Six federal agencies issued a proposed rule implementing minimum requirements for appraisal management companies

This week, six federal agencies – the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the Federal Housing Finance Agency (FHFA), the Federal Reserve, the National Credit Union Administration (NCUA) and the Office of the Comptroller of the Currency (OCC) – issued a proposed rule that would "implement minimum requirements for sale registration and supervision of appraisal management companies (AMCs)" in accordance with provisions of the Dodd-Frank Act. These minimum requirements would "apply to states that elect to establish an appraiser certifying and licensing agency with the authority to register and supervise AMCs" and would not compel a state to establish an AMC registration or supervision program. There is no penalty imposed on any state that does not establish a regulatory structure for AMCs; however, "an AMC is barred by section 1124 from providing appraisal management services for federally related transactions in a state that has not established such a regulatory structure." Public comments will be accepted for 60 days. For more, read the full news release.

Consumer Financial Protection Bureau, Dodd-Frank, Federal Deposit Insurance Corporation, Federal News, Federal Regulatory, Federal Reserve System, National Credit Union Administration, Office of the Comptroller of the Currency