Hsu on reducing bias in RE appraisals

In remarks at an event hosted by the Consumer Financial Protection Bureau on reducing bias in real estate appraisals, Acting Comptroller of the Currency Michael J. Hsu highlighted the significant impact bias in appraisals has on minority families and how it contributes to a greater wealth gap between minority and majority populations. He stated, ”Holding banks accountable is necessary but not sufficient to solve the problem of bias in appraisals. The solution requires a collective effort by all the stakeholders participating and watching this event today. I applaud the civil rights leaders and others participating for holding us accountable on this issue and engaging in solutions-oriented discussions that can make appraisals fairer in the future while also meeting the underwriting needs of the $11 trillion in mortgage loans in our country.”