dodd-Frank Act to FIRREA require the Agencies to establish 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 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. The Agencies issued a final rule to implement the Dodd-Frank Act's AMC amendments to FIRREA on April 30, 2015, publication in the Federal Register forthcoming, 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 U.S.C. 3353    12 U.S.C. 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)  05/00/2015 
NPRM (AVM) Next Action to Be Determined  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 
Related RINs: Related to 3170-AA52 
Agency Contact:
Paul Ceja
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