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FTC proposal would further limit deceptive mortgage practices
WASHINGTON (9/27/10)--The Federal Trade Commission (FTC) last week moved to further prevent deceptive mortgage practices by proposing rules that would ban “all material misrepresentations in advertising about consumer mortgages.” The rule would specifically target mortgage lenders, brokers, and servicers; real estate agents and brokers; advertising agencies; home builders; lead generators; rate aggregators; and other entities under the FTC’s jurisdiction, the FTC said. The proposal does not address advertising disclosure requirements. This proposed rule would apply to state-chartered credit unions, but not federal credit unions. The Credit Union National Association (CUNA), in a response to an advanced notice of proposed rulemaking released earlier this summer, agreed that the FTC should do more to address predatory lending practices. However, CUNA added, any developed rules should not be imposed on state-chartered credit unions that are subject to the FTC’s jurisdiction under the FTC Act as credit unions have not been the source of the problems that these rules would address. CUNA also recommended that the FTC’s rules focus on practices that are not adequately addressed under current law, but not prohibit or favor certain practices. The FTC is seeking comments on the potential costs and benefits of the rule. The proposed rule will be open for a 45-day public comment period. For the FTC release, use the resource link.
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