CFPB Seeks Time To Clarify Credit Insurance Rule

Law360, New York (May 9, 2013, 3:00 PM EDT) -- The Consumer Financial Protection Bureau on Wednesday proposed delaying the scheduled June 1 implementation of a provision that would bar lumping the cost of credit insurance into mortgages, as it works on a clarification of the provision's language.

The credit insurance provision is part of the CFPB's rules governing compensation practices for mortgage brokers and other originators, released in January. However, because the CFPB felt the provision would be relatively simple to understand and put into practice, it was scheduled to take effect on June 1....
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