View Rule

View EO 12866 Meetings Printer-Friendly Version     Download RIN Data in XML

FRS RIN: 7100-AF30 Publication ID: Fall 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.

 
Agency: Federal Reserve System(FRS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously 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
Timetable:
Action Date FR Cite
Board Requested Comment  12/07/2018  83 FR 63110   
Board Expects Further Action  11/00/2019 
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 Fin Inst Policy Analyst
Federal Reserve System
Division of Supervision & Regulation,
Washington, DC 20551
Phone:202 973-6122

Laurie Schaffer
Associate General Counsel
Federal Reserve System
Legal Division,
Washington, DC 20551
Phone:202 452-2272