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The Dodd–Frank Wall Street Reform and Consumer Protection Act


The Dodd–Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act)1 was signed into law by President Barack Obama on July 21, 2010.

The Dodd–Frank Act was declared by Congress “[t]o promote the financial stability of the United States by improving accountability and transparency in the financial system, to end “too big to fail,” to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes.”

The Dodd-Frank Act created sweeping changes for the regulation of real estate appraisers and appraisals in the United States. Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (Title XI) was amended in significant ways and it will take several years for some provisions of the new law to become operative at the State and Federal levels.
The ASC’s general responsibilities are set forth in Section 1103 of Title XI as amended by the Dodd-Frank Act.


The ASC shall —

• monitor the requirements established by States —
(A) for the certification and licensing of individuals who are qualified to perform appraisals in connection with federally related transactions, including a code of professional  responsibility; and
(B) for the registration and supervision of the operations and activities of an appraisal management company;2

• monitor the requirements established by the Federal financial institutions regulatory agencies [and the Resolution Trust Corporation3] with respect to —
(A) appraisal standards for federally related transactions under their jurisdiction, and
(B) determinations as to which federally related transactions under their jurisdiction require the services of a State certified appraiser and which require the services of a State licensed appraiser;

• maintain a National Registry of State certified and licensed appraisers who are eligible to perform appraisals in federally related transactions;

• transmit an annual report to the Congress not later than June 15 of each year that describes the manner in which each function assigned to the Appraisal Subcommittee has been carried out during the preceding year. The report shall also detail the activities of the Appraisal Subcommittee, including the results of all audits of State appraiser regulatory agencies, and provide an accounting of disapproved actions and warnings taken in the previous year, including a description of the conditions causing the disapproval and actions taken to achieve compliance;

• maintain a National Registry of appraisal management companies that either are registered with and subject to supervision of a State appraiser certifying and licensing agency or are operating subsidiaries of a Federally regulated financial institution; and

• monitor and review the practices, procedures, activities and organizational structure of the Appraisal Foundation.

The ASC will continue working to implement the provisions in the Dodd-Frank Act.  To view a copy of an unofficial ASC staff “redlined” version of Title XI as amended by the Dodd-Frank Act click here

We have updated, and will continue to update, the ASC Frequently Asked Questions (FAQ) page on this website to answer questions which arise regarding the Dodd-Frank Act as it pertains to the ASC.  You may also register on our website for ASC Agency Updates Email Notices.  Email notices will be sent periodically to disseminate important information, including announcements and FAQs relative to the Dodd-Frank Act.


1 Pub.L. 111-203, H.R. 4173
2 The ASC reviews each State for compliance with the requirements of Title XI, and the ASC is authorized to take action in the case of non-compliance. Monitoring of States’ registration and supervision of appraisal management companies will begin once the Federal financial regulators and the Bureau promulgate regulations setting the minimum requirements as required by the Dodd-Frank Act.
3 The Resolution Trust Corporation was dissolved in 1995.

Click here to view a copy of an unofficial ASC staff “redlined” version of Title XI as amended by the Dodd-Frank Act.


Click here to view the Supplement to Bulletin 2011-01 dated August 11, 2011, regarding Mandatory AQB Criteria for State Licensed Appraisers.

Click here to view ASC Bulletin 2011-01 regarding statutory provisions affecting State appraiser regulatory programs.

Click here to view the ASC Press Release regarding an appraisal complaint hotline as prescribed in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

Click here for the October 14, 2010 ASC media release regarding the modification of the annual National Registry fee detailed in ASC Bulletin 10-1.

Click here
for the response to State's questions concerning implementation of the modified Registry fee.

Click here to view the ASC Advisory Committee Charter.  Click here to view the Balanced Membership Plan for the ASC Advisory Committee.  Both were approved at the February 12, 2014 ASC Meeting.