The Appraisal Subcommittee, or ASC, of the Federal Financial Institutions Examination Council has issued a bulletin to State appraiser regulatory officials to provide information on compliance with certain provisions in the Dodd-Frank Act. The Dodd-Frank Act amended several sections of Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. The bulletin addresses the following provisions:
- Qualification requirements for state licensed appraisers
- Minimum requirements for trainee appraisers and supervisory appraisers
- Course approval program of the Appraisal Foundation’s Appraiser Qualifications Board
- ASC monitoring of funding and staff resources available to state appraiser regulatory programs
The bulletin outlines changes to the ASC’s process for monitoring state programs, the requirements that states must implement, with statutory references, as well as the effective dates for compliance. Recognizing states may need to amend their rules and/or regulations, or revise their operating procedures, the ASC is providing states with a two-year implementation period for certain of the above the provisions. As part of its state compliance review process, the ASC will continue to evaluate state programs for compliance with FIRREA Title XI and the ASC Policy Statements, including those that cover topics addressed in the Dodd-Frank Act.
Check dodd-frank.com frequently for updates on the Dodd-Frank Act and other important securities law matters.