FFIEC Determines No National Appraisal Hotline Exists

By | January 29, 2011

The Federal Financial Institutions Examination Council issued a notice substantially to the following effect:  Consistent with Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended by Section 1473(p) of the Dodd-Frank Act, the Appraisal Subcommittee (“ASC”) must determine within six months of the Dodd-Frank Act’s enactment whether a national appraisal complaint hotline exists.  In making the determination, the ASC must consider whether a national hotline exists to receive complaints of noncompliance with appraisal independence standards and the Uniform Standards of Professional Appraisal Practice.  Further, the national hotline must have the capability to receive complaints from appraisers, individuals, or other entities concerning the improper influencing or attempted improper influencing of appraisers or the appraisal process.  Based on research by ASC staff of national consumer and other complaint hotlines currently operated by various federal government agencies, including those of the ASC member agencies and the Federal Trade Commission, the ASC has determined that there is no one hotline that fully complies with the Dodd-Frank Act.  In making this determination, the ASC initiated a project to study the establishment and operation of a national appraisal complaint hotline as required by Dodd-Frank Act.  Consistent with the Dodd-Frank Act, the national appraisal hotline must receive complaints, refer complaints to the appropriate federal or state agency for resolution, and provide the capability to monitor the resolution of complaints.

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