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March 15, 2017

Agency Report Delayed, Appraisal Questions Unanswered

Questions concerning appraisals and appraisal threshold levels remain unanswered more than two years after outreach and requests for comments were initiated by federal bank regulatory agencies regarding the final report they’re required to submit to Congress that outlines potential regulatory relief for banks, the Appraisal Institute reported March 15.

The report, which is required by the Economic Growth and Regulatory Paperwork Reduction Act, is two months past its statutory deadline. The three agencies involved in producing the report — the Office of the Comptroller of the Currency, the Federal Reserve Board and the Federal Deposit Insurance Corporation — had officially requested an extension. 

The Appraisal Institute said it is uncertain how aggressive or conservative the agencies’ recommendations may be, but noted that no proposed rulemakings are expected to accompany the report. However, the report may indicate changes the agencies intend to pursue in the future.

Related, President Trump on Feb. 3 signed an executive order requesting the U.S. Department of the Treasury to prepare a report outlining potential regulatory changes in the financial sector. The report is expected to focus on Dodd-Frank Act regulations, but likely will be expanded to include additional issues and regulations. The report is expected to be released by the end of May, and could outline the administration’s approach to appraisal regulatory issues and risk management in commercial and residential real estate finance. 


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