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State bank supervisors back Senate legislation to alter Dodd-Frank’s ‘rural’ provisions
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Consumer Protection, Legislation
Wednesday, February 19, 2014
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The Conference of State Bank Supervisors expressed strong support for a Senate bill that would amend the Dodd-Frank Act to establish a petition process for community banks and others to apply for an area to be considered “rural” for the purposes of the Consumer Financial Protection Bureau’s mortgage rules. The “rural” definition is of particular importance to small lenders that originate balloon payment mortgages. Read on to learn about the proposed legislation.
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