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Federal Deposit
Insurance Corporation

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

Financial Institution Letters

FIL-19-2015
April 30, 2015
(Revised August 2015)

Minimum Requirements for Appraisal Management Companies

Printable Format:

FIL-19-2015 - PDF (PDF Help)

Summary:

The agencies1 issued a final rule to implement the minimum requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act for the registration and supervision of appraisal management companies (AMCs). An AMC is an entity that meets the statutory appraiser panel threshold size and provides certain types of appraisal management services in connection with valuing a consumer’s principal dwelling as security for a consumer credit transaction or incorporating such transactions into securitizations.

Statement of Applicability to Institutions Under $1 Billion in Total Assets: This Financial Institution Letter applies only to those FDIC-supervised institutions, including community banks, that own an AMC that meets the statutory appraiser panel threshold size of more than 15 appraisers in one state or 25 or more appraisers in two or more states. The FDIC is not aware of any FDIC-supervised institutions that currently own an AMC that meets the statutory appraiser panel threshold size.

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Note:

FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2015/index.html.

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

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

Revised August 2015 to amend applicability statement.

1 The agencies include the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Federal Housing Finance Agency.

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