ALEXANDRIA, Va. (12/12/14)--A final rule on appraisals, the 2015 Temporary Corporate Credit Union Stabilization Fund (TCCUSF) oversight budget and a request for comment on paperwork reduction all passed unanimously at the National Credit Union Administration's board meeting Thursday.

The NCUA board listens to Ross Kendall, special counsel to the general counsel, right, about the agency's review of potentially outdated, unnecessary or unduly burdensome regulations at its December open meeting Thursday. (CUNA Photo)

The appraisals rule was unchanged from the version proposed in June by the board. NCUA Chair Debbie Matz said 13 organizations submitted comments on the proposal and all generally supported the rule.

The rule:

• Eliminates the requirement that federal credit unions make a copy available of an appraisal used in connection with an application for a loan secured by a first lien on a dwelling;

• Requires the appraisal to be available for 25 months after the applicant has received notice of the action taken by the credit union on the application;

• Exempts from the appraisal requirement a transaction involving an existing extension of credit at the lending federally insured credit union; and

• Makes a technical amendment to the definition of "application" to align NCUA's definition with the Consumer Financial Protection Bureau's definition.

"This is an example of our efforts to keep credit union members in their homes, which we've tried very hard to do over the past several years, while encouraging credit unions to do the same," Matz said. "This is another way we're trying to pave the way for credit unions to be able to do that without undue administrative burden."

The board also approved a notice and request for comment for the second review under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA). The NCUA voluntarily participated in the review, which consists of eliminating outdated, unnecessary, or unduly burdensome regulations.

This current notice for comment involves three categories: agency programs, capital and consumer protection. Five additional categories will be reviewed in 2015, which will be published in two separate notices.

The board previously reviewed applications and reporting, as well as powers and activities during a review earlier this year.

The board also approved $4,121,519 for the TCCUSF for 2015, which is a 8.9% decrease from last year's budget. The budget includes the costs for the NCUA's Guaranteed Notes securities management and oversight committees, as well as costs incurred by other agency offices in support of the Corporate System Resolution Program.

The budget is funded from the TCCUSF and does not impact the agency's 2015 operating budget, which was approved last month.

The next board meeting is scheduled for Jan. 15, where the board is expected to consider a revised risk-based capital proposal.