[Federal Register Volume 76, Number 19 (Friday, January 28, 2011)]
[Notices]
[Page 5161]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-1866]


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FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL

[Docket No. AS11-03]


Determination Regarding National Appraisal Complaint Hotline

AGENCY: Appraisal Subcommittee (ASC) of the Federal Financial 
Institutions Examination Council.

ACTION: Determination by the ASC regarding a national appraisal 
complaint hotline.

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SUMMARY: Pursuant to section 1473(p) of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act of 2010 (Act), the Appraisal 
Subcommittee (ASC) has determined that no one national hotline 
presently exists that fully complies with the Act. The determination 
was made on January 12, 2011, during the ASC's open meeting. In making 
this determination, the ASC initiated a project to study the 
establishment and operation of a national appraisal complaint hotline 
as required by the Act.

DATES: Effective Date: Effective immediately.

FOR FURTHER INFORMATION CONTACT: James R. Park, Executive Director, at 
(202) 595-7575, or Alice M. Ritter, General Counsel, at (202) 595-7577, 
via Internet e-mail at [email protected] and [email protected], respectively, or 
by U.S. Mail at Appraisal Subcommittee, 1401 H Street, NW., Suite 760, 
Washington, DC 20005.

SUPPLEMENTARY INFORMATION: Consistent with Title XI of the Financial 
Institutions Reform, Recovery and Enforcement Act of 1989, as amended 
by section 1473(p) of the Act, the ASC must determine within six months 
of the 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 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 Act. Consistent with the 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.

    Dated: January 24, 2011.

    By the Appraisal Subcommittee.
Deborah S. Merkle,
Chairman,
[FR Doc. 2011-1866 Filed 1-27-11; 8:45 am]
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