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Comments due Aug. 25 on NCUA's Proposal on Appraisals
Thursday, August 21, 2014 6:55 AM

The Cornerstone Credit Union League has submitted its comment letter to the National Credit Union Administration regarding its proposal on Appraisals. Comments are due Aug. 25, so credit unions still have a few days to get theirs in.  Credit unions are strongly urged to comment to NCUA in support of this proposal which offers credit unions much desired regulatory relief.

In Cornerstone's comment letter, Suzanne Yashewski, SVP of regulatory compliance counsel said, "With the CFPB's amendment to Regulation B now requiring free copies of appraisals on loans secured by a first lien on a dwelling, the duplicate requirement under NCUA's regulation at 701.31{c)(5) is unnecessary. Modifying the rule as proposed will eliminate the duplicative appraisal requirements between the two regulations, while maintaining the current consumer protections."

Yashewski added that the proposal expands exemptions from the standard requirement for appraisals.

"This is a welcome change that provides parity between the NCUA and banking regulatory agencies," she said, "and also allows credit unions to better assist borrowers when distressed housing market conditions occur."

Read the full contents of the letter HERE.

If you have any questions or would like more information on this proposal, please feel free to contact Suzanne Yashewski at syashewski@cornerstoneleague.coop or (512) 853-8516.

To read other comment letters Cornerstone has sent, follow the links or go to the Cornerstone website under Compliance Comment Letters.