September 17, 2020

Today: NCUA Board to finalize rule on real estate appraisals, BSA exemption

ncuaThe NCUA Board today is expected to issue a final rule related to real estate appraisals and consider an exemption under the Bank Secrecy Act's (BSA) customer identification program (CIP). The board, during its first meeting since July, is also set to receive an update on the National Credit Union Share Insurance Fund (NCUSIF) and the Modern Examination and Risk Identification Tool (MERIT).

Both NCUA Board Chairman Rodney Hood and Board Member Todd Harper addressed hundreds of credit union leaders during NAFCU's Virtual Congressional Caucus sharing their perspective on the agency's approach to regulation and priorities amid the coronavirus pandemic.

Real Estate Appraisals

During the April board meeting, the board approved two rules – a final rule raising the real estate appraisal threshold and an interim final rule allowing credit unions to defer the requirement to obtain an appraisal or evaluation.

NAFCU has previously offered recommendations for the NCUA to further support relief, including urging the agency to extend the expiration date of the interim final rule to the first quarter of 2021.

BSA, CIP exemption

The NCUA last month, in conjunction with other federal banking agencies, issued an interagency statement to update their existing guidance on enforcement of required BSA/anti-money laundering (AML) obligations. 

BSA/AML compliance is one of the NCUA’s 2020 supervisory priorities and NAFCU's award-winning advocacy team has urged the Senate to advance BSA/AML legislation as the House last year passed NAFCU-supported legislation to reduce the burden of suspicious activity report (SAR) and currency transaction report (CTR) filings.

Following the open meeting, the board will meet privately to discuss a supervisory matter.

NAFCU will monitor today's meeting, set to begin at 10 a.m. Eastern, and will update credit unions via NAFCU Today. The meeting can be livestreamed via the agency's website.