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Thursday, October 17, 2013

Representative Capito Seeks Delay for New Mortgage Rules

House Financial Services Financial Institutions Subcommittee Chairman Shelley Moore Capito (R-WV) is asking her colleagues to sign a letter urging CFPB Director Richard Cordray to delay for a year the mortgage rules taking effect in January.

The new rules “present financial institutions with over 4,000 pages of new regulations that they must be in compliance with by January 2014,” the draft letter explains. “This task is especially difficult for community financial institutions that may only have one or two compliance officers… [W]e urge you to defer implementation of these rules until January 1, 2015 in order to ensure financial institutions are able to transition their systems to be in full compliance with the rules.”

Read the draft letter.

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