FOR IMMEDIATE RELEASE
August 1, 2016
FSR-HPC examining details in nearly 300-page proposal
Washington, DC—The Financial Services Roundtable’s Housing Policy Council (HPC) released the below statement following the release of proposed updates to the Consumer Financial Protection Bureau’s (CFPB) “Know Before You Owe” rule:
“We are pleased the CFPB is making an effort to provide clarity and guidance on the ‘Know Before You Owe’ rule through a proper rulemaking process to address flaws and clarify aspects of this important rule,” said John Dalton, President of FSR’s HPC. “We are committed to ensuring consumers fully understand the terms of their mortgage and look forward to working with the Bureau to achieve that goal. Our industry colleagues and all stakeholders in the mortgage process want to ensure that, in addition to consumers fully understanding the mortgage process, the regulation must be clear and enable lenders to comply and to effectively serve consumers. We are examining the details of the nearly 300-page proposal and will provide constructive comments to the CFPB.”
The Financial Services Roundtable represents the largest integrated financial services companies providing banking, insurance, payment and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. FSR member companies provide fuel for America’s economic engine, accounting for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs. Learn more at FSRoundtable.org.