The ASC oversees the real estate appraisal regulatory framework for federally related transactions. The ASC was established by Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA).
To provide federal oversight of State appraiser and appraisal management company (AMC) regulatory programs and a monitoring framework for the Appraisal Foundation and the Federal Financial Institutions Regulatory Agencies in their roles to protect federal financial and public policy interests in real estate appraisals utilized in federally related transactions.
ASC is a subcommittee of the Federal Financial Institutions Examination Council (FFIEC). The FFIEC is an interagency body that sets uniform principles for the examination of federally regulated financial institutions. Title X of the Financial Institutions Regulatory and Interest Rate Control Act of 1978 established the FFIEC.