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  • 17 Aug 2012 3:11 PM | Edith Tella (Administrator)

    Proposed Rule:


    How to Submit a Comment:  You can submit a comment by mail or electronically.  Please see the instructions under “Addresses” at the beginning of the proposed rule.  Please note that comments should be identified by Docket No. CFPB-2012-0037 or RIN 3170-AA13


    Deadlines for Submitting Comments:  The comment period begins today.  Comments must be received by October 16, 2012 


  • 15 Aug 2012 11:36 AM | Edith Tella (Administrator)

    WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a proposed rule that would require mortgage lenders to provide home loan applicants with copies of written appraisals and other home value estimates developed in connection with the application. The rule would ensure that consumers receive information prior to closing about how the property’s value was determined.

    “When looking to buy a home or refinance a mortgage, consumers need the best available facts and data,” said CFPB Director Richard Cordray. “This rule would guarantee consumers receive important disclosures on how a lender determines the value of the home, making it easier for loan applicants to make informed decisions.”

    In response to the mortgage crisis, the Dodd-Frank Wall Street Reform and Consumer Protection Act requires that creditors provide mortgage applicants with a copy of written appraisals and home value estimates developed in connection with the application.  Today’s proposed rule would require that creditors inform consumers within three days of applying for a loan of their right to receive a free copy of appraisal reports and home value estimates. Creditors would then be required to provide the reports to consumers as promptly as possible, but in no case later than three days before closing, regardless of whether credit is extended, denied, incomplete or withdrawn.

    Appraisals and other home value estimates are used by creditors to inform lending decisions for most home sales. Consumers are typically charged for the costs related to conducting an appraisal; however, currently consumers must request appraisal reports from creditors and may be charged a fee to obtain the report.  Under the proposed rule, creditors could still charge reasonable fees associated with conducting appraisals and home value estimates; however, the rule would prohibit creditors from charging consumers fees for obtaining the reports. 

    The proposed rule would amend the Equal Credit Opportunity Act (ECOA)’s Regulation B, which require certain disclosures and prohibits lenders from discriminating on the basis of race, national origin, sex, or other protected bases. Under the Dodd-Frank Act, the Bureau is authorized to issue regulations implementing ECOA and supervise compliance with ECOA and Regulation B for certain lenders. 

    The CFPB welcomes comments on the proposed rule. The public will have 60 days, or until October 15, 2012 to review and provide comments on the proposed rule. The CFPB will review and analyze the comments before issuing a final rule in January 2013.

    The CFPB’s proposed rule is available at: 

    A summary of the CFPB’s proposed rule is available at:

    This is one of several rulemakings governing mortgage practices currently underway at the Bureau in order to implement requirements of the Dodd-Frank Act. Today, in partnership with several other federal regulatory agencies, the Bureau is also issuing a proposed rule to establish special requirements concerning appraisals for higher-risk mortgage loans, which would require creditors to use a licensed or certified appraiser to prepare the written appraisal report based on a physical inspection of the property.

    The interagency proposed rule is available at:

    A summary of the interagency proposed rule is available at:


    The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit


  • 15 Aug 2012 3:16 AM | Edith Tella (Administrator)

    On June 15, 2012, World Elder Abuse Awareness Day, Director Cordray announced a Request for Information (RFI) to learn more from the public about the growing issue of financial exploitation of older Americans and best practices for elder financial management. A recent study suggests elder financial abuse cost seniors more than $2.9 billion in 2010, a 12 percent increase from 2008.


    The goals of the RFI are:

    • •1.      To help us understand the senior financial advisor market so we can improve protections for older Americans.
    • •2.      To help make the work of the office for Older Americans more effective.


    Read and respond to the RFI:!documentDetail;D=CFPB-2012-0018-0001


    The RFI poses the following questions:

    • •·        How seniors can best determine the legitimacy of the credentials of financial planners and advisors.
    • •·        What financial education, counseling, or management programs are tailored to the needs of older Americans, their families, and their caregivers.
    • •·        Asks for information about power of attorney and guardian abuse, affinity frauds, and the exploitation of older veterans.

    Please share what you are seeing and experiencing.


    The information you provide us will help us better understand the issues of elder financial abuse and other forms of exploitation.


    Thank you,

    Skip Humphrey

    Assistant Director for Older Americans

    The Consumer Financial Protection Bureau

    P.S. -- For more information on the Office for Older Americans and to read our blog, go to


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