The House Financial Services Subcommittee on Insurance, Housing and Community Opportunity will investigate the Consumer Financial Protection Bureau's mandate to combine residential mortgage disclosures during a hearing June 20, according to a NAFCU report.
The House is currently in recess but will return June 18.
The "Know Before You Owe" project is required under the Truth in Lending Act and Real Estate Settlement Procedures Act. The Dodd-Frank Act gives the CFPB until July 21 to issue proposed rules to accompany the model disclosure forms for residential mortgages. It requires action on final rules by Jan. 1, 2013.
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