Sept. 24, 2012 – NAFCU is asking members to provide their input within the next two weeks on the Consumer Financial Protection Bureau’s proposed rule on appraisal report access and a request for information on methods for effective financial education.
Appraisals: Members’ input is due Oct. 1 on this proposed rule. As detailed in NAFCU Regulatory Alert 12-EA-26, the proposal would require creditors to provide borrowers free copies of all written appraisals and valuations associated with a first mortgage loan. The proposal would address deadlines for providing the reports and disclosures regarding their availability.
This is the CFPB’s revision of a previous Federal Reserve Board rule implementing the Equal Credit Opportunity Act. The previous exemption for credit unions would no longer apply. Comments are due to the CFPB Oct. 15.
Financial education: Members’ input is due to NAFCU Oct. 8 on the CFPB’s request for information on innovative, effective methods for educating consumers about financial matters and decision-making. The bureau is seeking feedback on what types of education methods are out there and which are most effective. Comments are due to the CFPB Oct. 31.
NAFCU Regulatory Alerts are available online.