Why Short Forms Require Long Rules: Cordray

Many in the industry have criticized the length — 1,400 pages — of the CFPB’s recently proposed rule on mortgage disclosure forms and fees. Why so many pages in order to get simpler forms?

"Cordray told members of the House Small Business Committee that small mortgage providers had indicated they wanted the disclosure rules to be detailed," writes American Banker's Kevin Wack.

"Every one of those pages is trying to help solve problems that people have told us about," said Cordray.

When pressed further by House Republicans, he discussed the small business review panels that the agency has convened, as required by Dodd-Frank, to assess the impact of the proposed regulation.

For the full piece see "Cordray Defends Lengthy Disclosure Rule" (may require subscription).