The NCUA and five other federal financial regulatory agencies issued a final rule Thursday that establishes minimum requirements for states that elect to register and supervise appraisal management companies (AMCs), the agencies said in a news release.
The rule, which the NCUA announced along with the CFPB, FDIC, Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System and Federal Housing Finance Agency, allows states to establish registration and supervision programs for AMCs, which can be defined as any entity providing appraisal management services to lenders, underwriters or other principals in the secondary mortgage market. These companies' services may include contracting with licensed and certified appraisers to perform appraisal assignments.
States that choose to establish such programs will be subject to certain minimum requirements, and in addition, federally-regulated AMCs will have to meet the same minimum requirements of state-regulated AMCs, with the exception of the state registration requirement.
Forming an AMC registration and supervision program will be optional for states under the rule, however, for states that don't establish one within 36 months of the effective date of the rule, non-federally regulated AMCs will not be allowed to provide appraisal management services for federally-related transactions within the state, the agencies said. States may lift this restriction by implementing AMC regulatory structure after the 36-month period has ended.
The rule, which contains amendments to Title XI of the Dodd-Frank Act, will become effective 60 days after publication in the Federal Register, according to the agencies. Publication is expected shortly.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
