The Dodd-Frank Act contains 14 provisions that give the Appraisal Subcommittee (ASC) of the FFIEC a number of new responsibilities and authorities. GAO noted that some of the tasks associated with these provisions are complex and challenging, especially for a small agency with limited resources.
One of the more complex tasks for ASC is to establish a national appraisal complaint hotline and refer hotline complaints to appropriate governmental bodies for further action. Another complex task for ASC is providing grants to state appraiser regulatory agencies to support these agencies’ compliance with Title XI.
As of June 2012, ASC had not implemented either the national hotline or the state grant program but had completed some initial steps. ASC officials told GAO that they had developed initial protocols for handling hotline complaints and had begun work on a complaint form, website, and call center. In addition, ASC is in the process of hiring a grants manager.