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Volume 25 - Number 6

March 17, 2014

House Panel OKs Bill to Amend CFPB Process for Defining ‘Rural’

The House Financial Services Committee late last week passed bipartisan legislation that would provide an alternate way of defining “rural” for purposes of the CFPB’s qualified mortgage standard so a bank could make its case to the bureau as to why a jurisdiction should be fit into that category. H.R. 2672 would direct the CFPB to establish an application process under which a person who lives or does business in a state may apply to have an area designated as a rural area for the purpose of exempting certain loans from the CFPB’s ability-to-repay rule if that area has not already been designated as such by the bureau.

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