Regulatory Alerts2025-04-18 | 2025-06748Temporary Exceptions to FIRREA Appraisal Requirements in Los Angeles County as Affected by California Wildfires and Straight-Line Winds
The OCC, Federal Reserve Board, FDIC, and NCUA jointly issued a temporary order granting exceptions to FIRREA appraisal requirements for real estate-related financial transactions in Los Angeles County, California. The relief covers properties adversely affected by the January 2025 wildfires and straight-line winds, provided institutions confirm a binding funding commitment executed between January 8, 2025, and January 8, 2028, and verify that the property value supports the transaction. By easing appraisal mandates while preserving safety and soundness, the order accelerates disaster recovery with a fixed expiration date of January 8, 2028.
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