Under FIRREA, who enforces USPAP?

The enforcement of the Uniform Standards of Professional Appraisal Practice (USPAP) under the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) is primarily the responsibility of state appraiser licensing agencies. These agencies oversee the licensing of appraisers, ensuring that they comply with the requirements set forth in USPAP. By enforcing USPAP standards, state agencies help maintain the integrity and reliability of appraisals conducted within their jurisdictions, which is crucial for consumer protection and the stability of the financial markets.

State appraiser licensing agencies have the authority to investigate complaints, conduct audits, and take disciplinary actions against appraisers who fail to adhere to USPAP. This regulatory framework ensures that appraisers are held accountable for their practices, promoting high standards in the appraisal profession.

The other choices might play supportive roles in the overall appraisal environment but do not directly enforce USPAP. The Appraisal Standards Board (ASB) establishes and updates the standards, while organizations like the Federal Trade Commission (FTC) and various national appraisal organizations may influence appraisal practices or policies, they do not have the authority to enforce compliance with USPAP under FIRREA. Thus, the responsibility for enforcement primarily lies with state licensing agencies.