Which group comprises the federal banking agencies responsible for supervising the banks within their respective jurisdictions, including bank appraisal practices?
Correct Answer
C) The banking agencies: OCC, FDIC and the Fed
OCC, FDIC and the Federal Reserve supervise banks within their respective jurisdictions. They joined the OTS and NCUA in jointly issuing the 2010 Interagency Appraisal and Evaluation Guidelines. ASC oversight of state appraisal programs is a different function; ASC is not the sole bank supervisor or author of all appraisal rules.
Why This Is the Correct Answer
OCC, FDIC and the Federal Reserve supervise banks within their respective jurisdictions. They joined the OTS and NCUA in jointly issuing the 2010 Interagency Appraisal and Evaluation Guidelines. ASC oversight of state appraisal programs is a different function; ASC is not the sole bank supervisor or author of all appraisal rules.
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The Dodd-Frank Act's appraisal provisions primarily focus on:
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In a transaction covered by Regulation Z’s valuation-independence rule, a loan officer asks the appraiser to replace accurate unfavorable language solely so the loan will be approved. Which response is appropriate?