Federal Financial Institutions Regulatory Agencies
The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC) comprise the Federal financial institutions regulatory agencies (Agency). Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) requires each Agency to prescribe appropriate standards for the performance of real estate appraisals in connection with “federally related transactions,” which are defined as those real estate-related financial transactions that an Agency engages in, contracts for, or regulates, and that require the services of an appraiser. These rules must require, at a minimum, that real estate appraisals be performed in accordance with generally accepted uniform standards as promulgated by the Appraisal Standards Board of the Appraisal Foundation, and that such appraisals be in writing. Such appraisals are to be performed by individuals whose competency has been demonstrated and whose professional conduct is subject to effective State supervision. An Agency may require compliance with additional appraisal standards if it makes a determination that such additional standards are required in order to properly carry out its statutory responsibilities. Each of the Agencies has adopted additional appraisal standards.
These guidelines and other guidance can be found by accessing the individual Agency websites provided in the Quick Links.
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