ALEXANDRIA, Va.—In its first-ever virtual public board meeting, the NCUA board today is set to issue two rules related to appraisals: A final rule that would raise the threshold for residential real estate appraisals and an interim final rule to provide other appraisal relief.
As CUToday.info reported here http://www.cutoday.info/Fresh-Today/Agencies-Issue-Final-Rule-on-Temp-Deferment-of-RE-Appraisals-Senate-Adjourns-Without-More-Funding-for-PPP, three other federal agencies have already acted on some of the real estate rules.
The board met virtually for a closed meeting in March.
The board will also issue a temporary final rule to provide regulatory relief in response to the coronavirus pandemic, according to the agenda it released.
Additionally, the board will receive a briefing on the agency's central liquidity facility (CLF). Flexibility for credit unions to access the CLF was included in the CARES Act.
Due to the coronavirus pandemic, today’s meeting is open to the public via live audio webcast only.
Real Estate Appraisals
The NCUA board's proposed rule, issued in November, would increase the threshold for requiring a residential real estate appraisal from $250,000 to $400,000 during its November board meeting.
The rule would provide parity with banks whose regulators issued a joint final ruling increasing the threshold last September.
CUToday.info will provide complete coverage.