Banks Seek Grace Period For CFPB Mortgage Rules

Law360, New York (September 17, 2013, 2:12 PM EDT) -- The banking industry on Friday continued its push for a transition period for banks and other lenders to adjust to sweeping new rules governing the issuing and servicing of mortgages by asking Treasury Secretary Jacob Lew for a “phased-in” transition of the rules.

In a letter to Lew, American Bankers Association President and CEO Frank Keating said that many banks and lenders would not have time to test their compliance systems for the new rules written by the Consumer Financial Protection Bureau, with the biggest concerns...
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