Consumer Financial Agency Moves Forward, HVCC Eyed

November 5, 2009

Source: Tony Hutchinson
Phone: (202) 383-1120

The House Financial Services Committee passed a bill to increase consumer protections through a new financial services regulator called the Consumer Financial Protection Agency. The agency would take over many of the consumer-protection functions of other regulators. NAR was concerned broad language in the bill would place real estate professionals under certain financial oversight but as passed the bill make clear oversight is limited to financial services providers. View and link to a video interview with NAR government affairs on what the new agency would and wouldn't do if it's enacted into law. The bill includes an amendment that would require the agency, once it's created, to promulgate rules on appraisal independence within 60 days. Upon those rules taking effect, the Home Valuation Code of Conduct (HVCC) would be terminated. HVCC is a set of appraisal guidelines agreed to by Fannie Mae, Freddie Mac, and the New York Attorney General's office. For more info on CFPA contact Tony Hutchinson, thutchinson@realtors.org, 202/383-1120. For more on the HVCC amendment, contact Jerome Nagy, jnagy@realtors.org, 202/383-1233.

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