Real Estate Appraisals

Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. National Credit Union Administration 12 CFR Part 722 RIN 3133-AE79 AGENCY: National Credit Union Administration (NCUA). ACTION: Final rule. SUMMARY: The NCUA Board (Board) is amending the agency's rule requiring real estate appraisals for certain transactions. The final rule accomplishes four objectives: Increasing the threshold below which appraisals are not required for commercial real estate transactions from $250,000 to $1,000,000; restructuring the rule to enhance clarity; exempting from the rule certain federally related transactions involving real estate in a rural area; and making conforming amendments to the definitions section. DATES: The final rule is effective October 22, 2019. FOR FURTHER INFORMATION CONTACT: Technical information: Jeffrey Marshall, Program Officer, (703) 548-2415, Lou Pham, Senior Credit Specialist, (703) 548-2745, Office of Examination and Insurance, or Legal information: Rachel Ackmann, Staff Attorney, (703) 518-6540, Office of General Counsel, National Credit Union Administration, each at 1775 Duke Street, Alexandria, VA 22314. SUPPLEMENTARY INFORMATION: I. Introduction A. Background Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (Title XI)  [ 1 ] directs each federal financial institutions regulatory agency  [ 2 ] to publish appraisal regulations for federally related transactions within its jurisdiction. In 1994, the Board of Governors of the Federal Reserve System, the Federal Deposit Ins…