Q: Does Regulation B permit creditors to charge members a fee for photocopies of appraisals?
A: No. The Regulation B appraisal and valuations rule requires creditors to provide a free copy of home appraisals and other written valuations promptly after they’re completed, regardless of whether credit is extended, denied, incomplete, or withdrawn. The rule applies to all written valuations (not just appraisals) that creditors develop in connection with an application for a first lien on dwelling (closed or open-end loans).
Although creditors can’t charge a fee for providing a copy of the appraisal/valuation, the regulation permits them to charge applicants reasonable fees to reimburse for the cost of the actual appraisal/valuation (unless otherwise prohibited by law). You can’t increase the reimbursement amount to cover the cost of providing documentation to the consumer.
Visit CUNA’s compliance blog—“CompBlog”—at cuna.org. Email email@example.com with questions or ideas, and keep the conversation going with your peers on COBWEB—CUNA’s compliance listserv.
President Barack Obama sent greetings Thursday to those celebrating International Credit Union Day. CUNA worked closely with the White House on the statement, and a number of credit union-friendly legislators also weighed in with the White House.
The NCUA’s revised supervisory approach to interest rate risk is covered in a recent Letter to Credit Unions (16-CU-08). The new standardized approach is designed to increase focus and resources toward higher risk credit unions.
CUNA has several major concerns with a CFPB proposal regarding disclosure of records and information. Specifically, the proposal would make changes to regulations regarding confidential supervisory information, confidential investigative information and the Freedom of Information Act.