Revisions to policy statements which provide guidance to ensure that state appraiser regulatory programs follow federal law were proposed Wednesday by the Federal Financial Institutions Examination Council (FFIEC). Comments are due Nov. 20.
The request for comment was originally issued in early January (with a comment period scheduled to close in early April). However, President Donald Trump’s “regulatory freeze” (signed by the president on Jan. 20, the same day he was sworn into office) caused the appraisal subcommittee (ASC) of the FFIEC to suspend the comment period.
The subcommittee is charged by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 with monitoring the requirements established by states that elect to register and supervise the operations and activities of appraisal management companies.
The FFIEC subcommittee Wednesday proposed policy statements in three parts (to provide states with the necessary information to maintain their appraiser programs and appraisal management company programs in compliance with federal laws and rules. The parts are:
- Part A, Appraiser Program—Policy Statements 1 through 7 correspond with the categories that are: (a) Evaluated during the Appraiser Program Compliance Review; and (b) included in the ASC’s Compliance Review Report of the Appraiser Program.
- Part B, AMC Program—Policy Statements 8 through 11 correspond with the categories that are: (a) Evaluated during the AMC Program Compliance Review; and (b) included in the ASC’s Compliance Review Report of the AMC Program.
- Part C, Interim Sanctions—Policy Statement 12 sets forth required procedures in the event that interim sanctions are imposed against a State by the ASC for non-compliance in either the Appraiser Program or the AMC Program.
The proposal also includes two appendices: Appendix A, which provides an overview of the Compliance Review process; and Appendix B, which provides a glossary of terms.