The Federal Reserve Board’s 132-page interim final rule regarding appraisal independence is effective April 1. And with it comes unwieldy changes for the appraisal industry. October Seminars has put together a program that will define the rule and provide education on the specific areas that are critical to understanding in order to make appropriate business decisions that adhere to the new requirements.

In this Webinar, our experts will discuss the Fed’s interim final rule, which implements the appraisal independence requirements of the Dodd-Frank Act, and will provide attendees with practical ways to comply with the rule. 

Order your copy today and learn:

• Who is covered by the Fed’s interim final rule;
• How appraisal independence is determined and how conflicts of interest can be avoided;
• Details of the customary and reasonable fee requirement, including:
• Who’s covered?
• Who will police it?
• How you can ensure your processes fall within the presumptions of compliance
• What are the consequences if there is failure to pay a customary and reasonable fee?; and
• How compliance will be monitored, including the mandatory reporting of misconduct, prohibition on extending credit and other consequences

The new rule — which amends TILA (Regulation Z) and replaces the controversial Home Valuation Code of Conduct — establishes new requirements for appraisal independence for consumer credit transactions that are secured by a consumer’s principal dwelling. It is intended to ensure real estate appraisals are based solely on the appraiser’s independent professional judgment, free of any influence or pressure exerted by parties interested in the transaction. It also seeks to ensure that creditors and their agents pay customary and reasonable fees to appraisers.

Our speakers will educate you on the intricacies of this regulation, offer practical tips on what you should focus on now, and help you implement these standards into your current business practices for compliance. Join us on Feb. 28 for training that will give you the edge you need to not only comply with this controversial regulation — but to understand the issues that will affect the way you do business in 2011 and beyond.

Featured Speakers:

Beth DeSimone
Counsel, Arnold & Porter LLP

Beth DeSimone is counsel at Arnold & Porter LLP in Washington, DC, where she focuses her practice in the financial institutions and corporate areas. DeSimone concentrates on consumer banking and on resolving regulatory issues arising under consumer lending and deposit access activities. DeSimone’s practice also includes assisting clients in resolving legal issues arising under mortgage and other lending activities, including those arising under the Home Mortgage Disclosure Act, RESPA and TILA, and in monitoring the effectiveness of their fair lending programs. In the prepaid card area, she has extensive experience in structuring and resolving issues associated with new card products and alliances, including international remittance cards, payroll cards, government benefit cards, health savings account cards, gift cards and other prepaid card products. She assists clients in monitoring proposed legislation and regulation and in understanding the implications of regulatory change, including most recently the changes mandated by the Dodd-Frank Act.

DeSimone also works on troubled institution resolutions, mergers and acquisitions and investments in financial services companies, the establishment of new financial institutions and nonbank subsidiaries for financial services and diversified companies, strategic planning, and charter review. DeSimone is a contributor to the blog on consumer marketing legal issues, www.consumeradvertisinglawblog.com.

Contact: Beth.DeSimone@aporter.com

 

Michael Mierzewski
Partner, Arnold & Porter LLP

Michael Mierzewski is a partner of Arnold & Porter LLP, practicing out of the firm’s Washington, D.C., office. He concentrates his practice on financial institutions and corporate and securities law. Prior to joining Arnold & Porter, Mierzewski was a law clerk with the Office of the Comptroller of the Currency in 1978. He is a former vice chair of American Bar Association’s Section of Antitrust Law Committee on Financial Markets and Institutions.

In addition to bank merger and acquisition counseling, Mierzewski routinely counsels clients on fair lending, the Community Reinvestment Act, payment systems, enforcement and general regulatory issues. In addition, he has conducted scores of sensitive internal investigations for a wide variety of financial services companies. He also is a frequent author and lecturer on bank regulatory and bank antitrust issues.

Contact: michael.mierzewski@aporter.com