Temporary Exceptions to FIRREA Appraisal Requirements in Maui County as Affected by Hawaii Wildfires

Document 2024-05159 is a Final Rule published by the Federal Reserve System in the Federal Register on March 12, 2024, with an effective date of March 12, 2024. The Depository Institutions Disaster Relief Act of 1992 (DIDRA) authorizes the agencies to make exceptions to statutory and regulatory appraisal requirements under Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) relating to transactions involving real property located within an area in a state or territory declared to be a major disaster by the President. In this statement and order, the agencies exercise their authority to grant temporary exceptions to the FIRREA appraisal requirements for real estate-related financial transactions, provided certain criteria are met, in an area in the State of Hawaii following the major disaster declared by President Biden as a result of wildfires. The expiration date for the exceptions is August 10, 2026, which is three years after the date the President declared the major disaster. View the original at https://www.federalregister.gov/documents/2024/03/12/2024-05159/temporary-exceptions-to-firrea-appraisal-requirements-in-maui-county-as-affected-by-hawaii-wildfires.

No. Document 2024-05159 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.