The public comment periods close this week on banking agencies’ proposal to raise the real estate appraisal threshold for banks to $400,000 and, separately, a proposed adjustment in the funds-availability amounts under Regulation CC.
Both the chairman and the vice chairman for supervision at the Federal Reserve Board are scheduled to give remarks in separate events Wednesday evening, while technical amendments to rules of the federal credit union regulator are slated to take effect Tuesday, when they’re scheduled for publication in the Federal Register.
- Comments are due to the Federal Reserve Board, Federal Deposit Insurance Corp. (FDIC), and Office of the Comptroller of the Currency (OCC) on a proposal to exempt real estate transactions below $400,000 – up from $250,000 – from federal real estate appraisal requirements. The proposed rule addresses issues on which regulators have already received comment as well as a provision of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA, S. 2155), which is the source of the increased appraisal exemption threshold. The exemption would apply in cases where no state-certified or state-licensed appraiser is available, though property valuations would still be required. The $400,000 EGRRCPA exemption level also applies to credit unions; the National Credit Union Administration (NCUA) issued its proposal last October (the comment period is closed).
A final rule making technical changes to many National Credit Union Administration rules are set to take effect upon publication in the Federal Register. The amendments, approved in December, correct minor drafting errors and inaccurate legal citations and remove unnecessary regulatory provisions no longer applicable to federally insured credit unions (FICUs).
- Fed Chairman Jerome (“Jay”) Powell gives remarks at the “Conversation with the Chairman: A Teacher Town Hall Meeting,” via webcast. His remarks are slated for 7 p.m. ET in the Fed’s board room at the agency’s main building in Washington, D.C. Powell is scheduled to take questions from the audience.
- Fed Vice Chairman for Supervision Randal Quarles is scheduled to speak at the Federal Reserve Stress Testing Conference held at the Council for Economic Education Vantage Point Reception, New York, N.Y. His remarks are slated for 6:05 p.m.
- The NCUA Board is slated to release its open meeting agenda for Feb. 14.
- Comments are also due to the Fed Board and the Consumer Financial Protection Bureau (CFPB) on a proposed inflation adjustment in funds-availability amounts under Regulation CC (implementing the Expedited Funds Availability Act, or EFTA). This is the first time the inflation adjustment has been made, the agencies said, and would apply in circumstances ranging from next-business-day withdrawal of certain check deposits to setting the threshold amount for determining whether an account has been repeatedly withdrawn. The agencies are also allowing commenters this time to provide more input on proposed rule changes published in 2011.