- 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.
FDIC-Supervised Banks (Commercial and Savings)
Chief Executive Officer
Chief Lending Officer
Part 323 - Appraisal Regulations
Interagency Appraisal and Evaluation Guidelines
"The 2006 Revisions to Uniform Standards of Professional Appraisal Practice"
"2006 USPAP and Scope of Work" - PDF 730k (PDF Help)
Examination Specialist Suzy S. Gardner at email@example.com or (202) 898-3640
FIL-53-2006 - PDF 36k (PDF Help)
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).