NCUA board passes appraisals rule, receives MERIT briefing
The NCUA board passed a final real estate appraisals rule, approved an exemption from the Bank Secrecy Act’s Customer Identification Program and heard a briefing on the new MERIT Examination system at its Thursday meeting.
The appraisals final rule adopts the interim final rule approved by the board in June without change. It defers the requirement to obtain an appraisal or written estimate of market value for up to 120 days following the closing of certain residential and commercial real estate transactions, excluding transactions for acquisition, development and construction of real estate.
It will be effective as soon as it is published in the Federal Register and remain in effect through Dec. 31.
CIP Exemption
The board also authorized an order granting an exemption from the BSA CIP requirements for certain loans to facilitate purchases of property and casualty insurance policies. This is a joint order together with the other federal financial regulators expanding a related order issued in September 2018.
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