ALEXANDRIA, Va. – The NCUA Board approved a final rule on appraisals and a Temporary Corporate Credit Union Stabilization Fund budget reduction of 8.9% at Thursday's meeting.
"The final rule amends §701.31(c)(5) to eliminate the duplicative requirement that federal credit unions make available, to any requesting member/applicant, a copy of the appraisal used in connection with that member's application for a loan secured by a first lien on a dwelling," according to the NCUA board action memorandum.
The final rule also changes §722.3(a)(5) by expanding the current exemption of credit for certain transactions, which would allow an FICU to "refinance or modify a real estate-related loan held by the FICU in a declining housing market without having to obtain an additional appraisal."
"This is another example of our efforts to cut unnecessary paperwork wherever possible," NCUA Chairman Debbie Matz said.
The board also approved a notice and request for comment regarding the Economic Growth and Regulatory Paperwork Reduction Act of 1996. The EGRPRA requires federal bank regulatory agencies to review their existing regulations once every 10 years in an effort to eliminate unnecessary regulatory burden.
"This second notice of the second decennial review solicits comment on three regulatory categories: agency programs, capital, and consumer protection. As specified in the notice, there are five remaining categories, to be published in two separate notices in 2015," said board action memorandum.
The NCUA Board unanimously approved the 2015 TCCUSF budget of $4,121,519, which has decreased 8.9% from the previous year.
NCUA Board Member Mark McWatters pointed out that contracting makes up 75% of the TCCUSF budget.
Rendell Jones, NCUA CFO, said part of the budget would pay for five full-time equivalents that were included in the agency's operating budget approved in a 2-1 vote at the November meeting.
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