Regulatory Alerts2024-08-13
Idaho Department of Finance Guidance on Disposition of Other Real Estate Owned
The Idaho Department of Finance issued Guidance Statement 2024-01-FIB to clarify the application of amended Idaho Credit Union Act provisions regarding the holding and disposal of Other Real Estate Owned (OREO). The guidance specifies that credit unions approved for a second five-year holding period prior to July 1, 2022, are exempt from mandatory annual write-downs and must demonstrate a good faith attempt to sell or prove that early disposal would be detrimental to the institution. It further defines the start of the holding period following foreclosure redemption and outlines the criteria for reasonable listing prices and acceptable justifications for extending OREO ownership.
Share