,i #aag? ,,congress #a/ ,session ,h4 ,r4 #beec ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,april #ae1 #bjba,mr4 ,cleav] 7= himself & ,mr4 ,torres ( ,new ,york7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to e/abli% an int]ag5cy ,task ,=ce to analyze ,f$]al collat]al und]writ+ /&>ds & guidance1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,real ,e/ate ,valuation ,fairness & ,improvem5t ,act ( #bjba4 #b4 ,f9d+s ,! ,congress f9ds ! foll[+3 7#a7 ,two ,f$]al ag5cies1 ! ,f$]al ,home ,own]s' ,loan ,corporation & ! ,f$]al ,h\s+ ,adm9i/ration play$ a major role 9 ! developm5t ( ! mod]n home mortgage orig9ation indu/ry4 7#b7 ,bo? ,f$]al ag5cies explicitly consid]$ ! racial & e?nic make up ( neighborhoods :5 und]writ+ loans & valu+ ! real e/ate to be us$ z home loan collat]al4 7#c7 ,bo? ag5cies devalu$ prop]ty or refus$ to make loans secur$ by prop]ty 9 communities ( color4 7#d7 ,! h>mful consequ5ces ( ?is discrim9ation rema9 unresolv$4 #c4 ,real ,e/ate ,valuation ,task ,=ce 7a7 ,e/abli%m5t ,! ,appraisal ,subcommittee ( ! ,f9ancial ,in/itutions ,exam9ation ,c\ncil %all facilitate ! e/abli%m5t & conv5+ ( an ,int]ag5cy ,task ,=ce on ,real ,e/ate ,valuation 79 ?is section ref]r$ to z ! ,task ,=ce74 7b7 ,memb]s ,! ,task ,=ce %all consi/ ( ! foll[+ memb]s or _! designees3 7#a7 ,! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy4 7#b7 ,! ,*air ( ! ,bo>d ( ,directors ( ! ,f$]al ,national ,mortgage ,association4 7#c7 ,! ,*air ( ! ,bo>d ( ,directors ( ! ,f$]al ,home ,loan ,mortgage ,corporation4 7#d7 ,! ,presid5t ( ! ,gov]nm5t ,national ,mortgage ,association4 7#e7 ,! ,*airp]son ( ! ,bo>d ( ,directors ( "o ( ! ,f$]al home loan banks1 select$ by ! ,*airp]sons ( ! ,bo>ds ( ,directors ( all ( ! ,f$]al home loan banks4 7#f7 ,! ,assi/ant ,secret>y ( ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t :o is ! ,f$]al ,h\s+ ,commission]4 7#g7 ,! ,und]secret>y = ,rural ,developm5t ( ! ,dep>tm5t ( ,agriculture4 7#h7 ,! ,secret>y ( ,vet]ans ,affairs4 7#i7 ,! ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection1 :o %all s]ve z ! ,*airp]son ( ! ,task ,=ce4 7#aj7 ,! ,comptroll] ( ! ,curr5cy4 7#aa7 ,! ,*airp]son ( ! ,bo>d ( ,directors ( ! ,f$]al ,deposit ,insurance ,corporation4 7#ab7 ,! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 7#ac7 ,! ,*airman ( ! ,national ,cr$it ,union ,adm9i/ration ,bo>d4 7#ad7 ,! ,*airman ( ! ,/ate ,liaison ,committee4 7c7 ,duties ,! ,task ,=ce %all-- 7#a7 h>monize to ! greate/ ext5t possible ! v>i\s collat]al und]writ+ /&>ds & guidance ( ! ag5cies & entities repres5t$ on ! ,task ,=ce gov]n+ resid5tial & comm]cial real e/ate valuations1 includ+ /&>ds & guidance ) respect to appraisals1 non-traditional & alt]native me?ods ( provid+ real e/ate prop]ty evaluations su* z automat$ valuation models1 processes & proc$ures = manag+ reconsid]ations ( value by consum]s1 & /&>ds & guidance ) respect to common collat]al und]writ+ *all5ges1 su* z en]gy effici5t h\s+ & limit$ or inactive m>kets2 7#b7 to ! ext5t t /&>ds or guidance describ$ "u p>agraph 7#a7 are n h>moniz$1 ! ,task ,=ce %all issue a report to ,congress expla9+ :y h>monization _c or %\ld n be implem5t$2 7#c7 e/abli% specific def9itions = limit$ or inactive h\s+ m>kets 9 :i* comp>able sales are limit$ or unavailable ov] a c]ta9 p]iod ( "t1 & e/abli% great] flexibilities & guidance = appraisals & any und]writ+ processes associat$ ) appraisals conduct$ 9 su* m>kets1 su* z ! ability to consid] m>ket evid5ce = simil> prop]ties 9 o!r geographic areas or utiliz+ a range ( value2 7#d7 aggregate data across ,task ,=ce memb]s & conduct a /udy to det]m9e :e!r !re are racial disp>ities at bo? ! borr[] & community level 9 ! valuation & price ( ! resid5tial real e/ate to be us$ z collat]al = mortgage applications process$ by ,task ,=ce memb]s2 7#e7 id5tify specific causes ( su* racial disp>ities &-- 7,a7 adopt *anges to address su* causes2 or 7,b7 if ! ,task ,=ce det]m9es t additional /atutory au?ority is ne$$ to adopt su* *anges1 issue a report to ,congress describ+ ! ne$$ /atutory au?ority2 & 7#f7 evaluate :e!r !re are any b>ri]s to entry t are disproportionately prev5t+ m9orities f ent]+ into ! appraisal pr(ession1 su* z curr5t m9imum requirem5ts e/abli%$ by ! ,apprais] ,qualifications ,bo>d1 ! co/ & availability ( education1 ! cont5t ( ! ,/ate apprais] exam que/ions1 or ! "t x takes to f9i% tra9+4 7d7 ,meet+s ,! ,task ,=ce %all conv5e regul>ly1 includ+ ) ! advisory committee describ$ "u subsection 7g71 to c>ry out ! duties "u subsection 7c7 & submit ! reports requir$ "u subsection 7f74 7e7 ,%>+ ( in=mation ,ea* ag5cy & entity repres5t$ on ! ,task ,=ce %all %>e ) ! ,task ,=ce any data ( ! ag5cy or entity necess>y = ! ,task ,=ce to c>ry out ! duties ( ! ,task ,=ce "u ?is ,act4 7f7 ,reports 7#a7 ,initial ,! ,*airp]son ( ! ,task ,=ce %all submit a report to ! ,congress n lat] ?an ! expiration ( ! #bd-mon? p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act detail+ ! f9d+s & any actions tak5 to fur!r ! duties ( ! ,task ,=ce z ( su* "t & describ+ any plann$ ef=ts & activities4 7#b7 ,ongo+ ,p]iodically aft] ! submission ( ! report pursuant to p>agraph 7#a71 ! ,*airp]son %all submit reports to ! ,congress sett+ =? updates ( ! f9d+s & actions tak5 to fur!r ! duties ( ! ,task ,=ce4 7g7 ,advisory ,committee ,! ,task ,=ce %all e/abli% an advisory committee to provide advice ) respect to ! duties ( ! ,task ,=ce4 ,! advisory committee %all consi/ (-- 7#a7 at lea/ #b civil rights advocates2 7#b7 at lea/ #b consum] advocates2 7#c7 at lea/ #b real e/ate apprais]s 7or repres5tatives ( real e/ate apprais] trade gr\ps72 7#d7 at lea/ #a small l5d] 7or repres5tative ( a trade gr\p = small l5d]s72 7#e7 at lea/ #a repres5tative ( a trade gr\p t repres5ts private inve/ors2 7#f7 at lea/ #b repres5tatives ( appraisal managem5t companies or trade gr\ps = su* companies2 7#g7 at lea/ #b individuals :o are indu/ry exp]ts on alt]native valuation models2 & 7#h7 at lea/ #a repres5tative ( ! organization t adopts ! appraisal /&>ds & apprais] qualification crit]ia "u title ,,xi ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #ccca et seq474 7h7 ,sunset ,! ,task ,=ce %all t]m9ate ^u ! expiration ( ! #e-ye> p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act4 #d4 ,promot+ div]sity & inclusion 9 ! appraisal pr(ession ,! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi is am5d$-- 7#a7 9 section #aajc7;a7 7#ab ,u4,s4,c4 #cccb7;a77-- 7,a7 9 p>agraph 7#c71 by /rik+ & at ! end2 7,b7 9 p>agraph 7#d71 by /rik+ ! p]iod at ! end & ins]t+ a semicolon2 7,c7 9 p>agraph 7#e71 by /rik+ ! p]iod at ! end & ins]t+ a semicolon2 7,d7 9 p>agraph 7#f71 by /rik+ ! p]iod at ! end & ins]t+ a semicolon2 &2 & 7,e7 by add+ at ! end ! foll[+ new p>agraph3 7#g7 adm9i/] ! grant program "u section #aabb7;j74 2 7#b7 9 section #aajf 7#ab ,u4,s4,c4 #ccce7-- 7,a7 by ins]t+ 7a7 ,9 g5]al4-- be=e ,! ,appraisal ,subcommittee2 7,b7 by /rik+ ! comma aft] comm5t2 7,c7 by ins]t+ be=e ,any regulations ! foll[+3 7b7 ,regulations 2 & 7,d7 9 subsection 7a7 7z s designat$ by subp>agraph 7,a7 ( ?is p>agraph71 by add+ at ! end ! foll[+3 ,! ,appraisal ,subcommittee may coord9ate1 & ent] into agreem5ts1 ) private indu/ry /akehold]s 7includ+ appraisal managem5t companies & indu/ry associations7 to facilitate activities & practices t ensure div]sity among individuals newly hir$ z apprais]s 9 _! fir/ employm5t positions 9 ! appraisal indu/ry42 & 7#c7 9 section #aabb 7#ab ,u4,s4,c4 #ccea71 by add+ at ! end ! foll[+ new subsection3 7j7 ,grant program ,to promote div]sity & inclusion 9 ! appraisal pr(ession 7#a7 ,9 g5]al ,! ,appraisal ,subcommittee %all c>ry out a program "u ?is subsection to makes grants to ,/ate ag5cies1 nonpr(it organizations1 & in/itutions ( high] education to promote div]sity & inclusion 9 ! appraisal pr(ession4 7#b7 ,eligible activities ,activities c>ri$ out ) am\nts f a grant "u ?is ,act %all be design$ to promote div]sity & inclusion 9 ! appraisal pr(ession1 & may include-- 7,a7 fund+ s*ol>%ips2 7,b7 provid+ tra9+ & education2 7,c7 provid+ implicit bias tra9+ = apprais]s2 & 7,d7 o!r activities z det]m9$ appropriate to fur!r ! purposes ( ?is grant program by ! ,appraisal ,subcommittee4 7#c7 ,allocation ( funds ,9 mak+ grants "u ?is subsection1 ! ,appraisal ,subcommittee %all-- 7,a7 allocate #ej p]c5t ( ! funds made available to ,hi/orically ,black ,colleges & ,univ]sities or univ]sities ) degree programs approv$ by ! ,apprais] ,qualifications ,bo>d or a relevant ,/ate regulatory ag5cy =-- 7i7 s*ol>%ips = /ud5ts ( color :o want to pursue a c>e] 9 real e/ate appraisal2 & 7ii7 subsidiz+ liv+ exp5ses = ^? /ud5ts :ile 9 tra9+2 & 7,b7 allocate #bj p]c5t ( ! funds to cov] ! co/ ( fulfill+ ! exp]i5ce requirem5ts or o!r applicable requirem5ts t ! /ud5ts describ$ "u subp>agraph 7,a7 w ne$ to complete 9 ord] to become apprais]s4 7#d7 ,adm9i/rative co/s ,! ,appraisal ,subcommittee may use #a p]c5t ( am\nts appropriat$ pursuant to p>agraph 7#f7 to cov] ! adm9i/rative co/s ( c>ry+ out ?is subsection4 7#e7 ,reports ,= ea* fiscal ye> dur+ :i* grants are made "u ! program "u ?is subsection1 ! ,appraisal ,subcommittee %all submit a report to ! ,congress reg>d+ implem5tation ( ! program & describ+ ! grants made1 activities conduct$ us+ grant am\nts1 & ! numb] ( individuals s]v$ by su* grants1 disaggregat$ by race1 e?nicity1 age1 & g5d]4 7#f7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ to ! ,appraisal ,subcommittee = grants "u ?is subsection #ej1jjj1jjj = ea* ( fiscal ye>s #bjbb ?r\gh #bjbf4 4