An Action Plan for Fighting Bias in Appraisals

The Interagency Task Force on Property Appraisal and Valuation Equity (“PAVE”) has issued an Action Plan to root out racial and ethnic bias in home valuations.

The PAVE task force, co-chaired by HUD Secretary Martha Fudge and Domestic Policy Advisor Ambassador Susan Rice, was directed by President Biden to evaluate the causes, extent, and consequences of appraisal bias and to establish a set of recommendations to eliminate racial and ethnic bias in home valuations. Thirteen federal agencies participated in the task force.

Taskforce commitments and recommendations fall into five broad categories:

  • Strengthening guardrails against discrimination in all stages of residential valuation
  • Enhancing fair housing and fair lending enforcement and driving accountability in the appraisal industry
  • Building a diverse, well-trained, and accessible appraiser workforce
  • Empowering consumers to take action against bias
  • Giving researchers and enforcement agencies better data to study and monitor valuation bias

Question of the Week

Q. Must a tax-exempt business still certify its TIN on the W-9 form?

A. Yes. The W-9 (or W-8BEN) should be completed regardless of the tax status of the business/individual.

Resources

IRS Instructions for Form W-9

Compliance Alerts

Consumer Financial Protection Bureau

CFPB Releases Report on Credit Card Late Fees: The CFPB issued a report on credit card late fees. Credit Card late fees are governed by Regulation Z and billing statements must be mailed or delivered to members 21 days prior to the due date per the Credit Card Act as implemented in Regulation Z.

Office of Foreign Assets Control (OFAC)

OFAC has updated the SDN list as of April 1. The last update prior to this was March 25.

­­­­­­­­­­­­­­­­­­Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Posted in Compliance News, Compliance News, Compliance Question.