CUNA to CFPB: Craft Qualified Mortgage Final Rule Carefully
The Credit Union National Association (CUNA), along with other financial trade associations, sent a letter to Director Cordray and the Consumer Financial Protection Bureau (CFPB) regarding the Qualified Mortgage requirements under the Bureau’s pending Ability to Repay Rule. In the letter, CUNA urged the agency to broadly define the Qualified Mortgage definition, and to provide a legal safe harbor for mortgage lenders from ability to repay litigation when they originate loans that meet the Qualified Mortgage standards. They also urged the Bureau to develop objective, bright line standards for this purpose. As the agency works to finalize the rule, which is required to be published by January of next year, CUNA wants to ensure that the CFPB crafts the final rule in a manner by which credit unions are able to serve the widest array of qualified borrowers with affordable credit as possible. For a copy of the letter, click here.