NAFCU, CUNA see minimum direct impact on credit unions but leveling of playing field.
The Consumer Financial Protection Bureau issued a final rule Nov. 20 that requires the use of new, simplified mortgage disclosure forms available in English and Spanish that detail the terms of a mortgage to homebuyers.
Cash America must repay $14 million, told to change practices. Military targeting, robo-signing cited.
Rule issued Wednesday requires use of new, simplified disclosure forms in English or Spanish.
In Senate hearing Tuesday, agency director also defends $95 million cost of CFPB building work.
Special page on CFPB's website provides information lenders are required to provide borrowers per new mortgage rules.
Consumers can now allege wide range of problems to federal authority.
Members write banks in their districts will not be ready in time.
Agency considering new rules for debt collection.
WASHINGTON—Richard Cordray, director of the Consumer Financial Protection Bureau, defended his agency’s qualified mortgage regulations against recent criticism during the Mortgage Bankers Association annual convention here Oct. 28. (See more coverage on page 3.)