EGRPRA Report to Congress
The Federal banking agencies, which make up the Federal Financial Institutions Examination Council (FFIEC), have issued a joint report to Congress detailing their review of rules affecting financial institutions. The review, which included a formal comment period and public hearings, was conducted under the requirements of the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) of 1996.
Based on the comments received and their own analysis, the agencies declined to raise the threshold for residential real estate loans, which will remain at $250,000. NAR wrote a comment in support of this current residential loan level of $250,000. The agencies are working on a plan to raise the Federally Related Transaction threshold for requiring appraisals on commercial real estate loans to $400,000 from the current $250,000.