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CFPB Proposes Delay to Credit Insurance Premium Rule

Posted on 5/8/2013

The Consumer Financial Protection Bureau has proposed a temporary delay of the section of its loan originator compensation rule that prohibits financing credit insurance premiums.

While this rule, set to take effect June 1, prohibited adding a lump-sum premium to a mortgage loan amount at closing, some of the CFPB's clarifying language in the preamble to the rule appeared to apply the prohibition to other kinds of transactions. The CFPB will accept comments on the proposed delay for 15 days after it is published in the Federal Register.

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