3170-AA11 201110 The Regulatory Plan and the Unified Agenda of Federal Regulatory and Deregulatory Actions 3170 Consumer Financial Protection Bureau CFPB Amendments to TILA and FIRREA Concerning Appraisals The CFPB is participating in interagency rulemaking processes with the Federal Reserve Board (Board), the OCC, the FDIC, the NCUA, and the FHFA to develop proposed regulations to implement the amendments made by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) to the Truth in Lending Act (TILA) and the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) concerning appraisals. The amendments made by the Dodd-Frank Act to TILA require creditors to obtain an appraisal, including a physical property visit by a certified appraiser, before extending higher-risk mortgage credit. The TILA amendments also impose various new requirements for appraisal independence, the portability of appraisal reports, and charging of customary and reasonable fees. The amendments made by the Dodd-Frank Act to FIRREA require new minimum requirements to be applied by states in the registration, reporting, and supervision of appraisal management companies. The FIRREA amendments further require implementing regulations for new quality control standards for automated valuation models to ensure a high level of confidence in the estimates produced by the valuation models, protect against the manipulation of data, seek to avoid conflicts of interest, require random sample testing and reviews, and address any other factor that the agencies determine to be appropriate. As required by the Dodd-Frank Act, the Board published an interim final rule implementing some of these requirements on October 28, 2010. Further action with respect to this rulemaking will be addressed through the interagency rulemaking process. Substantive, Nonsignificant First Time Published in The Unified Agenda Final Rule Stage No No 12 CFR 34 12 CFR 226 12 CFR 1026 15 USC 1639(e) 15 USC 1639(h) 12 USC 3332(a), 3341(b) Statutory Final nulldate 01/21/2013 No Interim Final Rule With Request For Public Comment 10/28/2010 75 FR 66554 Interim Final Rule Comment Period End 12/27/2010 CFPB Expects Further Action 10/00/2012 Undetermined State No No Bill Matchneer 3170 Consumer Financial Protection Bureau CFPB 202 435-7700