Thursday, January 17, 2013

Consumer Financial Protection Bureau Rules

Reuters last week reported that "in one of its most sweeping moves to date, the Consumer Financial Protection Bureau, struck a balance with the new rules that drew guarded praise from both consumer groups and lenders."

"Lenders and consumer groups alike had anxiously awaited the 'qualified mortgage' rules, which are among the most controversial the government watchdog is required to issue by the 2010 Dodd-Frank financial reform law," the article said. "The new rules will force banks to verify a potential borrower's income, the amount of debt they have, and their employment, but they also give banks incentives to issue safer, lower-priced loan products by offering lenders legal shields for such 'qualified mortgages.'"

The Consumer Financial Protection Bureau has this and previous regulatory changes and additional information posted on its website; FoxBusiness, and CNNmoney each had articles, while the National Law Journal has had two. (Here and Here).

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