The Board of Governors of the Federal Reserve System is extending, with revisions, the rules for recordkeeping and disclosure related to real estate appraisal standards, known as FR Y-30. This extension is set for three years and takes effect immediately. These rules are mandatory for state member banks and nonbank subsidiaries of bank holding companies, aiming to ensure compliance with uniform appraisal standards as required by law. No public comments were received during the notice period despite an invitation for input.
Simple Explanation
The Federal Reserve is changing some rules to make sure banks keep track of how they decide the value of homes and buildings, and they will be sticking to these rules for three more years to make them fair for everyone. Even though they asked people for ideas or concerns, nobody sent any comments.