Modified embedded atom method (MEAM) potentials for fcc elements Cu, Ag, Au, Ni, Pd, Pt, Al, and Pb have been newly developed using the original first nearest-neighbor MEAM and the recently developed second nearest-neighbor MEAM formalisms. It was found that the original MEAM potentials for fcc elements show some critical shortcomings such as structural instability and incorrect surface reconstructions on (100), (110), and/or (111) surfaces. The newly developed MEAM potentials solve most of the problems and describe the bulk properties (elastic constants, structural energy differences), point defect properties (vacancy and interstitial formation energy and formation volume, activation energy of vacancy diffusion), planar defect properties (stacking fault energy, surface energy, surface relaxation and reconstruction), and thermal properties (thermal expansion coefficients, specific heat, melting point, heat of melting) of the fcc elements considered, in good agreement with relevant experimental information. It has been shown that in the MEAM the degree of many-body screening ${(C}_{\mathrm{min}})$ is an important material property and that structural stability at finite temperatures should be included as a checkpoint during development of semiempirical potentials.