Regulatory Alerts2024-03-12 | 2024-05159Temporary Exceptions to FIRREA Appraisal Requirements in Maui County as Affected by Hawaii Wildfires
The OCC, Federal Reserve, FDIC, and NCUA issued a joint order granting temporary exceptions to FIRREA appraisal requirements for real estate-related financial transactions in Maui County, Hawaii, following the August 2023 wildfires. The agencies determined that waiving these requirements facilitates disaster recovery and remains consistent with safety and soundness, provided the property is located in the affected area and the transaction value supports the institution's decision. These exceptions are effective immediately and expire on August 10, 2026, covering transactions with binding commitments entered into between August 10, 2023, and the expiration date.
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