Appraisal Subcommittee

Strengthening Appraisal Oversight: Progress at the Appraisal Subcommittee In the following CFPB blogpost:?Strengthening Appraisal Oversight: Progress at the Appraisal Subcommittee, ASC Chair Martinez outlines the advances made at the Subcommittee since her tenure began in April of 2022. Read the blogpost via the link below: https://lnkd.in/eh8CNZS8

Please see the ASC Board Statement Regarding Executive Director Park

The Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council invites comment on a proposed rule 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. Send comments on or before February 4, 2025. https://lnkd.in/guEpSjV7

We're hiring! USAJOBS - Job Announcement Attorney Advisor https://lnkd.in/gTZJ2vqS Under the direction of the General Counsel, the Attorney Advisor is responsible for providing legal advice and counsel on a variety of laws relevant to federal practice. The Attorney may also serve as a backup to the General Counsel as legal adviser to the Executive Director and other officers and employees regarding laws that relate to the appraisal industry, the operations of the agency, and the other laws and rules encountered in federal legal practice.

Are you on the fence about applying for an ASC grant??Check out this video which provides a brief overview of the process. Want to learn more? Just reach out to the Grants Management Office by emailing [email protected]. Grant Testimonial Video: https://lnkd.in/e7rWrSTG

Zixta Martinez, Deputy Director, Consumer Financial Protection Bureau (CFPB), has served as ASC Board Member and Chair since April of 2022. Zixta joined the CFPB in 2010, as part of the CFPB Implementation team. She has since served as Senior Advisor for Supervision, Enforcement and Fair Lending, Associate Director for External Affairs, and Assistant Director for the Office of Community Affairs for the CFPB. As Deputy Director, she oversees the Bureau’s Operations Division. Learn more: https://lnkd.in/ehnmBrQs #ASCgov #CFPB

This month, five federal regulatory agencies issued guidance addressing reconsiderations of value (ROV) for residential real estate transactions, offering examples of policies that financial institutions may implement to help identify and address the risk of discrimination. The five agencies taking part in this guidance are the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (FRB), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC). To learn more, visit https://lnkd.in/dMu8FeSN Read the full guidance at https://lnkd.in/d6xj_EUg #ASCgov #ReconsiderationOfValue #Appraisals

Who is eligible for ASC grants? State real estate appraisal regulatory agencies are eligible to apply for and receive federal assistance through the 2024 State Appraiser Regulatory Agencies Support (SARAS) grant. This funding can help states improve their real estate appraiser regulatory framework and meet the requirements associated with Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. The second round of applications is due on September 4, 2024, by 5:00 p.m. ET. Grants are also available for The Appraisal Foundation To learn more, visit https://lnkd.in/ePbVxHk4 #ASCgov #Appraisers #Grants #GrantFunding

This month, six federal regulatory agencies issued a final rule designed to help ensure the credibility and integrity of models used in valuations. In particular, this rule will implement quality control standards for automated valuation models (AVMs) used by mortgage originators and secondary market issuers in valuing homes. The six regulatory agencies taking part in establishing this rule are the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC) the Federal Housing Finance Agency (FHFA), the Federal Reserve Board (FRB), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC). Learn more by visiting https://lnkd.in/e-aWmd9F #ASCgov #Appraisals #Appraisers

ASC keeps an up-to-date registry of Appraiser and Appraisal Management Company (AMC) Programs for each of the U.S. States and Territories. This is part of the ASC’s regulatory role monitoring State appraiser licensing and certification regulatory programs for compliance with Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989. Visit www.ASC.gov to learn more. #ASCgov #Appraisers #Appraisals