Appraisal bias is target of Feb. 13 hearing, hosted by OCC

A public hearing of the Federal Financial Institutions Examination Council (FFIEC) Appraisal Subcommittee (ASC) will be held from 10 a.m.-1 p.m. eastern Feb. 13, hosted by the Office of the Comptroller of the Currency (OCC), the agency said this week.

More specifically, the OCC website shows that the panel will hear from witnesses “to discuss topics learned from previous hearings on appraisal bias including oversight of the appraisal industry, diversity within the appraisal profession, the development and reporting of appraisals, and other challenges that impact appraisals.”

The FFIEC is currently chaired by Acting Comptroller of the Currency Michael J. Hsu, and the OCC said Hsu will provide opening remarks for the Feb. 13 hearing. The hearing panel will include Hsu as well as representatives from the other four federal financial institution regulators that have council membership: the Federal Reserve Board, Federal Deposit Insurance Corp. (FDIC), National Credit Union Administration (NCUA), and Consumer Financial Protection Bureau (CFPB). Representatives from the Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) will also be on the panel.

The OCC, in its release Tuesday, said witnesses will be from the Appraisal Foundation, state appraiser licensing and regulatory organizations, and active appraisers. The FFIEC ASC oversees the real estate appraisal regulatory framework for federally related transactions, the OCC noted, and provides federal oversight of state appraiser and appraisal management company regulatory programs. It also provides a monitoring framework for the Appraisal Foundation.

Not mentioned for the Feb. 13 hearing, but also on the council, is a member of the State Liaison Committee (SLC), which includes representatives from financial industry regulators in Texas, Ohio, New York, Montana, and Arkansas.

The OCC website shows that in-person and virtual (online) attendees must register no later than Feb. 9 to attend or receive the livestream link. “Registration for in-person attendance may close sooner if maximum capacity is reached,” it says.

OCC Hosts Public Appraisal Subcommittee Hearing on Appraisal Bias

Feb. 13 hearing registration info