The Consumer Financial Protection Bureau has implemented a new rule that broadens the ability of lenders in rural and underserved areas to originate qualified mortgages.
The CFPB's interim final rule, approved Tuesday, effectively implements the Helping Expand Lending Practices in Rural Communities Act, also known as the HELP Act. The new rule will take effect March 31.
"This rule provides broader eligibility for lenders serving those areas to originate balloon-payment qualified and high-cost mortgages," CFPB Director Richard Cordray said in a news release.
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The Consumer Financial Protection Bureau finalized a rule Monday that will make it easier for some community banks to make qualified mortgages.
September 21 -
Three-fourths of House lawmakers signed a bipartisan letter that calls on the Consumer Financial Protection Bureau to take more steps to carve out community banks and credit unions from onerous regulations. But will it make a difference?
March 15 -
WASHINGTON The House Financial Services Committee will hold a vote Wednesday on a bill that would provide regulatory relief for financial institutions that are not considered systemically important.
March 1
Congress' approval of the HELP Act broadens the category of rural small lenders that can qualify to make loans under the Truth in Lending Act.
The CFPB has previously taken steps to