WASHINGTON (5/15/13)--How Consumer Financial Protection Bureau mortgage regulations could impact consumer credit access and the housing market will be one of many key items discussed in House Financial Services Committee hearings planned for next week.
The CFPB hearing, which will focus on the CFPB's Ability to Repay/Qualified Mortgage rule, will be held before the financial institutions and consumer credit subcommittee on Tuesday, May 21.
New standards to define a "qualified mortgage" under the agency's "ability to repay" regulations were issued by the CFPB in January. The rule amended Regulation Z, which implements the Truth in Lending Act, to require creditors to make a reasonable, good faith determination of a consumer's ability to repay any consumer credit transaction secured by a dwelling (excluding an open-end credit plan, timeshare plan, reverse mortgage, or temporary loan). The regulations also establish certain protections from liability under this requirement for "qualified mortgages."
Other hearings scheduled for next week include:
The committee stressed that this is a tentative schedule, and said witnesses will be announced later.
For the full schedule, use the resource link.