CFPB Publishes Small Entity Compliance Guides on QM, Escrow
April 22, 2013
The CFPB has issued two compliance guides for small entities that had to do with its escrow rule under the Truth in Lending Act and the ability-to-repay rule, both issued in January. The bureau said its goal with the guides is to provide an overview of the rules in a plain language and frequently asked question format, which makes the content more accessible and consumable for a broad array of industry constituents, especially smaller businesses with limited legal and compliance staff. The consumer agency also emphasized that...