WASHINGTON (7/11/13)--The Consumer Financial Protection Bureau (CFPB) Wednesday finalized corrections, clarifications, and amendments to its Ability-to-Repay and mortgage servicing rules that were proposed in April.
The clarifications are meant to address questions that have been posed in the months since the rules were first issued in January.
CFPB Director Richard Cordray said in a release, "We know that effective implementation helps our rules deliver their intended value to consumer. We are listening closely to feedback on our rules, and today's clarifications show our willingness to make appropriate adjustments to achieve that goal."
The final rule:
Use the resource link below for details on the CFPB's corrections, clarifications, and amendments.
More plain language compliance resources and updates of official regulatory interpretations, examination procedures and other materials addressing CFPB mortgage regulations will be unveiled in the coming months, the CFPB has said.