3 Colo. Code Regs. § 703-3-6.5
The Commissioner is authorized to obtain or cause a credit union to obtain, at the credit union's expense, appraisals of real estate owned by the credit union or securing the credit union's assets when, in the opinion of the Commissioner, the credit union's policies or practices or operating results or trends are such as to cause supervisory concern as to the quality or value of such assets, or when it appears that real estate owned or assets secured by real estate are worth substantially less than the book value thereof, or when there are other indications of the need to evaluate appraisal practices and policies. This rule also shall apply to premises, as defined in rule 6.4 (1), either acquired or to be acquired by a credit union. C.R.S. 11-30-106(1) and (5)
3 CCR 703-3-6.5