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Thursday, March 5, 2015

Bipartisan Bill to Allow Appeals of ‘Rural’ Designation Reintroduced

Reps. Andy Barr (R-Ky.) and Ruben Hinojosa (D-Texas) reintroduced an ABA-advocated bill -- H.R. 1259, part of ABA’s Agenda for America’s Hometown Banks -- that would set up a mechanism for individuals and businesses in rural areas to appeal the CFPB’s designation of a rural or underserved area.

An identical bill passed the House unanimously in the previous Congress. The bureau uses rural designations to exempt certain loans from its Qualified Mortgage rule.

Read more.

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