The Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (the “Agencies”) issued a notice of proposed rule making on November 20, 2018. The Agencies propose to raise the threshold for appraisal requirements on residential real estate transactions from $250,000 to $400,000. The proposal would also incorporate the rural residential appraisal exemption set forth in the Economic Growth, Regulatory Relief and Consumer Protection Act signed earlier this year.
Link to The Office of the Comptroller of the Currency release