Removing Barriers Blog

CUNA at BCFP Meeting on QM
Posted November 15, 2018 by dyi

Today, CUNA participated at a joint trades meeting with BCFP senior staff to discuss the impact of the 2013 Ability-to-Repay and Qualified Mortgage Rule (ATR/QM Rule). The Bureau is currently in the process of finalizing its Dodd-Frank required assessment report on the rule, which is likely to be released in early-2019.  Today’s QM meeting was intended to provide trade groups a forum to provide additional feedback on the rule.

CUNA had previously submitted comments on the rule at the start of the assessment process in mid-2017.  In those comments, CUNA outlined the rule’s impact and offered suggestions on how the rule should be amended to reduce regulatory burden. 

Among the issues trades provided feedback on during today’s meeting included the 43% debt to income ratio, defining “residual income,” the future of the QM GSE “patch,” and possible amendments to Appendix Q.  CUNA anticipates the Bureau will conduct additional listening sessions with interested stakeholders in the coming weeks.