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house Bill H.R. 2672

Rethinking the Definition of Rural, with Mortgage Credit in Mind

Argument in favor

A broader range of evaluation criteria of rural counties would helps ensure continued access to mortgage credit.

Argument opposed

Increased opportunity for lenders to sidestep important consumer protections and offer risky mortgage packages.

bill Progress

  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Committee on Banking, Housing, and Urban Affairs
  • The house Passed May 6th, 2014
    Passed by Voice Vote
      house Committees
      Committee on Financial Services
      Consumer Protection and Financial Institutions
    IntroducedJuly 11th, 2013

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What is House Bill H.R. 2672?

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. 


If enacted, the bill would affect the kinds of financial products credit unions and community banks would be able to offer in certain areas, in turn increasing the number of property owners who could qualify for certain types of mortgages.

Cost of House Bill H.R. 2672

$3.00 Million
CBO estimates that enacting the bill would increase direct spending by $3 million over the 2014-2024 period.

More Information



Of Note:

-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.  


Helping Expand Lending Practices in Rural Communities Act

Official Title

To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to provide for an application process for interested parties to apply for an area to be designated as a rural area, and for other purposes.

    A government land designation should not be the determining factor for whether you can afford a loan or not. If the land owner can afford the loan then they can afford the loan.