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CFPB should expand QM small creditor definition, industry commenters say
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Consumer Protection
Wednesday, July 16, 2014
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Earlier this year, the Consumer Financial Protection Bureau sought feedback on a limited proposal to amend some of its new mortgage rules. The bureau also asked for public comment on its “small creditor” definition, which intersects with rule provisions intended to preserve consumers’ ability to access credit from community banks and credit unions. Industry commenters responded by urging the CFPB to expand the small creditor definition. They also discussed the impact the bureau’s rules are having on community institutions.
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