On August 15th, the Federal Reserve Board, the Consumer Financial Protection Bureau, the FDIC, the Federal Housing Finance Agency, the National Credit Union Administration, and the OCC issued a proposed rule to establish new appraisal requirements for "higher-risk mortgage loans." The proposed rule would implement amendments to the Truth in Lending Act enacted by the Dodd-Frank Act which define higher-risk loans as those secured by a consumer's home and have interest rates above a certain threshold. For such higher-risk mortgage loans, the proposed rule would require creditors to use a licensed or certified appraiser who prepares a written report based on a physical inspection of the interior of the property. The proposed rule also would require creditors to disclose to applicants information about the purpose of the appraisal and provide consumers with a free copy of any appraisal report. Comments should be submitted on or before October 15, 2012. See, e.g., FDIC Press Release. In a related action, the Consumer Financial Protection Bureau individually published for comment a proposed rule that would amend Regulation B, which implements the Equal Credit Opportunity Act, and the official interpretation to the regulation, which interprets the requirements of Regulation B. The proposed would require creditors to provide free copies of all written appraisals and valuations developed in connection with an application for a loan to be secured by a first lien on a dwelling. The proposal also would require creditors to notify applicants in writing of the right to receive a copy of each written appraisal or valuation at no additional cost. CFPB Proposed Rule; CFPB Press Release