The rule mandated under the Economic Growth, Regulatory Relief and Consumer Protection Act received approval from groups representing mortgage lenders and consumer advocates. PACE lenders, meanwhile, have concerns.
The National Credit Union Administration’s Division of Fair Lending Supervision next year will focus on credit unions that have recently expanded into underserved areas.
The transaction threshold determining which nonbanks come under the bureau’s supervision has been drastically increased, to 50 million annual transactions from 5 million proposed.