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Tuesday, September 18, 2012

ABA Requests Extend Proposal Comment Period

ABA and four other trade groups have asked the Federal Financial Institutions Examination Council’s Appraisal Subcommittee to extend by 30 days the Oct. 29 comment deadline on the subcommittee’s proposed policy statements.

The policy statements provide guidance to ensure that state appraiser regulatory programs comply with the 1989 Financial Institutions Reform, Recovery, and Enforcement Act. The subcommittee is proposing revisions to its current policy statements to reflect the Dodd-Frank Act statutory changes and to implement changes in its own compliance review process.

The trade groups explained that the extension is needed because they have just completed or are in the process of writing 10 comment letters on some of the most complex and comprehensive proposed rules ever to affect the mortgage industry. From the letter:
We believe a 30-day extension of the comment period on the appraisal subcommittee’s proposal would greatly improve the industry’s ability to provide meaningful thoughts on the proposal, and would avoid distracting attention from some very significant rulemakings and issues.
Read the letter.
Read the proposed policy statements.

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