Acting Comptroller Issues Statement on Action Plan to Advance Property Appraisal and Valuation Equity — 2022-03-23

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.