CFPB seeks more input on ability-to-repay rule

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Consistent with recent rumors, it’s now looking more likely that adoption of a final ability-to-repay/qualified mortgage rule by the CFPB will not happen until after the November elections. On May 31, the CFPB reopened the comment period on the proposed rule. (The original comment period closed on July 22, 2011.) The CFPB’s notice of the reopening seeks specific data and loan information by July 9, 2012. We have prepared a legal alert that provides details on the data and information the CFPB is seeking.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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