The COVID Project
The record
- Jurisdiction
- United States; OCC, Federal Reserve Board and FDIC (federal interagency)
- Level
- Federal
- Authority
- 12 U.S.C. § 3339; § 3341(b)
- Issued
- 2020-04-17 Apr. 17, 2020
- Effective
- 2020-04-17
- End
- 2020-12-31 (deferral available for transactions closed on or before Dec. 31, 2020) (read as 2020-12-31)
- In force
- Apr. 17, 2020 to Dec. 31, 2020
- Quarters
- 2020 Q22020 Q32020 Q4
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
- Limitation types
- Other
- Addressees
- national banks, federal savings associations, State member and nonmember banks
- Functions reached
- ML mortgage lending
- BL commercial real estate lending
- AP appraisals
- CB
- Collection
- Federal financial regulators AGY-FED-FINANCIAL
Operative words
[The interim final rule] defers the requirement to obtain an appraisal or evaluation [for up to 120 days following the closing of certain residential and commercial real estate transactions]. DATES: The interim final rule is effective [April 17, 2020].
Enforcement
12 C.F.R. parts 34, 225, 323; 12 U.S.C. § 1818
Notes
Force-of-law amendment of the appraisal regulations; the agencies acted because 'social distancing' and stay-home orders prevented interior appraisals
Retrieval noteFederal Register PDF read.