ABA: Rule exemptions shouldn’t just be for ‘rural’ and ‘underserved’ banks

The American Bankers Association told the Consumer Financial Protection Bureau that certain mortgage rule exemptions for small creditors that operate in rural and underserved areas should be available to more community banks that hold covered loans in portfolio, regardless of where those banks are located. The ABA’s comments came in response to a CFPB proposal that sought to clarify elements of the bureau’s new escrow rule. Read on for the details.