ALEXANDRIA, Va. – NCUA has issued a regulatory alert notifying federally insured credit unions of changes to appraisal standards that will take effect shortly. NCUA's Regulatory Alert 06-RA-04 was issued to ensure credit unions were aware of modifications made by the Appraisal Standards Board to the Uniform Standards of Professional Appraisal Practice. "The 2006 USPAP, effective on July 1, 2006, replaces the 2005 USPAP and incorporates extensive revisions to the appraisal standards. The Scope of Work Rule "clarifies the standards for the type and extent of research and analysis performed by the appraiser in an appraisal assignment." While there is nothing new here, NCUA warned "there is greater emphasis on the appraiser's process of problem identification and development of an appropriate scope of work." The Departure Rule and associated terminology was eliminated.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
