Joint Release
Office of the Comptroller of the Currency
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Consumer Financial Protection Bureau
Federal Housing Finance Agency
National Credit Union Administration
For Immediate Release April 30, 2015
Agencies Issue Final Rule on Minimum Requirements
for Appraisal Management Companies
WASHINGTON— Six federal financial regulatory agencies today issued a final rule that
implements minimum requirements for state registration and supervision of appraisal
management companies (AMCs). An AMC is an entity that provides appraisal
management services to lenders or underwriters or other principals in the secondary
mortgage markets. These appraisal management services include contracting with
licensed and certified appraisers to perform appraisal assignments.
The final rule implements amendments to Title XI of the Financial Institution Reform,
Recovery, and Enforcement Act of 1989 made by the Dodd-Frank Wall Street Reform
and Consumer Protection Act of 2010.
Under the rule, states may elect to register and supervise AMCs. The AMC minimum
requirements in the final rule apply to states that elect to register and supervise AMCs,
as AMCs are defined in the rule. The final rule does not compel a state to establish an
AMC registration and supervision program, and no penalty is imposed on a state that
does not establish a regulatory structure for AMCs. However, in states that have not
established a regulatory structure after 36 months from the effective date of this final
rule, any non-federally regulated AMC is barred by section 1124 of Title XI from
providing appraisal management services for federally related transactions. A state may
adopt a regulatory structure for AMCs after this 36-month period, which would lift this
restriction.
Under the final rule, participating states must apply certain minimum requirements in the
registration and supervision of appraisal management companies. An AMC that is a
subsidiary of an insured depository institution and is regulated by a federal financial
institution regulatory agency (a federally regulated AMC) must meet the same minimum
requirements as state-regulated AMCs except for the requirement to register with a
state.
This final rule will become effective 60 days after publication in the Federal Register.
The compliance date for federally regulated AMCs is no later than 12 months from the
effective date of this rule. A participating state will specify the compliance deadline for
state-regulated AMCs.
Office of the Comptroller of the Currency
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Consumer Financial Protection Bureau
Federal Housing Finance Agency
National Credit Union Administration
For Immediate Release April 30, 2015
Agencies Issue Final Rule on Minimum Requirements
for Appraisal Management Companies
WASHINGTON— Six federal financial regulatory agencies today issued a final rule that
implements minimum requirements for state registration and supervision of appraisal
management companies (AMCs). An AMC is an entity that provides appraisal
management services to lenders or underwriters or other principals in the secondary
mortgage markets. These appraisal management services include contracting with
licensed and certified appraisers to perform appraisal assignments.
The final rule implements amendments to Title XI of the Financial Institution Reform,
Recovery, and Enforcement Act of 1989 made by the Dodd-Frank Wall Street Reform
and Consumer Protection Act of 2010.
Under the rule, states may elect to register and supervise AMCs. The AMC minimum
requirements in the final rule apply to states that elect to register and supervise AMCs,
as AMCs are defined in the rule. The final rule does not compel a state to establish an
AMC registration and supervision program, and no penalty is imposed on a state that
does not establish a regulatory structure for AMCs. However, in states that have not
established a regulatory structure after 36 months from the effective date of this final
rule, any non-federally regulated AMC is barred by section 1124 of Title XI from
providing appraisal management services for federally related transactions. A state may
adopt a regulatory structure for AMCs after this 36-month period, which would lift this
restriction.
Under the final rule, participating states must apply certain minimum requirements in the
registration and supervision of appraisal management companies. An AMC that is a
subsidiary of an insured depository institution and is regulated by a federal financial
institution regulatory agency (a federally regulated AMC) must meet the same minimum
requirements as state-regulated AMCs except for the requirement to register with a
state.
This final rule will become effective 60 days after publication in the Federal Register.
The compliance date for federally regulated AMCs is no later than 12 months from the
effective date of this rule. A participating state will specify the compliance deadline for
state-regulated AMCs.
The final rule is being issued jointly by the Office of the Comptroller of the Currency, the
Board of Governors of the Federal Reserve System, the Federal Deposit Insurance
Corporation, the Consumer Financial Protection Bureau, the Federal Housing Finance
Agency, and the National Credit Union Administration.
The draft Federal Register notice is attached. Publication of the final rule in the Federal
Register is expected shortly.
# # #
Attachment:
• Minimum Requirements for Appraisal Management Companies - PDF (PDF Help)
Media Contacts:
OCC Stephanie Collins (202) 649-6870
Federal Reserve Susan Stawick (202) 452-2955
FDIC Greg Hernandez (202) 898-6993
CFPB Sam Gilford (202) 435-7673
FHFA Corinne Russell (202) 649-3032
NCUA Ben Hardaway (703) 518-6333
FDIC: PR-37-2015
Board of Governors of the Federal Reserve System, the Federal Deposit Insurance
Corporation, the Consumer Financial Protection Bureau, the Federal Housing Finance
Agency, and the National Credit Union Administration.
The draft Federal Register notice is attached. Publication of the final rule in the Federal
Register is expected shortly.
# # #
Attachment:
• Minimum Requirements for Appraisal Management Companies - PDF (PDF Help)
Media Contacts:
OCC Stephanie Collins (202) 649-6870
Federal Reserve Susan Stawick (202) 452-2955
FDIC Greg Hernandez (202) 898-6993
CFPB Sam Gilford (202) 435-7673
FHFA Corinne Russell (202) 649-3032
NCUA Ben Hardaway (703) 518-6333
FDIC: PR-37-2015