Comments on whether to consider changing a form for gathering and reporting complaints about appraisals will be due in early May after a previous comment period generated no comments at all, according to filings published in Monday’s Federal Register.
The Office of the Comptroller of the Currency (OCC) is extending until May 3 the comment period on the Interagency Appraisal Complaint Form, a document developed and approved by the OCC, Federal Reserve Board, Federal Deposit Insurance Corp. (FDIC), National Credit Union Administration (NCUA), and Consumer Financial Protection Bureau (CFPB) to collect additional information on complaints referred to them via a hotline established by the Federal Financial Institutions Examination Council (FFIEC) Appraisal Subcommittee (ASC).
The individual agencies created the Appraisal Complaint Form to collect information necessary to take further action on the complaint; the consumer bureau incorporated the process into one of its existing systems, the notice states.
In its notice, OCC invites comments on the necessity, utility and regulatory burden cost of the Interagency Appraisal Complaint Form.
The form is intended to be used by those wishing to file a formal, written complaint that an entity subject to the jurisdiction of one or more of the agencies has failed to comply with the appraisal independence standards or the Uniform Standards of Professional Appraisal Practice (USPAP).
According to the OCC, the previous 60-day comment period on the form (which ran from Oct. 26 to Dec. 26) generated no comments at all. The agency said that “comments continued to be invited” until May 3.