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") issued an interagency Advisory Notice to address financial industry concerns about the availability of appraisers, particularly in rural areas. The Notice acknowledges the lack of available state-certified and licensed appraisers and the impact the shortage has on the timeliness of appraisals. The Notice proposes options for addressing the shortages including: (i) temporary practice permits and (ii) temporary waivers.
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