Joint Release |
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
National Credit Union Administration
Office of the Comptroller of the Currency
Office of Thrift Supervision
|
For Immediate Release | July 10, 2013 |
WASHINGTON— Six federal financial regulatory agencies today issued a proposed rule that would create exemptions from certain appraisal requirements for a subset of higher-priced mortgage loans. The proposed exemptions are intended to save borrowers time and money and to promote the safety and soundness of creditors. The appraisal requirements for higher-priced mortgages were imposed by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Under the Dodd-Frank Act, mortgage loans are considered to be higher-priced if they are secured by a consumer’s home and have interest rates above a certain threshold.
Media Contacts: | ||
---|---|---|
Federal Reserve | Susan Stawick | (202) 452-2955 |
CFPB | Moira Vahey | (202) 435-9151 |
FDIC | Greg Hernandez | (202) 898-6984 |
FHFA | Stefanie Johnson | (202) 649-3030 |
NCUA | John Fairbanks | (703) 518-6336 |
OCC | Bryan Hubbard | (202) 649-6870 |
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 94 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.
--NCUA--