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FRS | RIN: 7100-AF30 | Publication ID: Spring 2019 |
Title: ●Real Estate Appraisals (Docket No: R-1639) | |
Abstract:
The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the Agencies) are proposing a rule to amend the Agencies' regulations requiring appraisals for certain real estate-related transactions. The proposed rule would increase the threshold level at or below which appraisals would not be required for residential real estate-related transactions from $250,000 to $400,000. Consistent with the requirement for other transactions that fall below applicable thresholds, regulated institutions would be required to obtain an evaluation of the real property collateral that is consistent with safe and sound banking practices. The proposed rule would make conforming changes to add transactions secured by residential property in rural areas that have been exempted from the agencies' appraisal requirement pursuant to the Economic Growth, Regulatory Relief and Consumer Protection Act to the list of exempt transactions. The proposed rule would require evaluations for these exempt transactions. Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protections Act, the proposed rule would amend the agencies' appraisal regulations to require regulated institutions to subject appraisals for federally related transactions to appropriate review for compliance with the Uniform Standards of Professional Appraisal Practice. |
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Agency: Federal Reserve System(FRS) | Priority: Substantive, Nonsignificant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: No | Unfunded Mandates: No |
EO 13771 Designation: Independent agency | |
CFR Citation: 12 CFR 225 12 CFR 323 | |
Legal Authority: 12 U.S.C. 3356 12 U.S.C. 3331 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Carmen Holly Lead Financial Institution Policy Analyst Federal Reserve System Division of Supervision & Regulation, Washington, DC 20551 Phone:202 973-6122 Laurie Schaffer Deputy General Counsel Federal Reserve System Legal Division, Washington, DC 20551 Phone:202 452-2272 Peter Clifford Manager, Risk Policy Federal Reserve System Division of Supervision and Regulation, Washington, DC 20551 Phone:202 785-6057 |