ALEXANDRIA, Va.—The NCUA board Thursday is set to issue a final rule related to real estate appraisals and address an exemption under the Bank Secrecy Act's (BSA) customer identification program (CIP).
The board will also receive a briefing on the National Credit Union Share Insurance Fund's (NCUSIF) quarterly report and an update on the Modern Examination and Risk Identification Tool (MERIT).
As CUToday.info has reported, real estate appraisals have been a recent focus of relief: During the NCUA's April board meeting, for example, the board approved two rules related to appraisals.
The first rule was a final rule that raised the real estate appraisal threshold from $250,000 to $400,000 and, in addition to providing parity with banks, ensured that credit unions are not unfairly disadvantaged in the marketplace.
The second rule was an interim final rule, allowing credit unions to defer the requirement to obtain an appraisal or evaluation for up to 120 days following the closing of a transaction for certain residential and commercial real estate transactions amid the coronavirus pandemic.
The meeting is set to begin at 10 a.m. ET and is only available via webcast. CUToday.info will provide complete coverage.