Interagency Guidance on Reconsiderations of Value of Residential Real Estate Valuations

Document 2023-12609 is a Proposed Rule published by the Consumer Financial Protection Bureau in the Federal Register on July 21, 2023. The Board, CFPB, FDIC, NCUA, and OCC (together, the agencies) are issuing proposed guidance that would highlight risks associated with deficient residential real estate valuations and describe how financial institutions may incorporate reconsiderations of value (ROV) processes and controls into established risk management functions. The proposed guidance would also highlight examples of policies and procedures that a financial institution may choose to establish to help identify, address, and mitigate the risk of discrimination impacting residential real estate valuations. View the original at https://www.federalregister.gov/documents/2023/07/21/2023-12609/interagency-guidance-on-reconsiderations-of-value-of-residential-real-estate-valuations.

No. Document 2023-12609 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.