New Mortgage Rules Readied by CFPB as Banks Seek Time to Comply
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Banks including PNC Financial Services Group Inc., SunTrust Banks Inc. and BB&T Corp. are pushing the U.S. Consumer Financial Protection Bureau to give them a year to comply with new mortgage underwriting rules that could be released as early as this week.
The consumer bureau’s so-called qualified mortgage regulation, which requires lenders to ensure a borrower’s ability to repay, will be released in connection with a hearing in Baltimore scheduled for Jan. 10, according to two people briefed on the plans.