In the December 19, 2014 issue of the Federal Register (79 FR 75746, click here) the National Credit Union Administration (NCUA) published a final rule, effective January 20, 2015, revising the definition of the term “application” in §701.31 and two appraisal requirements in §701.31(c)(5) and §722.3(a)(5), respectively. Effective January 20, 2015, the revised regulations will read as follows (note: deletions are in brackets and additions are underlined): §701.31 Nondiscrimination requirements. (a) Definitions. As used in this part, the term: (1) Application carries the meaning of that term as defined in 12 CFR 1002.2(f) (Regulation B)[, which is as follows]: [An oral or written request for an extension of credit that is made in accordance with procedures established by a creditor for the type of credit requested]; (Note: The NCUA made this revision to update this definition of “application” with the current definition in §1002.2(f) of Regulation B.
