General World News

ICBA, affiliates urge CFPB to improve construction loan disclosures

The Independent Community Bankers of America (ICBA) and 42 affiliated state banking associations are calling on the Consumer Financial Protection Bureau (CFPB) to approve language that allows community banks to test out different consumer construction and construction-to-permanent loan disclosures, which the group describes as “a core offering of community banks in many local communities.”

The proposed template would change the mortgage disclosures required under the Truth in Lending Act (TILA)-Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) rules. The group has stated in formal comments and a joint letter that the changes details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com