The Consumer Financial Protection Bureau (CFPB) released several important rules in January, including a pair of appraisal-related rules setting forth some new obligations for lenders. John Redding, a partner with Buckley Sandler LLP, discussed key aspects of the new rules during the recent Independent Community Bankers of America Convention and Techworld in Las Vegas.

The CFPB released issued two final appraisal rules on Jan. 18, 2013. One of the rules implements Dodd-Frank amendments to the Equal Credit Opportunity Act (ECOA) and Regulation B, while the other sets forth new appraisal requirements for high-priced mortgage loans under the Truth in Lending Act and Regulation Z. The latter rule was issued jointly by the CFPB, Federal Reserve, Federal Deposit Insurance Corp., Federal Housing Finance Agency, National Credit Union Administration and the Office of the Comptroller of the Currency  

Redding noted that both rules will take effect on Jan. 18, 2014.