Federal Financial Institutions Examination Council October 2010 – Federal Register Recent Federal Regulation Documents

Under authority in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Reform Act), the ASC modified the annual National Registry fee (Registry fee) to $40 from the current $25 amount at its meeting on October 13, 2010. The ASC raised the Registry fee to support its supervisory activities, including additional authority and responsibility under the Dodd-Frank Reform Act. The modified Registry fee of $40 is effective on January 1, 2012. As of January 1, 2012, for all new appraiser credentials and all renewals of existing credentials, States are required to collect and transmit to the ASC the modified Registry fee of $40. The National Registry is a database of all State licensed and certified appraisers who are eligible to perform appraisals for federally related transactions. Through the National Registry, lenders and consumers can readily determine whether an appraiser holds the appropriate credential and remains in good standing with the State. Each State maintains procedures for certifying, licensing, supervising and disciplining appraisers. The ASC is responsible for monitoring States' appraiser regulatory programs.