According to comment letters regarding the Consumer FinancialProtection Bureau's proposed mortgage servicing rules, creditunions are strongly opposed to changes in disclosed annualpercentage rates, and are also asking for more time to implementthe final rules.
The proposed rules, issued July 9 and scheduled to be finalized byJanuary 2013, would redefine APR by eliminating loan costexceptions currently allowed in Reg Z.
The proposed rule would require lenders to include all loancosts like application fees in the APR calculation. The onlyexceptions to the proposed APR rule would be charges applied afterthe loan closes, like late fees.
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