The Consumer Financial Protection Bureau has made an amendment to Regulation Z in accordance with the Dodd-Frank Act’s amendments of Truth in Lending Act.
The new rule implements tests that determine when loan originators can be compensated through profit-based arrangements, according to BankCreditNews.com. The rules also mandate that compensation received by loan originators directly from a consumer cannot be supplemented by compensation from another party involved in the same transaction.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More