Title 12 published on 2014-01-01
The following are only the Rules published in the Federal Register after the published date of Title 12.
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2014-12-19; vol. 79 # 244 - Friday, December 19, 2014 79 FR 75746 - Appraisals—Availability to Applicants and Requirements for Transactions Involving an Existing Extension of Credit
GPO FDSys XML | Text Additional Documents NATIONAL CREDIT UNION ADMINISTRATION Final rule. This rule is effective January 20, 2015. 12 CFR Parts 701 and 722 Summary As part of NCUA's Regulatory Modernization Initiative, the NCUA Board (Board) is revising two of NCUA's regulations regarding appraisals. In response to a recent amendment to the Consumer Financial Protection Bureau's (CFPB) Regulation B, the Board is eliminating from NCUA's regulations the now duplicative requirement that federal credit unions (FCUs) make available, to any requesting member, a copy of the appraisal used in connection with that member's application for a loan secured by a first lien on a dwelling. Also, the Board is amending NCUA's appraisal regulations by expanding the current exemption for certain transactions involving an existing extension of credit. More specifically, under the expanded exemption, a federally insured credit union (FICU) will be permitted to refinance or modify a real estate-related loan held by the FICU, without having to obtain another appraisal, if there is no advancement of new monies or if there is adequate collateral protection even with the advancement of new monies. Lastly, the Board is making a minor technical amendment to the definition of the term “application.”
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United States Code U.S. Code: Title 12 - BANKS AND BANKING U.S. Code: Title 15 - COMMERCE AND TRADE
Title 12 published on 2014-01-01
The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR 722 after this date.
2014-12-19; vol. 79 # 244 - Friday, December 19, 2014 79 FR 75746 - Appraisals—Availability to Applicants and Requirements for Transactions Involving an Existing Extension of Credit
GPO FDSys XML | Text Additional Documents NATIONAL CREDIT UNION ADMINISTRATION Final rule. This rule is effective January 20, 2015. 12 CFR Parts 701 and 722 Summary As part of NCUA's Regulatory Modernization Initiative, the NCUA Board (Board) is revising two of NCUA's regulations regarding appraisals. In response to a recent amendment to the Consumer Financial Protection Bureau's (CFPB) Regulation B, the Board is eliminating from NCUA's regulations the now duplicative requirement that federal credit unions (FCUs) make available, to any requesting member, a copy of the appraisal used in connection with that member's application for a loan secured by a first lien on a dwelling. Also, the Board is amending NCUA's appraisal regulations by expanding the current exemption for certain transactions involving an existing extension of credit. More specifically, under the expanded exemption, a federally insured credit union (FICU) will be permitted to refinance or modify a real estate-related loan held by the FICU, without having to obtain another appraisal, if there is no advancement of new monies or if there is adequate collateral protection even with the advancement of new monies. Lastly, the Board is making a minor technical amendment to the definition of the term “application.”
2014-06-26; vol. 79 # 123 - Thursday, June 26, 2014 79 FR 36248 - Appraisals—Availability to Applicants and Requirements for Transactions Involving an Existing Extension of Credit
GPO FDSys XML | Text Additional Documents NATIONAL CREDIT UNION ADMINISTRATION Proposed rule. Comments must be received on or before August 25, 2014. 12 CFR Parts 701 and 722 Summary 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. The proposal would also make a minor technical amendment to the definition of the term “application.” These changes will modernize NCUA's regulations by better aligning them with the modern marketplace, while also reducing costs for FICUs and their members, and removing outdated regulatory requirements.
