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- Title
FEDERAL RESERVE BOARD PROPOSES ABILITY-TO-REPAY RULES FOR CONSUMER MORTGAGES.
- Authors
McDANIEL, DAVID; RILEY JR., ROBERT E.
- Abstract
The article discusses the ability-to-repay rules of the Dodd-Frank Wall Street Reform and Consumer Protection Act or Dodd-Frank Act for consumer mortgages in the U.S. The law requires that a covered transaction should not include a prepayment penalty. It expects the banker to review the proposal against their lending practices and present comments to raise objections or suggest improvements to the proposed rule.
- Subjects
UNITED States; REPAYMENTS; DODD-Frank Wall Street Reform &; Consumer Protection Act; PERSONAL loans -- Law &; legislation; LEGAL status of bankers; MORTGAGE loan laws; BANKING industry
- Publication
Banking Law Journal, 2011, Vol 128, Issue 7, p652
- ISSN
0005-5506
- Publication type
Article