View Rule
View EO 12866 Meetings | Printer-Friendly Version Download RIN Data in XML |
FFIEC | RIN: 3139-AA01 | Publication ID: Fall 2024 |
Title: ●Appraisal Subcommittee Enforcement Authority Regarding the Effectiveness of State Appraiser and Appraisal Management Company Regulatory Programs | |
Abstract:
The Appraisal Subcommittee (ASC) is proposing a rule that would implement the agency’s enforcement authority pertaining to the effectiveness of appraiser and appraisal management company (AMC) regulatory programs, which are administered by State Appraiser Regulatory Agencies. A State Appraiser Regulatory Agency is a State agency that certifies and licenses real estate appraisers and registers AMCs or otherwise regulates real estate appraisers and AMCs who operate in that State. The Dodd-Frank Wall Street Reform and Consumer Protection Act strengthened the ASC’s oversight of State Appraiser Regulatory Agencies and authorized the ASC to impose interim actions and suspensions (interim enforcement actions) against State Appraiser Regulatory Agencies. The proposed rule would require the ASC to conduct an analysis as part of the compliance review process to assess the effectiveness of appraiser and AMC regulatory programs. If a State Appraiser Regulatory Agency fails to have an effective regulatory program, the proposed rule would authorize the ASC to undertake additional enforcement actions against the State Appraiser Regulatory Agency. The ASC established an advisory committee composed of industry participants, including appraisers, AMCs, lenders, consumer advocates, real estate agents, and government agencies, to support the development of this proposal. |
|
Agency: Appraisal Subcommittee of the FFIEC(FFIEC) | Priority: Substantive, Nonsignificant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 12 CFR 1102 | |
Legal Authority: 12 U.S.C. 3332 12 U.S.C. 3335 12 U.S.C. 3347 |
Legal Deadline:
None |
||||||
Timetable:
|
Regulatory Flexibility Analysis Required: No | Government Levels Affected: State |
Federalism: No | |
Included in the Regulatory Plan: No | |
Public Comment URL: regulations.gov | |
RIN Data Printed in the FR: No | |
Agency Contact: Natalie Lutz Appraisal Subcommittee of the FFIEC Phone:202 792-1217 Email: natalie@asc.gov Matt Ponzar Appraisal Subcommittee of the FFIEC Phone:202 595-7577 Email: matt@asc.gov |