By Erika Morphy
With a Republican-controlled Senate and a Democrat-controlled House of Representatives, no significant commercial real estate-related legislation is expected to pass, according to a GlobeSt.com analysis reported Nov. 7. Among the issues expected to stall: additional deregulation, further loosening of Dodd-Frank and more tax changes.
The Federal Reserve issued its highly anticipated proposed framework for applying enhanced prudential standards to banking firms with $100 billion or more in assets, as required by S. 2155, the regulatory reform law.
The Fed proposed to establish four categories of standards that seek to reflect the risks of firms in the group. The agency outlined the risk-based indicators it would use to determine the applicability of standards, including size, cross-jurisdictional activity, weighted short-term wholesale funding, nonbank assets and off-balance sheet exposure. In addition, the Fed released a second joint proposal with the OCC and FDIC that would tailor requirements under the regulatory capital rule, the Liquidity Coverage Ratio and the proposed Net Stable Funding Ratio rule for banks in each group. The proposal does not apply to foreign banking organizations or intermediate holding companies of foreign banking organizations, but the Fed signaled it will issue a separate proposal in the weeks ahead on how it will supervise these institutions.
By Michael Tucker
The North American Free Trade Agreement's likely replacement, the United States-Mexico-Canada Agreement, should increase U.S. commercial property market demand by decreasing uncertainty about trade, said CBRE, Los Angeles.
Written by Michael Tucker
The national office market continues to improve, largely due to a strong job market with just a 3.9 percent unemployment rate, reported Transwestern, Houston.
By Ben Lane
One of the vestiges of the financial crisis is now officially in the past.
The Federal Housing Finance Agency extended the public comment period for the Agency's proposed rule on Enterprise Capital Requirements by an additional 60 days, citing "high level of interest in the proposed rule and requests from multiple stakeholders for more time to evaluate it."
The previous deadline for comments was September 17; the new deadline is November 16.
President Trump on July 31 signed legislation that extends the National Flood Insurance Program by four months — until Nov. 30, the White House reported. The extension gives lawmakers a small window to craft a longer-term extension for the program, which is underfunded by about $20 billion.
The Appraisal Institute today announced its opposition to proposed federal legislation that would reduce the requirements for appraisals in major Small Business Administration loan programs.
The Appraisal Institute objects to the provisions of H.R. 6347, the 7(a) Real Estate Appraisal Harmonization Act, and H.R. 6348, the Small Business Access to Capital and Efficiency Act, both of which would adjust upward the real estate appraisal thresholds for SBA loan programs. An appraisal threshold is the amount of a real estate transaction above which an appraisal is required.
NCAI remains committed to keeping you informed of recent legal issues affecting the appraisal industry in North Carolina. The NC Court of Appeals issued a decision this week that may impact appraisers and their clients. According to David Ferrell, our legislative consultant, the case is about the potential liability of a bank for providing an inaccurate appraisal value to its borrower in connection with a residential loan. The Court ultimately ruled that the borrower’s complaint failed to sufficiently plead a contractual duty owed to him by the bank with regard to the appraisal – so the Court upheld the trial court’s dismissal of the case.
Click here to view a copy of the court opinion. We will also have a copy on our website for future reference. NCAI will continue to keep track of these issues.