ATR/ QM Rules Go Into
The rule requires credit unions and others to assess a
member's ability to repay based on specific criteria such as current or
reasonably expected income or assets, credit history, employment status,
current debt and other related factors that credit unions routinely consider
when originating a loan.
Check out CUNA’s Compliance Mortgage Resource Page for CFPB
rules – a one-stop shop to assist you, the link to the page is available here.
In case you missed it, NCUA has released three regulatory
alerts this week here.
CFPB Revises Consumer
In today’s Federal Register, the CFPB has announced a notice
of availability of three updated consumer publications. Updates were to a consumer information
brochure and two booklets under RESPA, TILA and Regulation Z. Earlier versions of the publications may
still be used, but if reprinting the most recent versions should be used. The announcement in the Federal Register is