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NAFCU calls on NCUA to address appraisal modernization, coordinate with other agencies
In a letter sent Wednesday, NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt urged the NCUA to address appraisal modernization standards by expediting coordination with other agencies. Specifically, Hunt asked that the agency move ahead with its interagency rulemaking to establish quality control standards for the use of automated valuation models (AVMs) under the Dodd-Frank Act.
Hunt noted that the NCUA had a rulemaking for AVMs on its rulemaking agenda scheduled for December 2020 but has yet to move forward with a proposal. Hunt also highlighted how several other agencies have already announced a plan to tackle this topic.
“NAFCU understands that the interagency rulemaking process typically take longer; however, in the interim, the NCUA has other options to begin gathering feedback from the credit union industry and should utilize this opportunity to better prepare for this rulemaking,” wrote Hunt. “NAFCU encourages the NCUA to coordinate with these other regulators to speed up the rulemaking process, or at least begin the information gathering process for the credit union industry through a Request for Information or Request for Input.”
In addition, Hunt called on the NCUA to review the NAFCU-member insights included in the association’s letter in response to the Federal Housing Finance Agency’s request for information (RFI) on the appraisal policies, practices, and processes. In the letter to the FHFA, NAFCU Regulatory Affairs Counsel Aminah Moore offered the association's support for the agency's efforts to modernize and streamline the process and outlined several suggestions to maintain efficiency.
Read Hunt’s full letter. NAFCU will continue to advocate for policies and processes that ease credit unions' burdens and allow them to meet members' needs.