The Consumer Financial Protection Bureau will conduct an assessment of its Ability-to-Repay/Qualified Mortgage (ATR/QM) rule, it announced last week. CUNA appreciates the re-evaluation of the regulation, which it believes is among several from the bureau that have led to increased regulatory burdens for credit unions.
The Dodd-Frank Act created new standards in mortgage lending in response to the financial crisis, including the ATR/QM rules.
According to the request for information, the bureau is requesting public comment on its plans for assessing this rule as well as certain recommendations and information that may be useful in conducting the planned assessment.
Comments will be due within 60 days of the request’s publication in the Federal Register, which is expected in the coming days. Addition information is available on CUNA’s Removing Barriers Blog.