Newsroom
NCUA Board to finalize rules on appraisals, fidelity bonds today
The NCUA Board today is expected to issue two final rules: One on real estate appraisals for non-residential, rural loans, and another on fidelity bonds. The board is also set to issue a proposed interpretive rule and policy guidance related to a section of the Federal Credit Union Act concerning convicted criminals and discuss the 2019 mid-session budget.
Under the NAFCU-supported proposed rule for real estate appraisals for non-residential, rural real estate-related financial transactions, the threshold to be exempt from formal appraisal requirements would increase from $250,000 to $1 million, among other reforms. If implemented, credit unions' standards would be more consistent with the changes other regulators have made for banks.
The NCUA's proposed rule on fidelity bonds aims to address four objectives (read more here), but the association has argued that rather than reduce credit unions' regulatory burden and costs, the proposed changes will actually increase them. NAFCU recommend that the agency re-evaluate the proposal and offered suggestions to improve it.
NAFCU will attend today's meeting, set to begin at 10 a.m. Eastern; it can be livestreamed via the agency's website.