LO Comp insights: Industry should follow Fed rules for now

The Consumer Financial Protection Bureau’s new loan originator compensation rule is likely better in some respects than the Federal Reserve’s existing LO Comp rule, according to attorney Donald Lampe of Dykema Gossett PLLC. However, he indicated that industry participants thinking of following parts of the CFPB’s rule instead of the Fed’s rule need to wait until the new rule takes effect in January 2014. Read on for the details.