CFPB Extends Comment Period on APR Changes
The Consumer Financial Protection Bureau on Friday extended the comment period for proposed changes that would create a new, higher “all in” annual percentage rate calculation and establish a new high-cost mortgage coverage test. Comments on the changes, which were proposed July 9 along with extensive revisions to Truth in Lending Act and Real Estate Settlement Procedures Act rules and disclosures, were initially due Sept. 7 but now are due Nov. 6.
The comment period extension follows an Aug. 13 meeting between ABA President and CEO Frank Keating and ABA EVP Bob Davis and senior CFPB staff. Keating and Davis questioned the need for extensive changes to the APR when the calculation was being de-emphasized in proposed new RESPA/TILA disclosures. They also expressed concern that the proposed changes would be costly and confusing to consumers. --ABA Daily Newsbytes
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