Washington Report

Advocacy Updates from Washington D.C.

The Washington Report covers legislative and regulatory policy activities, and is compiled by NAR's Advocacy Group policy staff. To receive this content via email, subscribe to NAR's Weekly Report newsletter and check the "legislative & regulatory issues" box.

The Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve System (collectively the Federal Banking Agencies) issued a final rule increasing the appraisal threshold for commercial real estate Federally Related Transactions from $250,000 to $500,000, $100,000 more than the increase in the 2017 proposed rule.
NAR sent a letter thanking Reps. Ross (FL-R), Sinema (AZ-D), Scott (GA-D), and Wagner (MO-R) for introducing H.R. 5266, the "Financial Product Safety Commission Act of 2018." This legislation would transition the governance structure of the Consumer Financial Protection Bureau (CFPB) from a sole director to a five-person, bipartisan commission.
On March 26, 2018, NAR submitted a letter of support for H.R. 5237, the "Fast Help for Homeowners Act," introduced by Reps. McNerney (CA-D) and Jones (NC-R). The legislation H.R. 5237 would help to streamline the short sale process by requiring a lender holding a second mortgage on a property to review and make a decision on a short sale agreement within 30 days.