To All Depository Institutions and Others Concerned
in the Second Federal Reserve District:
The Board of Governors of the Federal Reserve System has issued SR letter 06-9 to announce revisions to the Uniform Standards of Professional Appraisal Practice (USPAP).
The Board of Governors, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision and the National Credit Union Administration have issued an interagency statement to inform regulated institutions that the Appraisal Standards Board of the Appraisal Foundation has made significant revisions to USPAP.
Under the agencies' appraisal regulations, regulated institutions must ensure that appraisals supporting federally related transactions adhere to USPAP.
The 2006 USPAP, effective July 1, includes a new Scope of Work Rule and deletes the Departure Rule and associated terminology. Appraisal reports issued on or after July 1 need to comply with the 2006 USPAP. See the link below for full details and access to all related documents.