adminIn the current edition of the InfoSight newsletter, our compliance experts sum up important issues for credit unions in Alabama, Florida and Georgia. New changes include the NCUA Board’s July approval of a final rule that went into effect Oct. 22 and amends the agency’s real estate appraisal requirements for certain transactions as part of the NCUA’s regulatory reform agenda.
“This rule is part of a commonsense approach to regulation that will help put more resources into our communities,” NCUA Board Chairman Rodney E. Hood said. “Rethinking the appraisal rule is an example of regulatory reform that is positive and can help boost economic activity and job creation, particularly in some of our nation’s more hard-pressed areas.”
The final rule accomplishes four agency objectives:
• Increases the threshold for required appraisals in commercial real estate
transactions from the current $250,000 to $1 million;
• Reorganizes the appraisal regulation to make it easier to determine when a
written estimate or an appraisal is required;
• Exempts real estate transactions located in rural areas from appraisal requirements
if certain conditions are met; and
• Amends the definitions section of the rule to reflect these changes.
Read the full InfoSight newsletter here.
