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OCC Bulletin 2024-8 | March 13, 2024

Real Estate Appraisals: Temporary Exceptions to Appraisal Requirements in Areas Affected by Hawaii Wildfires


Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties


The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and National Credit Union Administration (collectively, the agencies) approved for publication in the Federal Register an order granting temporary exceptions to Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) appraisal requirements for real estate-related financial transactions.

Note for Community Banks

The information conveyed by this bulletin applies to community banks1 that engage in real estate-related financial transactions in areas affected by the Hawaii wildfires.


The order

  • grants temporary relief from appraisal requirements under Title XI of FIRREA and the OCC’s appraisal regulations if certain conditions are met.
  • expires August 10, 2026, which is three years after the date the President declared the major disaster.

Banks are encouraged to refer to OCC Bulletin 2010-42, “Sound Practices for Appraisals and Evaluations: Interagency Appraisal and Evaluation Guidelines,” and OCC Bulletin 2018-39, “Appraisals and Evaluations of Real Estate: Frequently Asked Questions.” These OCC bulletins address prudent standards for preparing collateral valuations when a property transaction qualifies for an exception.

Further Information

Please contact Kevin Lawton, Appraiser, Real Estate Specialist, Bank Supervision Policy, at (202) 649-6220; or Mitchell Plave, Special Counsel, Chief Counsel’s Office, at (202) 649-6285.


Grovetta N. Gardineer
Senior Deputy Comptroller for Bank Supervision Policy

Related Link

1 “Banks” refers collectively to national banks, federal savings associations, and federal branches and agencies of foreign baking organizations.