Disclosure and Delivery Requirements for Copies of Appraisals and Other Written Valuations Under the Equal Credit Opportunity Act (Reg B); Final Rule, Official Interpretations (CFPB - Pre-Fed. Reg. Version)

The CFPB is amending Regulation B and the commentary to the regulation. The final rule revises Regulation B to implement an Equal Credit Opportunity Act ("ECOA") amendment concerning appraisals and other valuations that was enacted as part of the Dodd-Frank Act. In general, the revisions to Regulation B require creditors to provide to applicants free copies of all appraisals and other written valuations developed in connection with an application for a loan to be secured by a first lien on a dwelling, and require creditors to notify applicants in writing that copies of appraisals will be provided to them promptly.

Effective Date: January 18, 2014.

Cross-Reference(s): Dodd-Frank Section 1474 ("Equal Credit Opportunity Act amendment").

Click here to view rule release in full (links externally to CFPB website).See also: Text of regulatory amendment only; Official interpretations only; Equal Credit Opportunity Act (Reg B) as proposed (77 FR 50390).