Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
'Plain Language' Guide Available For QM Rule
WASHINGTON (4/11/13)--A "Small Entity Compliance Guide for the Ability-to-Repay and Qualified Mortgage Rule" is now available from the Consumer Financial Protection Bureau.

This is the first of a series of planned "plain language" compliance guides and other informational materials the CFPB plans to provide over the next few months on its new mortgage regulations.

The bureau has said the goal of the guidance series, including the Wednesday release, is to provide a comprehensive rule summary in a plain language and FAQ format, which makes the content more accessible and consumable for a broad array of industry constituents, especially smaller businesses with limited legal and compliance staff.

The CFPB issued standards to define a "qualified mortgage" under the agency's "ability to repay" rules 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) and establishes certain protections from liability under this requirement for "qualified mortgages."

The Credit Union National Association is reviewing the guide and will be following up with the CFPB on any issues of concern.

Use the resource link below to access the guide.
Other Resources

CFPB Guide
RSS print
News Now LiveWire
Falling #gas prices: Pros, cons for U.S. economy #NewsNow #Market http://t.co/XWwwERwe7e
3 hours ago
Members of Interstate FCU have voted to merge with Credit Union of Southern California https://t.co/yYeSWEG4GH
6 hours ago
.@InfinityFCU has named Liz Hayes as president/CEO. Hayes was formerly EVP and chief administrative offficer at @Affinity_Plus
6 hours ago
.@wpcu battles Speedway in round 3 of Dayton Brand Madness via @DBJnews http://t.co/EbQL5f9be8
7 hours ago
New at #NewsNow: Fed regulators approve new #QRM rule. http://t.co/Bdz5q43xjZ
8 hours ago