The article discusses the inadequacies in the U.S. appraisal regulatory framework, exacerbated by the 2008 financial crisis that revealed deep systemic flaws. Key legislation like FIRREA and Dodd-Frank was enacted to address these issues, mandating increased oversight. However, challenges remain, including the fragmented structure of oversight bodies, inadequate funding, and conflicts of interest. The Appraisal Subcommittee's diminished authority and inefficiency further complicate regulatory processes, indicating a failure in strategic governance and resource management despite having significant reserves.
The U.S. appraisal regulatory framework has evolved into a fragmented, inefficient system demonstrating serious weaknesses highlighted by the 2008 financial crisis.
Despite regulatory efforts like FIRREA and Dodd-Frank, the appraisal industry's systemic issues, including conflicts of interest and inadequate oversight, persisted.
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