Wednesday, September 30, 2015

Final rule expands definition of “small creditor” and “rural areas”



Final rule expands definition of “small creditor” and “rural areas”
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Good morning,
Yesterday, we issued a rule that will increase the number of financial institutions that are able to offer certain types of mortgages in rural and underserved areas. The rule also gives small creditors time to adjust their business practices to comply with the new rules.
Check out upcoming changes to the definitions of small creditor and rural areas to learn more:
consumerfinance.gov/regulatory-implementation/title-xiv/#charts
We will update some of the Title XIV implementation materials on our website to reflect the changes, and will send an email to let you know when we have posted those updates.
Thank you,
CFPB Regulatory Implementation Team

About the CFPB
The CFPB is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives.
Learn more at consumerfinance.gov.
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