WASHINGTON—The CFPB has updated and published its lists of rural and underserved counties for 2018 for credit unions and other lenders to use in determining whether certain Truth in Lending Act mortgage rules apply.
The Bureau also updated its rural and underserved areas tool on its website.
Credit unions and other lenders that operate predominately in rural or underserved counties, or that make loans predominately in rural counties, are exempt from certain CFPB mortgage lending and servicing rules. The updated lists show which counties will be considered rural or underserved during calendar year 2018. A county’s underserved status can also impact how Real Estate Settlement Procedures Act rules apply, reported NAFCU.
NAFCU said it backs legislation introduced in December by Reps. Gwen Moore (D-WI) and Paul Cook (R-CA) that would allow credit unions of all charter types to add underserved areas to their fields of membership. NAFCU said it has long advocated allowing credit unions more flexibility in reaching out to underserved areas.