FOR IMMEDIATE RELEASE
November 21, 2019
CUNA-Requested Appraisal Rule Issued at NCUA Board Meeting
“We thank the NCUA board for responding quickly to our request and issuing a proposal we believe will significantly benefit credit union members seeking to obtain mortgage credit. Not only will this proposal reduce the significant time and expenses for homebuyers associated with residential appraisals, it will address a competitive disadvantage credit unions have faced since federal banking regulators raised the threshold to $400,000 in September 2019.”
- Elizabeth Eurgubian, CUNA Deputy Chief Advocacy Officer
The NCUA board issued a proposed rule to raise the threshold for which an appraisal is required for a residential real estate transaction to $400,000 at its Thursday meeting. Transactions that fall below the threshold would require a written estimate of market value of the real estate collateral that is consistent with safe and sound banking practices.
CUNA is recognized as the only trade association to specifically request the rulemaking in a letter sent to NCUA on October 3.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 115 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.