Bankowość centralna · 11/05/2011

Federal Reserve Publishes Proposed Rule to Implement Dodd-Frank Act Changes to Truth in Lending Act

The Consumer Financial Protection Bureau is seeking public comment on a proposed rule that would expand the scope of the ability-to-repay requirement for mortgage loans and establish standards for complying with the requirement, including the creation of a 'qualified mortgage' standard. The proposed rule also implements limits on prepayment penalties and requires creditors to retain evidence of compliance for three years.