Statement by Chairman Martin J. Gruenberg on the Work of the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE)

“Appraisal bias and the effect it has on the wealth of communities of color is a critically important issue that merits the comprehensive and thoughtful attention provided by the PAVE Task Force member agencies. Since the release of the Action Plan one year ago, FDIC staff have been closely coordinating and collaborating with staff from other PAVE member agencies to fulfill the PAVE Action Plan’s commitments and recommendations. These efforts are helping to shift the public’s understanding of appraisal bias from a rare event affecting an occasional homeowner to a significant issue that affects wealth formation and opportunities in minority communities nationwide—the same communities that have suffered historically from discrimination, redlining, and disinvestment.”