FFIEC Appraisal Subcommittee issues rulemaking proposal

The Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) published in today's Federal Register a notice of proposed rulemaking to implement a framework to govern the ASC’s enforcement authority regarding the effectiveness of Appraiser and Appraisal Management Company (AMC) Programs overseen by State Appraiser Regulatory Agencies. The proposed rule would codify the existing compliance review process with modifications. The proposed rule would require an analysis to assess program effectiveness, outline requirements for maintaining effective programs, and authorize the ASC to bring enforcement actions against such agencies that fail to maintain effective programs.

Comments on the proposal will be accepted through February 4, 2025.