A group of 118 members of Congress wrote a letter to Consumer Financial Protection Bureau Director Richard Cordray requesting a delay of the new mortgage rules set to take effect at the start of next year under the Dodd-Frank Act.
"The mortgage rules released in January combined with the amendments released in May and September present financial institutions with over 4,000 pages of new regulations that they must be in compliance by January 2014," said their letter, dated Nov. 5.
"This task is especially difficult for community financial institutions that may only have one or two compliance officers. Furthermore, many financial institutions rely on software systems for managing their operations."
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