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Ability to Repay Rule

MCUA Comments on CFPB Proposal on Ability to Repay


The Consumer Financial Protection Bureau (CFPB) has already adopted a final rule to implement the ability to repay provisions regarding closed-end mortgage loans under the Dodd-Frank Act. The rule takes effect January 10, 2014. However, the agency is also seeking comments, through today, February 25, on a proposal that would allow some creditors to have more flexibility in complying with the rule.

Posted By Sharon Bahr read more
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