Answer:
To clarify, your reference is to 12 CFR Part 323, the FDIC's regulations on Appraisals, which are issued under the authority of, among other laws, Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ("FIRREA").
From Section 323.1(b)(1) of those regulations: "This part implements the requirements of title XI and applies to all federally related transactions entered into by the FDIC or by institutions regulated by the FDIC (regulated institutions)." If the US foreign branch of a foreign bank or a US subsidiary of a Financial Holding Company is regulated by the the FDIC, then this regulation will apply. If the US foreign branch of a foreign bank or a US subsidiary of a Financial Holding Company is regulated by another one of the Federal banking regulators, you would have to look at that agency's regulations. All of the Federal banking regulatory agencies have similar regulations.
First published on BankersOnline.com 8/18/08
print
share