September 29, 2020

FDIC: Agencies Adopt Final Rule on Certain Real Estate Transactions for Financial Institutions and Consumers Affected by Coronavirus


The Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve System (collectively, the agencies) adopted as final the interim final rule that allows institutions supervised by the agencies to defer obtaining an appraisal or evaluation for up to 120 days after the closing of certain residential and commercial real estate loans. The agencies’ final rule helps regulated institutions to expeditiously extend liquidity to creditworthy households and businesses in light of recent strains on the U.S. economy as a result of the coronavirus disease 2019 (COVID event).

A copy of the Final Rule is available on the FDIC’s website.

Statement of Applicability to Institutions with Total Assets Under $1 Billion: This Financial Institution Letter (FIL) applies to all FDIC-supervised institutions, including community banks.


Final Rule on Appraisal and Evaluation Deferral

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