According to comment letters regarding the Consumer Financial Protection Bureau's proposed mortgage servicing rules, credit unions are strongly opposed to changes in disclosed annual percentage rates, and are also asking for more time to implement the final rules.

The proposed rules, issued July 9 and scheduled to be finalized by January 2013, would redefine APR by eliminating loan cost exceptions currently allowed in Reg Z.

The proposed rule would require lenders to include all loan costs like application fees in the APR calculation. The only exceptions to the proposed APR rule would be charges applied after the loan closes, like late fees.

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