Many rural banks not rural enough for CFPB rules, ICBA survey finds

The Consumer Financial Protection Bureau’s ability-to-repay/qualified mortgage rule would restrict rural borrowers’ access to credit, according to the results of a community bankers’ survey conducted by the Independent Community Bankers of America. The advocacy group indicated the survey provides further evidence that the CFPB should reconsider the scope of certain exemptions intended to ensure that rural lenders can continue to originate balloon payment loans. Read on for the details of the ICBA’s survey.