Each depositor insured to at least $250,000 per insured bank



Home > News & Events > Financial Institution Letters




Financial Institution Letters

Appraisal Standards
Revisions to the Uniform Standards of Professional Appraisal Practice
FIL-53-2006
June 23, 2006


Summary: The federal banking and thrift regulatory agencies are issuing the attached statement to alert regulated institutions that the Appraisal Standards Board has issued the 2006 version of the Uniform Standards of Professional Appraisal Practice (USPAP).

Highlights:
  • The agencies' appraisal regulations require that appraisals supporting federally related transactions adhere to USPAP.
  • The Appraisal Standards Board has adopted certain important revisions to USPAP, effective July 1, 2006, including a new Scope of Work Rule that sets standards for the determination and documentation of scope of research and analyses in appraisal assignments.
  • The agencies are issuing this statement to alert regulated institutions to the 2006 version of the USPAP and to distribute a frequently asked questions document containing common questions on these changes.

Distribution:
FDIC-Supervised Banks (Commercial and Savings)

Suggested Routing:
Chief Executive Officer
Compliance Officer
Chief Lending Officer
Chief Appraiser
Legal Counsel

Related Topics:
Part 323 - Appraisal Regulations
Interagency Appraisal and Evaluation Guidelines

Attachments:
"The 2006 Revisions to Uniform Standards of Professional Appraisal Practice"

"2006 USPAP and Scope of Work" - PDF 730k (PDF Help)

Contact:
Examination Specialist Suzy S. Gardner at bgardner@fdic.gov or (202) 898-3640

Printable Format:
FIL-53-2006 - PDF 36k (PDF Help)

Note:
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2006/index.html.

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.

Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 North Fairfax Drive, Room E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).



Last Updated 03/21/2007 communications@fdic.gov