CFPB Extends Comment Period For Finance Charge Proposal

Law360, New York (September 4, 2012, 2:43 PM EDT) -- The Consumer Financial Protection Bureau on Friday gave banks and others more time to comment on a proposal that would require lenders to include all fees in their mortgage financing rate, potentially subjecting customers to additional rules intended for high-rate loans.

The federal consumer finance watchdog extended the comment period for its new, "inclusive" definition of mortgage finance charges until Nov. 6 from its original closing date of Sept. 7. The CFPB said it wanted to provide more time for mortgage lenders and other interested parties...
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