WASHINGTON—As part of the CFPB’s required review of the mortgage loan originator rule under Regulation Z, the Bureau is seeking public feedback on the rule’s impact on small entities.
According to the CFPB, the request for comment (RFC) seeks information that may assist it in determining whether the rule should be continued without change, amended, or rescinded to minimize any significant economic impact of the rule on a large number of small entities.
The Bureau is required to review the rule under section 610 of the Regulatory Flexibility Act, NAFCU noted.
Support for NFIP
Separately, during a House Financial Services Subcommittee on Housing and Insurance hearing on flood insurance coverage, lawmakers overall offered support for extending and reauthorizing the National Flood Insurance Program (NFIP).
The hearing focused on regulatory hurdles and barriers to flood insurance, noted NAFCU. Lawmakers discussed the need to balance affordability with accurate risk assessments, the potential to open the market to private insurers, and concerns related to insurance premiums and denied coverage.
“There was broad bipartisan support for reauthorizing the NFIP, and the subcommittee is expected to hold a separate hearing soon focused solely on the program and legislation to authorize it through 2024,” NAFCU said.
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