Which of the following is NOT a government regulatory agency?

• A. The Federal Reserve
• B. The Appraisal Foundation
• C. Office of the Comptroller of the Currency
• D. Federal Deposit Insurance Corporation

Answer: (B)

The key idea is telling apart government regulators from private organizations that set professional standards. The Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation are government bodies that regulate and supervise financial institutions or monetary policy. The Appraisal Foundation, on the other hand, is a private nonprofit that develops appraisal standards and qualifications (like USPAP) but does not itself regulate or oversee laws or banking. Its role is to establish standards, while regulatory enforcement in appraising is carried out by state licensing boards and the Appraisal Subcommittee. So the choice that is not a government regulatory agency is the Appraisal Foundation.