The Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council has proposed a rule to guide its enforcement powers over the effectiveness of Appraiser and Appraisal Management Company (AMC) Programs managed by State Appraiser Regulatory Agencies. This proposed rule aims to formalize the current compliance review process with some modifications, requiring evaluation of program effectiveness and setting requirements for maintaining effective programs. It also authorizes the ASC to take enforcement actions, such as issuing warnings or suspending programs that do not meet effectiveness standards. Public comments on this proposal are invited by February 4, 2025.
Simple Explanation
The Appraisal Subcommittee wants to make sure that people who judge house prices are doing a good job, and if they aren't, the Subcommittee can remind them or stop them until they fix the problems.