TN bank seeks temporary waiver from federal real estate appraisal rule

The $272.5-million-in-assets TriStar Bank, a federally insured, state-chartered institution in Dickson, Tenn., is seeking a temporary waiver from requirements under federal real estate appraiser certification and licensing rules set by the Federal Financial Institutions Examination Council (FFIEC) Appraisal Subcommittee (ASC). An FFIEC notice on the request is slated to appear Friday in the Federal Register with a 30-day public comment period attached.

The ASC is authorized by the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) to provide temporary waivers, with approval of the FFIEC, of any certification or licensing requirement related to certifying or licensing individuals to perform appraisals “upon a written determination that there is a scarcity of certified or licensed appraisers to perform appraisals in connection with federally related transactions leading to significant delays in the performance of such appraisals.”

The subcommittee has 15 days following the close of the comment period to grant or deny, by order, all or part of the waiver and to set terms for its termination. If the order is approved by the FFIEC, it will be published in the Federal Register.

Federal Register notice from FFIEC Appraisal Subcommittee (scheduled March 9)

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