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Regulators Release Notice of Proposed Rulemaking on Real Estate Appraisals
On Wednesday, July 19, 2017, the FDIC, Fed, and OCC jointly issued a notice of proposed rulemaking titled: “Real Estate Appraisals” to be published in the Federal Register for a 60-day comment period. The Appraisal Rule aims to increase the current appraisal threshold for commercial real estate transactions from $250,000 to $400,000. The Appraisal Rule also aims to address comments received during the Economic Growth and Regulatory Paperwork Reduction Act review process, which requires not less than once every ten years, the regulators, along with the Federal Financial Institutions Examinations Council conduct a review of the regulators’ rules and regulations to identify outdated or otherwise unnecessary or burdensome regulatory requirements.