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ARTICLE · 14 APRIL 2016

CFPB Establishes Application Process to Designate Areas as Rural

Mayer Brown
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On March 3, 2016, the Consumer Financial Protection Bureau ("CFPB") promulgated a rule ("the Rule") establishing a process for the public to request additional areas to be recognized as "rural" areas for purposes of federal consumer financial laws.

United StatesFinance and Banking
Kristie D. Kully
Kristie D. Kully
Francis L. Doorley
Francis L. Doorley
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On March 3, 2016, the Consumer Financial Protection Bureau ("CFPB") promulgated a rule ("the Rule") establishing a process for the public to request additional areas to be recognized as "rural" areas for purposes of federal consumer financial laws.  The designation of an area as "rural" provides relief for creditors in those areas from certain requirements under the Truth in Lending Act ("TILA") and its implementing Regulation Z, as explained below.  Under the Rule, a person may submit an application to the CFPB for recognition of a new area as "rural" for those purposes.  The Rule thus has the potential to open new avenues for small rural creditors to extend certain mortgage loans to their communities.

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