Action finalizing an interim rule that provides a temporary provision to appraisal regulations for credit unions during the COVID-19 pandemic is one of four items slated for discussion during next Thursday’s open meeting of the National Credit Union Administration (NCUA) Board.
The board, meeting in open session via live audio webcast only (due to the ongoing pandemic), is set to meet at 10 a.m. next Thursday on the following:
- Board Briefing, Share Insurance Fund Quarterly Report
- Board Briefing, Modern Examination and Risk Identification Tool (MERIT) Update
- Bank Secrecy Act, Customer Identification Program Exemption
- Final Rule, Part 722, Real Estate Appraisals
That fourth item is expected to finalize an interim final rule that was adopted this spring and slated to expire at year-end. The interim rule added a new, temporary provision to the NCUA’s appraisal regulations to provide a 120-day deferral of appraisal and written estimates of market value requirements for all transactions secured by commercial or residential real estate during the national emergency related to the COVID-19 pandemic. This excludes transactions for acquisition, development, and construction of real estate.
The agency, in its interim rule, said the measure “does not revise any of the existing appraisal exceptions or any other requirements with respect to the performance of written estimates of market value.”
The NCUA Board’s open meeting will be followed by a closed session to address a supervisory matter.