Press

NAFCU issues statements on NCUA final rules: real estate appraisals, fidelity bonds

WASHINGTON, DC (July 18, 2019) — The National Association of Federally-Insured Credit Unions (NAFCU) Director of Regulatory Affairs Ann Kossachev released the following statements in response to today’s NCUA board meeting: one on real estate appraisals for non-residential, rural loans, and another on fidelity bonds.

On the topic of real estate appraisals:

“NAFCU supports the NCUA’s decision regarding commercial real estate appraisals, as it aligns credit unions’ standards with the changes other banking regulators have made for banks and provides meaningful relief for rural areas,” said Ann Kossachev, Director of Regulatory Affairs.

On the topic of fidelity bonds, Kossachev said:

“We appreciate the NCUA’s efforts to address industry concerns and the revisions made to the fidelity bonds rule to reduce duplicity and regulatory burden for credit unions.

“However, the final rule could ultimately translate into higher unnecessary costs. NAFCU will continue to work with the NCUA and hopes to find more opportunities for regulatory relief in the future.”

About NAFCU

The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.