ALEXANDRIA, Va. (5/17/13)--While a new derivatives investment proposal was the big ticket item on Thursday's National Credit Union Administration agenda, two other items were also discussed: A final rule making technical adjustments to credit union regulations, and a board briefing on a supplemental interagency proposed rule that covers appraisals for higher-priced mortgage loans.
The technical amendments to NCUA regulations reflect changes to agency organizational structure, remove duplicative language, make minor changes updating cross citations, and make minor changes that are statutorily required by the Dodd-Frank Act. The rule will take effect when it is published in the Federal Register.
The briefing item was a forthcoming interagency proposal that would amend the Truth in Lending, Regulation Z, interagency appraisals rule adopted in January. For certain mortgages, the appraisals rule requires creditors to obtain an appraisal that meets certain specified standards, provide applicants with a notification regarding the use of the appraisals and give applicants a copy of the written appraisals used.
Ahead of the January 2014 effective date of the appraisals rule, the federal financial regulatory agencies are jointly proposing exemptions from the rules for existing manufactured homes, certain refinancings and transactions of $25,000 or less.
CUNA will prepare a comment call on the interagency proposal once it is released.
For more on the NCUA board meeting, see today's News Now story, CUNA Will Closely Review NCUA Derivatives Proposal, and use the resource link.