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Bureau finalizes rule to expand HOEPA protections
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Banking, Consumer Protection
Friday, January 11, 2013
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The Consumer Financial Protection Bureau finalized key rules implementing Dodd-Frank’s expansion of the types of mortgage loans that are subject to the protections of the Home Ownership and Equity Protection Act.
When the rule was proposed last year, industry participants voiced concern that a separate proposal regarding the manner in which APR is calculated could further broaden HOEPA coverage and restrict borrowers’ access to credit. Read on to learn about the final rule and what the bureau said about the HOEPA/APR issue.
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