Regulatory Alerts2024-03-12 | 2024-05159Temporary Exceptions to FIRREA Appraisal Requirements in Maui County as Affected by Hawaii Wildfires
The OCC, Federal Reserve Board, FDIC, and NCUA jointly issued a temporary order granting exceptions to FIRREA statutory appraisal requirements for real estate-related financial transactions in Maui County, Hawaii. The relief applies to properties adversely affected by the August 2023 wildfires, provided institutions secure binding funding commitments between August 10, 2023, and August 10, 2026, and verify that property values support the transactions. This exemption facilitates post-disaster recovery and maintains safety and soundness by easing appraisal mandates during market disruption, with the exceptions expiring on August 10, 2026.
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