FFIEC subgroup formally proposes items for appraisal registry, set to debut in June

Items to be included by a state into the national appraisal management company (AMC) registry – open to states by this coming June – when entering an AMC are scheduled to be published in the Federal Register next week; the items are the same as those proposed late last year.

Under the proposal by the Appraisal Subcommittee of the Federal Financial Institutions Examination Council (ASC of the FFIEC), a state that elects to register and supervise AMCs must enter the following items:

  • State Abbreviation
  • State Registration Number for AMC
  • Employer Identification Number (EIN)
  • AMC Name
    • Street Address City
    • State
    • Zip
  • License or Registration Status
    • Effective Date
    • Expiration Date
  • AMC Type (State or multi-State)
    • Disciplinary Action
    • Effective Date
    • Expiration Date
  • Number of Appraisers (for invoicing registry fee)

The ASC will take comments on the proposal for 60 days.

In November, in its issue of the ASC Bulletin, the subcommittee said it would open the AMC Registry to states no later than June 4. At that time, the group said, states that elect to register and supervise AMCs (known as “participating states”) will be able to enter AMCs on the registry if they have collected fees in accordance with the final rule establishing the registry (published last September).

“The ASC recognizes that participating States may need to amend their rules and/or regulations, or revise their operating procedures, to implement AMC registry fees. After June 4, 2020, any participating State’s Compliance Review will include review of requirements for entering AMCs on the AMC Registry. Up and until June 4, 2020, a State may have a compliant AMC Program regardless of whether it is ready to enter AM Cs on the AMC Registry,” the subcommittee said.

Agency Information Collection Activities: Proposed Information Collection; Comment Request