News Release 2022-28 | March 23, 2022
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu issued the following statement upon the release of the Property Appraisal and Valuation Equity (PAVE) Task Force Action Plan, which addresses and corrects mis-valuations of residential property for families and communities of color. The PAVE Action Plan describes both the actions taken during the last six months by its 13 federal agency and office members, and the commitments made by the task force members to combat this problem that has long infected the home mortgage origination process.
Racial and ethnic biases have no place in the appraisal process. The OCC is committed to using our supervisory authority to advance racial equity consistent with our mission to ensure our regulated institutions provide fair access to financial services and treat customers fairly.
As Acting Comptroller, I have made reducing inequality a top priority for the agency. The OCC is strongly committed to taking the actions recommended by the PAVE task force to ensure greater federal oversight and effective monitoring for discrimination in residential property appraisals and technology-based valuations. In the coming months, we will enhance our supervisory methods for identifying discrimination in property valuations, take steps to ensure that consumers know their rights regarding appraisals, and support research that may lead to new ways to address the undervaluation of housing in communities of color caused by decades of discrimination.
I want to thank Secretary Fudge and Ambassador Rice for their leadership of this important task force. I look forward to continuing to work together with all of the PAVE agencies to advance racial equity and help to close the racial wealth gap for communities and families of color.