On October 28, 2003 the OCC, FRB, FDIC, OTS and NCUA jointly issued a statement regarding independent appraisal and evaluation functions. The statement addresses several issues of concern regarding the independence of the collateral valuation process including: the selection of the appraiser, undue influences that would compromise the valuation process, readdressing an appraisal to a different intended user and referral of unethical practice to state regulatory agencies.

View the issued statement