Banks Seek More Time To Comply With CFPB Mortgage Rules

Law360, New York (April 11, 2013, 6:35 PM EDT) -- Banking trade groups on Wednesday said their member financial institutions need more time to implement the Consumer Financial Protection Bureau's new rules governing the mortgage market when they take effect in January because of technological limitations, and they asked the bureau for an extension.

In a letter to the CFPB, the American Bankers Association, the Consumer Bankers Association and the Financial Services Roundtable said that banks and other mortgage lenders would not have access to new software and products they will need to implement new ability...
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