Bulletins on registry fees for appraisal management companies (AMC), as well as a 12-month extension of the implementation period for AMC programs, is on the agenda for the appraisal subcommittee (ASC) of the Federal Financial Institutions Examination Council when it meets Nov. 8.
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), states are authorized to register and supervise AMCs (if they so choose) and are allowed to add information about AMCs in their state to the National AMC Registry. States electing to register and supervise AMCs under that section of the Dodd-Frank Act must implement minimum requirements in accordance with the AMC Rule. Under a rule adopted by the subcommittee last year, the ASC sets the annual AMC registry fee that states would collect and transmit to the ASC if they elect to register and supervise AMCs. Under that rule, an AMC operating in more than one state that elects to register and supervise AMCs would be required to pay a registry fee in each state to be on the registry for each state.
Also on the subcommittee’s agenda:
- “Reporting Requirements” Proposed Information Collection: OMB Clearance pursuant to Paperwork Reduction Act;
- ASC Rules of Operation—Meeting Schedule;
- Various reports, including on delegated state compliance reviews.
The open meeting of the ASC gets underway at 10 a.m. at the Federal Reserve Board’s location at International Square, 1850 K Street NW., Washington, D.C.