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FTC mortgage restriction plan open for comment
WASHINGTON (6/8/09)--The Credit Union National Association (CUNA) has issued a regulatory comment call on a recent Federal Trade Commission advance notice of proposed rulemaking regarding mortgage loan practices. In the notice, the FTC asks for input on which types of unfair or deceptive acts and practices should be prohibited or restricted during the marketing, origination, and servicing of loans. The FTC has also asked for public comment on how to prevent independent companies that offer loan modification or foreclosure mitigation from engaging in abusive practices. The FTC rules would not apply to federally chartered credit unions, but state-chartered credit unions would be subject to the rules. CUNA is asking for industry comment on whether or not state-chartered credit unions should also be exempted from the potential rules. CUNA has also asked for specific examples of industry practices that should be restricted or banned under the new rules. Comments are due to CUNA by July 21. For more information, use the link.


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