WASHINGTON (1/6/14)--Thanking credit unions for their hard work in preparing to implement new Ability-to-Repay/Qualified Mortgage (ATR/QM) rules, Consumer Financial Protection Bureau Director Richard Cordray in a letter to credit union leagues outlined how the rules would impact small issuers and provided key compliance resources.
Cordray's letter comes as new mortgage rules are set to take effect Jan. 10. "We recognize that the challenges posed by these changes is not small, but the implementation of these rules is another critical step in the ongoing recovery of the housing market," he said.
The CFPB letter also covers the basics of the ATR/QM rules.
For the full letter, use the resource link. The letter in its entirety is included in the Jan. 6 issue of CUNA's Regulatory Advocacy Report.