Would give credit unions greater input in the Consumer Financial Protection Bureau's rural area designations, allowing individuals to petition the CFPB to have the rural status of a county reassessed in order to qualify for certain types of loans. Presently, the CFPB employs the Department of Agriculture's definition of rural. This has been criticized by some, in that the current definition limits the availability of credit for some rural properties.
- Not enactedThe President has not signed this bill
- The senate has not voted
Senate Committee on Banking, Housing, and Urban Affairs
- senate Committees
- The house Passed May 6th, 2014Passed by Voice Vote
House Committee on Financial ServicesFinancial Institutions and Consumer CreditIntroducedJuly 11th, 2013
- house Committees
What is it?
-This bill alters the qualified mortgage rule of the 2010 Dodd-Frank Act. That rule was enacted to make sure that residential borrowers only took loans suitable for them. The rural designation of a property influences how much the owner of the property in question can borrow.