Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Cordray Writes CUs Ahead of Jan. 10 Mortgage Rule Deadline
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.
RSS





print
News Now LiveWire
Registration lottery for #CreditUnion #CherryBlossom Ten Mile Run opens Monday, Dec. 1 http://t.co/AGkKPof5Fy. Race is April 12
18 hours ago
The turkey hasn't even been served and #creditunions are already making plans for #GivingTuesday
20 hours ago
.@bankofamerica's $16.65 billion 'toxic mortgage' settlement finalized http://t.co/BIq1QyImXG
21 hours ago
RT @CUNA: #NussleReport: ICYMI: Revised RBC proposal in January w/a 90-day comment period #Fix RBC http://t.co/T4JcvWBDse
23 hours ago
.@TheNCUA release on Nov. prohibition orders out already. Here: http://t.co/YkA1QIYbYa
23 hours ago