An unofficial “staff version” of the recently amended portion of the federal law that established requirements for uniform real estate appraisals was published online Friday by the Federal Financial Institutions Examination Council (FFIEC) Appraisal Subcommittee (ASC).
The appraisal requirements, as well as the ASC itself, were created under Title XI of the 1989 Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). That title was amended May 24 with enactment of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA, S. 2155) to exempt from the appraisal requirements certain real estate transactions valued at less than $400,000 involving property located in a rural area. Federal bank and credit union regulators have issued proposed rules to implement the change, with banking agencies still accepting comments (until Feb. 5).
(The ASC’s unofficial staff version of the revised Title XI of FIRREA provides the Title XI text with the EGRRCPA amendments inserted in red; the amendments are on the final two pages of a 19-page document.)
The ASC has made other updates to its web page: It posted a Nov. 27 webinar that was held for state regulators on the implementation of state appraisal management company (AMC) programs; and a brief notice that the ASC’s next meeting is scheduled for Feb. 13 (agenda and location to be determined).