On August 13, 2020, the Federal Financial institutions Examination Council (FFIEC) approved the Appraisal Subcommittee's (ASC) extension of a commercial real estate transaction temporary waiver relief order for North Dakota. The extended waiver allows banks and credit unions in North Dakota to waive appraiser credentialing requirements for federally-related commercial real estate transactions under $1 million through August 7, 2021. The waiver was originally granted on August 7, 2019, in response to a collaborative request by the State of North Dakota, the Department of Financial Institutions, and the North Dakota banking and credit union trade associations.
The Conference of State Bank Supervisors (CSBS) issued a press release applauding the temporary waiver while urging efforts to come up with a long-term solution to a problem that affects lenders nationwide.