WASHINGTON (9/16/13)--The Consumer Financial Protection Bureau on Friday released another final rule amending its Ability-to-Repay, Mortgage Servicing and Mortgage Loan Originator Rules, which were originally finalized in January of this year.
The CFPB in a release said the changes answer questions that have been identified during the implementation process. The rule "amends and clarifies parts of our mortgage rules to ensure a smoother implementation process, which is helpful to both businesses and consumers," CFPB Director Richard Cordray said.
A number of changes CUNA sought were addressed by the CFPB. The agency said that the final rule changes:
For a CFPB release on the final rule, use the resource link. CUNA members can access the last link for a compilation of CUNA resources available to help credit unions work through what all the regulations require of them.