Appraisals: Availability to Applicants and Requirements for Transactions Involving an Existing Extension of Credit
Comments due by August 25, 2014
Background: As part of NCUA's Regulatory Modernization Initiative, the NCUA Board (Board) is proposing to revise two of NCUA's regulations regarding appraisals. Firstly, the Board is proposing to amend NCUA's regulations to eliminate the now duplicative requirement that federal credit unions (FCUs) make available, to any requesting member/applicant, a copy of the appraisal used in connection with that member's application for a loan secured by a first lien on a dwelling. A recent amendment to the Consumer Financial Protection Bureau's (CFPB) Regulation B requires that all creditors, including FCUs, now automatically provide applicants with free copies of all appraisals and other written valuations developed in connection with an application for a loan to be secured by a first lien on a dwelling. Secondly, the proposed rule would amend NCUA's appraisal regulations by expanding the current exemption for certain transactions involving an existing extension of credit. Under the expanded exemption, federally insured credit unions (FICUs) would be able to refinance or modify a real estate-related loan held by the FICU, without having to obtain an appraisal, if there is no advancement of new monies or if there is adequate collateral protection, even with the advancement of new monies. •
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Accounting Standards Exposure Draft (Governmental Accounting Standards Board):
Fair Value Measurement and Application
Comments due by August 15, 2014
Background: This proposed Statement addresses accounting and financial reporting issues related to fair value measurements. The definition of fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This proposed Statement would provide guidance for determining a fair value measurement for financial reporting purposes. This proposed Statement also would provide application guidance for certain investments and related disclosures.
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Comments should be addressed to the Director of Research and Technical Activities, Project No. 26-5E, and emailed to email@example.com