Tuesday, April 1, 2014
Tucked into page 816 of the Dodd-Frank Act is a little noticed amendment to the Financial Institutions Reform Recovery and Enforcement Act of 1989.
(d) REGULATIONS.—Section 1106 of the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3335)
(1) by inserting ‘‘prescribe regulations in accordance with
chapter 5 of title 5, United States Code (commonly referred
to as the Administrative Procedures Act) after notice and opportunity
for comment,’’ after ‘‘hold hearings’’; and
(2) at the end by inserting ‘‘Any regulations prescribed
by the Appraisal Subcommittee shall (unless otherwise provided
in this title) be limited to the following functions: temporary
practice, national registry, information sharing, and enforcement.
For purposes of prescribing regulations, the Appraisal
Subcommittee shall establish an advisory committee of industry
participants, including appraisers, lenders, consumer advocates,
real estate agents, and government agencies, and hold meetings
as necessary to support the development of regulations.’’.
Just short of four years after the Dodd-Frank Act became law, the Appraisal Subcommittee has created the Appraisal Subcommittee for Development of Regulations. Members have been appointed by the ASC Chairman, Arthur Lindo. Imagine my surprise to find the letter below in my email. We have our first meeting April 16 - 17, 2014 in Washington, D.C. Details at this LINK.