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CFPB Seeks Info on ATR/QM Rule Re-Assessment
Wednesday, May 31, 2017 6:35 AM

Last week, the Consumer Financial Protection Bureau announced it will conduct an assessment of its Ability-to-Repay/Qualified Mortgage (ATR/QM) rule. Cornerstone and CUNA appreciate 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.

"Credit unions are encouraged to provide feedback on how this burdensome rule can be improved," said Cornerstone Credit Union League Regulatory Compliance Counsel Suzanne Yashewski.

Need help to file your comment? Visit our compliance site here. To access this site, you'll need your Cornerstone CUpassport ID and password. If you need help in crafting comment letters, or if you have questions about this proposal, please contact Suzanne Yashewski at syashewski@cornerstoneleague.coop or 512-853-8516.