Ronald Rubin, a partner at Hunton & Williams and a former enforcement attorney at the bureau, said it would be important for that agency to follow up after the rule goes into effect.
"Like other mortgage-related government programs in the last few years, it's not enough to just put out the rules," Rubin said. "Then you have to see how the rules are working and adjust them ... If done properly, these are great protections. But banks will have to be careful they dot all the I's and cross all the T's."
Todd Ruger writes for The National Law Journal, a Daily Report affiliate.