Compliance Blog

Written by Shari R. Pogach, Regulatory Paralegal

The agenda for the National Credit Union Administration’s (NCUA’s) board meeting last week was a relatively short one with just three items:

1.  Final Rule, Parts 701 and 722 of NCUA’s Rules and Regulations, Appraisals.
2. Notice and Request for Comment, Economic Growth and Regulatory Paperwork Reduction Act      Review.
3. 2015 Corporate Stabilization Fund Quarterly Report.

Here we’ll just briefly discuss the new final rule regarding appraisals. The NCUA Board approved a new final rule to revise two of the agency’s regulations concerning appraisals. What’s changed? The final rule eliminates the now duplicative requirement for federal credit unions to make available a copy of the appraisal used in connection with a member’s application for a loan secured by a first lien on a dwelling to any requesting member/applicant. It also expands the current exemption for certain transactions involving an existing extension of credit. Under the expanded exemption, a federally insured credit union will be permitted to refinance or modify a real estate-related loan held by that federally insured credit union in a declining housing market, without having to obtain another appraisal, if there is no advancement of new monies or if there is adequate collateral protection even with the advancement of new monies. Finally, the rule also makes a minor technical amendment to the definition of the term “application.” The rule becomes effective 30 days after its publication in the Federal Register. 

Chairman Matz welcomed the final rule as credit unions will be able to more easily refinance loans without encountering unnecessary administrative burden. She also noted that these changes will bring NCUA’s rules into parity with the other banking regulators.

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Vienna. Here are a few photos from my recent vacation.  Although it gets dark earlier in the day and is a little chilly and damp, Vienna is full of Christmas markets this time of year and with the lights, it is quite a charming city.  I thoroughly enjoyed Vienna and thought I’d share a little of my experience there with you. 

New Vienna and Gothic Vienna on Kärnterstrasse Shopping Street

The Reisenrad (ferris wheel) at Prater from Stephansdom’s North Tower – so cold!

Riding the Resisenrad – It’s only about 4:30 in the afternoon!

 
Rauthauspark (town hall) Christmas Market – where you drink Gluhwein to keep warm!

Christmas yummies

 
Saturday Christmas shopping on Mariahilfer Strasse

My Sachertorte and Melange – vacationing is such hard work!