We are amending Regulation B, which implements the Equal Credit Opportunity Act (ECOA), and the Bureau’s official interpretations of the regulation, which interpret and clarify the requirements of Regulation B. The final rule revises Regulation B to implement an 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.
This page contains resources to help you understand the rule and its implications.
- The rule
- Compliance guide and related information
- What this means for consumers
- Related proposals
Final rules submitted to the Federal Register
September 13, 2013: We issued a final rule amending certain provisions of the rule. It is based on a proposed rule issued in June 2013.
January 31, 2013: The Office of the Federal Register published the final rule. View the rule as published in the Federal Register.
January 18. 2013: We issued the document containing this final rule. View the full document as issued.
This rule is effective January 18, 2014.
Breakdown of the documents’ contents
This document contains the following parts:
- Preamble summarizing why we are issuing the rule, our legal authority, reasoning behind the rule, responses to comments, and analysis of the benefits, costs, and impacts of the rule
- Regulatory text, which, when effective, will amend Regulation B and can be found on page 112 of the full document
- Official interpretations of the rule, which can be found on page 116 of the full document
Compliance guide and related information
Read the Small Entity Compliance Guide to learn more about the rule in a plain language and FAQ format which makes the content more accessible for a broad array of industry constituents, especially smaller businesses with limited legal and compliance staff. Or watch our video on YouTube to learn more about this rule and the higher-priced mortgage loan appraisal rule issued jointly with other agencies.
What this means for consumers
The new rule will go into effect on January 18, 2014. This summary outlines some of the ways we expect it to impact consumers who seek or have residential mortgage loans. Download the consumer summary.
June 21, 2013: We issued a proposed rule with request for public comment that proposed certain amendments for several of the final mortgage rules we issued in January 2013. This proposal was published in the Federal Register on July 2, 2013. You can also review comments submitted on the electronic docket.
The Bureau issued its proposal for public comment on August 15, 2012. The proposal was published in the Federal Register on August 21, 2012. View the proposed rule and comments received in response on the electronic docket.