CFPB Moves To Expand Rural Mortgage Lending

Law360, New York (January 29, 2015, 5:17 PM EST) -- The Consumer Financial Protection Bureau on Thursday said it wanted to expand mortgage lending in rural and underserved communities by increasing the number of banks and other lenders that would be given relief from the agency's mortgage rules.

The CFPB’s proposal would also grant a longer grace period for smaller banks that grow larger than the consumer finance watchdog allows for being considered a smaller institution and expands the number of areas that would be considered rural. The goal is to increase lending by smaller institutions while recognizing that many of them have close ties to their communities that allow them...

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