The Consumer Financial Protection Bureau issued its first substantial rule to the Federal Register Friday filling a regulatory gap for alternative mortgage originations.
The bureau opened Thursday without a director as Congress and the White House continue to debate how much power the bureau will yield. Some technical rules were issued then to exact the bureau's opening, but the rule issued Friday has a far more reaching impact.
It implements a section under the Dodd-Frank Act amending the Alternative Mortgage Transaction Parity Act of 1982. The amendment allows state-licensed loan originators to make alternative mortgages under federal law, rather than state law.
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