Breaking News: Moratorium Requested

By | July 3, 2019

VaCAP has learned the US House Financial Services Committee has concerns over  Cryptocurrency and has requested a moratorium of Facebook until regulators and Congress have an opportunity to examine the issues and take action to protect consumers.

“Because Facebook is already in the hands of over a quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action,” the lawmakers wrote. “During this moratorium, we intend to hold public hearings on the risks and benefits of cryptocurrency-based activities and explore legislative solutions. Failure to cease implementation before we can do so, risks a new Swiss-based financial system that is too big to fail.”

Why is this important to appraisers? 

This may not be a direct link to the appraisal profession, however, it is the first sign of possible regulation of any technology to protect consumers. Appraisers were present at the recent Subcommittee hearing titled What’s Your House Worth, A Review of the Appraisal Industry and some relationships were initiated. VaCAP President Pat Turner had a one on one conversation with Maxine Waters and other appraisers spoke to other committee members as well. Many follow up comments and articles were shared with the committee members on social media concerning some realities of our profession. Simply stated, appraisers are stepping up and our lawmakers are listening. 

Now think AVM’s, appraisal waivers, evaluations, etc.  Now why are appraisers licensed? Remember FIRREA? Technology is unregulated and often times not accurate due to bias and inaccurate data being input. Regulations and oversight of this emerging trend will protect consumers. 

See the complete Press Release here. 

 

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