# Temporary Exceptions to FIRREA Appraisal Requirements in Areas Affected by Severe Storms and Flooding in Louisiana
> **US Federal Reserve System** · Statement and order; temporary exceptions. · Published 2016-10-31 · Effective 2016-10-31 · 81 FR 75315
## Document
- **Document number:** 2016-26234
- **Category:** other
- **Agency:** US Federal Reserve System
- **Federal Register citation:** 81 FR 75315
- **CFR reference:** 12 CFR 34
- **Publication date:** 2016-10-31
- **Effective date:** 2016-10-31
- **Docket:** Docket No. OCC-2016-0030
## Abstract

Section 2 of 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). The exceptions are available for transactions involving real property located within an area declared to be a major disaster area by the President if the Agencies determine, and describe by publication of a regulation or order, that the exceptions would facilitate recovery from the disaster and would be consistent with safety and soundness. In this statement and order, the Agencies exercise their authority to grant temporary exceptions to the FIRREA appraisal requirements for real estate related transactions, provided certain criteria are met, in the Louisiana parishes declared a major disaster area by President Obama on August 14, 2016, as a result of the severe storms and flooding in Louisiana. The expiration date for the exceptions is December 31, 2017.

## Source
- [Federal Register document](https://www.federalregister.gov/documents/2016/10/31/2016-26234/temporary-exceptions-to-firrea-appraisal-requirements-in-areas-affected-by-severe-storms-and)
---
*AI Analytics · CC0 1.0*