A group of 26 U.S. senators wrote a letter to CFPB Director Richard Cordray urging him to delay new mortgage rules set to take effect in January 2014.
In the letter, Sen. Mark Begich (D-Alaska) and 25 Republicans said compliance with the rules before the deadline is a daunting task for credit unions and community banks.
"These proposed new rules and amendments present our nation's financial institutions with thousands of pages of new regulations with which they must comply by January 2014," said the letter dated Nov. 21, just before the congressional Thanksgiving recess.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
