Steve Antonakes, the Consumer Financial Protection Bureau's Acting No.2, reassured executives at the American Bankers Association's government relations summit over the impending mortgage rules and the examinations that will follow.
"Though he did not specifically promise to change the rules, he hinted that the agency may provide further guidance to help clarify their exam process," writes American Banker's Rachel Witkowski. Antonakes acknowledged the concerns of bankers, but stressed that the agency was limited by the requirements set forth by Dodd-Frank.
"In drafting our mortgage rules, we have sought input from all stakeholders and attempted to carefully balance access to credit and consumer protection and also consider the compliance costs and impact on smaller lenders and servicers," said Antonakes.
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