The NCUA and six other agencies are proposing a rule that wouldimplement minimum requirements for state oversight of appraisalmanagement companies.

The NCUA introduced the proposal at the agency's monthly boardmeeting on Thursday.

The requirements, which are part of the Dodd Frank Wall Street Reform and Consumer Protection Act,“would apply to states that elect to establish an appraisercertifying and licensing agency with the authority to register andsupervise AMCs.”

The state agency must register the AMCs, use onlystate-certified or licensed appraisers for federally relatedtransactions, ensure competent and independent appraisers arechosen and require appraisals to comply with Truth in Lending Actstandards and the Uniform Standards of Professional AppraisalPractice.

The other federal regulators proposing the rule include theFederal Reserve, CFPB, Treasury Department, FDIC; Federal HousingFinance Agency and Office of the Comptroller of the Currency.

NCUA Chief Financial Officer Mary Ann Woodson presented the corporate stabilization fund quarterly report atthe meeting on Thursday.

Total assets increased from $1.6 billion in December of 2012 to$2.7 billion. Net income increased from $1.6 billion to $3.2billion.

“For 2013, the net position of the stabilization fund improvedby nearly $3.4 billion from a $3.5 billion deficit at Dec. 31,2012, to a $142.2 million deficit at Dec. 31, 2013,” the NCUAsaid.

“Effectively managing the Stabilization Fund to minimizefederally insured credit union assessments is a top NCUA priority,”NCUA Board Chairman Debbie Matz said in a statement following themeeting.

“Settlements with JPMorgan Chase and Bank of America, coupledwith improvements in anticipated future cash flows from legacyassets of the NCUA Guaranteed Notes program, led to a sizableimprovement in the Stabilization Fund's net position in 2013. I'mhopeful we can forgo charging assessments not only in 2014, but infuture years as well,” she added.