The NCUA and six other agencies are proposing a rule that would implement minimum requirements for state oversight of appraisal management companies.
The NCUA introduced the proposal at the agency's monthly board meeting on Thursday.
The requirements, which are part of the Dodd Frank Wall Street Reform and Consumer Protection Act, “would apply to states that elect to establish an appraiser certifying and licensing agency with the authority to register and supervise AMCs.”
The state agency must register the AMCs, use only state-certified or licensed appraisers for federally related transactions, ensure competent and independent appraisers are chosen and require appraisals to comply with Truth in Lending Act standards and the Uniform Standards of Professional Appraisal Practice.
The other federal regulators proposing the rule include the Federal Reserve, CFPB, Treasury Department, FDIC; Federal Housing Finance Agency and Office of the Comptroller of the Currency.
NCUA Chief Financial Officer Mary Ann Woodson presented the corporate stabilization fund quarterly report at the meeting on Thursday.
Total assets increased from $1.6 billion in December of 2012 to $2.7 billion. Net income increased from $1.6 billion to $3.2 billion.
“For 2013, the net position of the stabilization fund improved by nearly $3.4 billion from a $3.5 billion deficit at Dec. 31, 2012, to a $142.2 million deficit at Dec. 31, 2013,” the NCUA said.
“Effectively managing the Stabilization Fund to minimize federally insured credit union assessments is a top NCUA priority,” NCUA Board Chairman Debbie Matz said in a statement following the meeting.
“Settlements with JPMorgan Chase and Bank of America, coupled with improvements in anticipated future cash flows from legacy assets of the NCUA Guaranteed Notes program, led to a sizable improvement in the Stabilization Fund's net position in 2013. I'm hopeful we can forgo charging assessments not only in 2014, but in future years as well,” she added.
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