Under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), the NCUA and the banking regulatory agencies are required to prescribe real estate appraisal standards in connection with “federally related transactions,” which are generally defined as transactions that the Agencies regulate. See Pub. L. 101-73, 103 Stat. 183 (1989). The standards are required to be in accordance with generally accepted uniform appraisal standard promulgated by the Appraisal Standards Boards of the Appraisal Foundation (Appraisal Board).
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