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NCUA's Final Board Meeting of 2014

The National Credit Union Administration's (NCUA) Board will meet for the last time in 2014 on Thursday, December 11. The main item on the agenda is a final rule on appraisal exemptions. The Missouri Credit Union Association (MCUA) generally supported the final rule in our comment letter, but would revise Parts 701 and 722 to:

  • Eliminate the requirement that federal credit unions make available a copy of an appraisal used in connection with a member's application for a loan secured by a first lien on a dwelling;
  • For a loan secured by a subordinate lien on a dwelling, it would require that the credit union make the appraisal available for 25 months after an applicant has received notice of action taken on an application;
  • Exempt from the appraisal requirement transactions involving an existing extension of credit at the lending federally-insured credit union; and
  • Make a technical amendment to the definition of "application," to align NCUA's definition with that of the Consumer Financial Protection Bureau's.

The Board agenda will also include a request for comment on the agency's Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) review and a look at the 2015 Corporate Stabilization Fund Oversight budget.