Federal Financial Institutions Examination Council 2012 – Federal Register Recent Federal Regulation Documents

On August 30, 2012, the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council issued a proposal to revise ASC Policy Statements. The ASC has received a request to extend the comment period set in the proposal and has determined to extend the comment period for an additional 30 days.

The ASC of the Federal Financial Institutions Examination Council (FFIEC) amended the following sections of the ASC Rules of Operation: 1. Section 3.04.a to provide for selection of a Vice Chairperson by ASC members with the Vice Chairperson's term of office running concurrently with the Chairperson's term; 2. Section 1.02(8) to define ``Vice Chairperson'' consistent with section 3.04.a; and 3. As a technical correction, Section 1.02(3) to remove the reference to the Office of Thrift Supervision (which became part of the Office of the Comptroller of the Currency July 21, 2011). 4. The definition of ``member agency'' footnotes the amendment to section 1011 of the Federal Financial Institutions Examination Council Act by the Dodd-Frank Act to include designees of the heads of the Bureau of Consumer Financial Protection and the Federal Housing Finance Agency. The ASC Rules of Operation serve as corporate bylaws outlining the ASC's purpose, functions, authority, organization and operation.