ALEXANDRIA, Va. (3/17/14)--For the second consecutive month, the National Credit Union Administration should have a swift-moving open board meeting: A proposed interagency rule addressing minimum requirements for appraisal management companies and a quarterly report on the agency's corporate stabilization fund are the only items on Thursday's agenda.
The interagency proposal is required by the Dodd-Frank Act and relates to financial institutions' use of appraisal management companies.
Dodd-Frank amended the Financial Institutions Reform, Recovery, and Enforcement Act to require regulators to provide new minimum requirements for the registration, reporting and supervision of appraisal management companies. Implementing regulations for new, automated valuation model quality control standards must also be developed.
According to the Consumer Financial Protection Bureau, the implementing regulations must:
Ensure a high level of confidence in the estimates produced by valuation models;
Protect against data manipulation;
Seek to avoid conflicts of interest; and
Require random sample testing and reviews.
Agencies may also address other factors in their regulations.
Share insurance appeals are on the agenda for the March closed board meeting, which is scheduled to begin at 10:45 a.m. (ET).
For the full NCUA March agenda, use the resource link.