The Consumer Financial Protection Bureau has placed two counties in Massachusetts on its list of rural and underserved counties for 2018 for credit unions and other lenders to use in determining whether certain Truth in Lending Act mortgage rules apply.
The two counties are Dukes County and Nantucket County. Dukes County consists of Martha’s Vineyard, the Elizabeth Islands and the island of Nomans Land. Its population is 17,246 and median household income of $63,534, according the the Census Bureau. Nantucket County has a population of 558 and median household income of $89,428, according to the Census Bureau.
Credit unions and other lenders that operate predominately in rural or underserved counties, or that make loans predominately in rural counties, are exempt from certain CFPB mortgage lending and servicing rules. The updated lists show which counties will be considered rural or underserved during calendar year 2018. A county’s underserved status can also impact how Real Estate Settlement Procedures Act rules apply.
The National Association of Federally Insured Credit Unions has backed legislation introduced in December that would allow credit unions of all charter types to add underserved areas to their fields of membership.
