CFPB Enhances Definitions of ‘Small Creditor’ and ‘Rural Areas’ to Expand Mortgage Credit in Underserved Areas
October 1, 2015
The Consumer Financial Protection Bureau has issued a final rule to allow more lenders to qualify as smaller creditors doing business in rural and underserved areas. The final rule, which takes effect Jan. 1, 2016, amends certain mortgage rules issued by the CFPB in 2013 under the Dodd-Frank Act. Specifically, the final rule lifts the current origination limit to qualify for “small creditor” status from 500 mortgage loans annually to 2,000 mortgage loans per year – a limit that also excludes loans retained in portfolio from the 2,000-loan cap. In addition, the rule now includes...
Some SWFs in other countries have extensive ownership interests in major corporations and sweep much of their profits into state coffers.
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