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NCUA to propose appraisals rule next week
The NCUA Board is set to issue a proposed rule on real estate appraisals during its open meeting next week. The agency's real estate appraisals rule was included on its spring rulemaking agenda released in May.
In its spring rulemaking agenda, NCUA said it intended to update its rules requiring appraisals of real estate for certain transactions by increasing the threshold level at or below which appraisals would not be required for commercial real estate transactions.
In April, the Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board, and the Office of Comptroller of the Currency jointly adopted appraisal changes for banks; NAFCU's Compliance Blog further details the NCUA's current appraisal rule, its expected proposal and banking regulators' approach.
Also on next week's NCUA Board agenda:
- share insurance fund quarterly report;
- board briefing on the appointment of administrative law judges; and
- the Texas Member Business Loan rule.
The meeting is slated to begin at 10 a.m. Eastern Thursday.