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CUs Leery of Appraisal Rule Changes

WASHINGTON -- A federal proposal to make home appraisers more independent of financial institutions would do harm more than good and increase costs for consumers, according to officials of the two leading credit union trade associations.

By Claude R. Marx | Updated on May 13, 2008

WASHINGTON — A federal proposal to make home appraisers more independent of financial institutions would do harm more than good and increase costs for consumers, according to officials of the two leading credit union trade associations.

A requirement to ban persons involved in the financial institution’s lending activities from doing home appraisals would badly hurt smaller credit unions, according to NAFCU Senior Vice President of Government Affairs B. Dan Berger.

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