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News & Press: Regulatory

"CFPB Finalizes Rule to Facilitate Access to Credit in Rural and Underserved Areas"

Monday, September 21, 2015   (0 Comments)
Posted by: Justin Angelo, Esq.
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September 21, 2015 

 

“CFPB Finalizes Rule to Facilitate Access to Credit in Rural and Underserved Areas”

 

Very important CFPB regulation issued today amending the definition of a small creditor and rural and underserved areas under TILA.  Below is the link:

http://www.consumerfinance.gov/newsroom/cfpb-finalizes-rule-to-facilitate-access-to-credit-in-rural-and-underserved-areas/

 

The amendments, which take effect on January 1, 2016, revise the definition of small creditor to include any institution that originates 2,000 or less first-lien loans a year. This loan origination limit will also exclude loans held in portfolio by the creditor and its affiliates.  This is a substantial increase from the old rule, which capped a small creditor at 500 loans per year. The asset size for a small creditor remains at $2 billion total assets. The rule also extends the period for small creditors to originate balloon payment qualified mortgages to April 1, 2016.  

 

 

http://www.consumerfinance.gov/newsroom/cfpb-finalizes-rule-to-facilitate-access-to-credit-in-rural-and-underserved-areas/ 

http://www.consumerfinance.gov/newsroom/cfpb-finalizes-rule-to-facilitate-access-to-credit-in-rural-and-underserved-areas/ 


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