WASHINGTON (9/13/13, UPDATED: 2 P.M. ET)--The Consumer Financial Protection Bureau this afternoon released some details of yet 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 made today answer questions that have been identified during the implementation process. "Today's 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. The full final rule is scheduled to be released this afternoon. The Credit Union National Association will update this report and provide more details when the rule has been released.
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.