Sept. 20, 2018

Information Contact:
Shelton Roulhac, Vice President, Communications, sroulhac@nascus.org  or (703) 528-5974

NASCUS PRESIDENT AND CEO LUCY ITO ON NCUA’S APPRAISAL RULE PROPOSAL

“While, we continue to review the proposal, we are encouraged that NCUA is proposing a rule aimed at providing relief to credit unions by increasing the threshold for which appraisals would be required for commercial real estate transactions, incorporating S. 2155’s relief for rural communities, and restructuring regulations to make it easier to determine what is required."

ARLINGTON, Va. – This morning, NCUA presented a proposal to make credit union commercial real estate appraisal standards more consistent with those for banks. The agency is proposing to increase the threshold level at or below which appraisals would not be required for commercial real estate transactions. The agency’s proposal would also incorporate the rural exemption provided by the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) and restructure the regulations to provide clarity regarding the requirements.

The proposed rule was issued with a 60-day comment period. 

NASCUS President and CEO Lucy Ito issued the following statement in response to today’s developments:  

“NASCUS commends NCUA for proposing a rule that would provide relief to credit unions by increasing the threshold for which appraisals would be required for commercial real estate transactions, incorporating S. 2155’s relief for rural communities, and restructuring the regulation to make it easier to determine what is required. NASCUS will be analyzing the proposal -- consulting with member state regulators and state credit unions -- to identify additional opportunities for the agency work with state supervisory agencies to provide relief while protecting safety and soundness."

The National Association of State Credit Union Supervisors (NASCUS) is the primary resource and voice of the state governmental agencies that charter, regulate and examine the nation’s state-chartered credit unions. NASCUS membership is made up of state-chartered credit unions, state regulators and other supporters of the state credit union system. NASCUS is the only organization dedicated to the defense and promotion of the state credit union charter and the autonomy of state credit union regulatory agencies.