CFPB Makes Amendment For Truth In Lending Act

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.

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