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To: Chief Executive Officers of All National Banks and National Bank Operating Subsidiaries, Department and Division Heads, and All Examining Personnel

Description: Frequently Asked Questions

The guidance attached to this bulletin continues to apply to federal savings associations.

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, and the National Credit Union Administration are jointly issuing the attached document to address frequently asked questions (FAQ) concerning independence of the collateral valuation process.

This FAQ document provides clarification and reminds banks of the existing standards for independence within appraisal and real estate lending regulations (12 CFR 34, C, 34.45), the Interagency Appraisal and Evaluation Guidelines, and Advisory Letter 2003-9, "Independent Appraisal and Evaluation Functions," dated October 28, 2003.

For further information concerning the matters discussed in this bulletin or the attachment, please contact the Credit Risk Division at (202) 649-6360 or your supervisory office.

Barbara J. Grunkemeyer
Deputy Comptroller for Credit Risk

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