What entity is essential for overseeing the compliance of appraisal management companies with federal regulations?

The Appraisal Subcommittee is the entity essential for overseeing the compliance of appraisal management companies with federal regulations. This committee operates under the jurisdiction of the Federal Financial Institutions Examination Council (FFIEC) and is responsible for monitoring and ensuring adherence to the federal appraisal regulations set forth by the Dodd-Frank Act.

The Appraisal Subcommittee's role includes analyzing the practices of appraisal management companies and ensuring that they comply with licensing, ethical standards, and other relevant regulations. This is crucial for maintaining the integrity and uniformity of appraisals across financial institutions, particularly those that engage in federally-related transactions.

In contrast, other entities listed in the question have different roles. The Federal Housing Authority primarily focuses on housing programs and does not directly oversee appraisal management compliance. The Consumer Financial Protection Bureau regulates consumer financial products but has a broader scope beyond solely appraisals and appraisal management companies. Local Real Estate Boards typically oversee local real estate practices but do not have the authority or responsibility to enforce federal appraisal regulations.