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Federal Deposit
Insurance Corporation

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

Financial Institution Letters

FIL-19-2017
May 31, 2017

Advisory on the Availability of Appraisers

Printable Format:

FIL-19-2017 - PDF (PDF Help)

Summary:

The FDIC, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the National Credit Union Administration (collectively, the Agencies) are issuing an advisory that discusses two existing methods that may address any appraiser shortages: temporary practice permits and temporary waivers. The advisory addresses concerns raised pursuant to the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) review process regarding the timeliness of appraisals, due largely to what financial industry commenters believe to be problems with the availability of certified and licensed appraisers, particularly in rural areas.

Statement of Applicability to Institutions Under $1 Billion in Total Assets: This Financial Institution Letter applies to all FDIC-supervised institutions.

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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/2017/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).

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