Search
 

CFPB Offers Relief to Lenders Serving the Underserved

An interim final rule gives more small creditors operating in rural and underserved areas eligibility for special provisions.

By J. Daniel Young | Updated on March 22, 2016

In a Tuesday announcement, the CFPB said it issued an interim final rule that broadens special provisions for small creditors in rural or underserved areas. The interim final rule took congressional legislation passed in December 2015 into consideration.

The interim final rule implemented the Helping Expand Lending Practices in Rural Communities (HELP Act), which broadened the category of rural small creditors that may be eligible for certain provisions under the Truth in Lending Act. Changes to the CFPB rule reflect Congress’ recent changes, which expanded eligibility for the special provisions, allowing qualified balloon mortgages and high-cost balloon mortgages for the escrow exemption.

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:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 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.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.