Appraisal Subcommittee Policy Statement Finalized

This story appeared in Bank Digest.

The Federal Financial Institutions Examination Council  Appraisal Subcommittee requested comments in August 2012 on a proposal to revise its policy statements providing guidance to ensure state appraiser regulatory programs comply with Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. Following consideration of the comments received, the FFIEC is finalizing the revised policy statement.

The Dodd-Frank Act and implementation of the Appraisal Subcommittee's revised compliance review process in 2009 necessitated revision of the existing policy statement to enhance guidance for states as they implement changes required by the Dodd-Frank Act. The revised policy statement is intended to provide states information needed to maintain their programs.