MCUA Files Comment Letter to NCUA on Reducing Regulatory Burdens on Appraisals
On August 25, 2014, the Missouri Credit Union Association (MCUA) filed a comment letter with the National Credit Union Administration (NCUA) on a proposal aimed at reducing regulatory burdens associated with appraisals. MCUA generally supports the agency’s proposed rule on appraisal requirements and also provided additional recommendations.
In particular, MCUA supports the proposed change to eliminate the agency’s requirement that federal credit unions provide a copy of an appraisal used in connection with a member’s application for a loan secured by a first lien on a dwelling when requested by a member/applicant. NCUA’s current rule overlaps with requirements in the Consumer Financial Protection Bureau's Regulation B, Equal Credit Opportunity Act.