Banks Urge CFPB To Dial Back Mortgage Servicing Rules

Law360, New York (October 10, 2012, 1:47 PM EDT) -- A top banking lobby group on Tuesday urged the Consumer Financial Protection Bureau to dial back its proposals for reforming the mortgage servicing industry, saying the proposals incorporate too many aspects of the $25 billion national mortgage servicing settlement.

In its comment letter, the American Bankers Association said that the CFPB's August proposal would fundamentally alter the mortgage servicing business, where only some reforms were needed. But the vast set of rules, totaling more than 400 pages, went farther than the changes called for under the...
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