Jennifer Emerling / There Is More Work To Be Done

Comments to CFPB's Proposed Amendments to Repay Standards under TLA


HAC Comments on the Consumer Financial Protection Bureau’s (CFPB’s) Proposed Amendments to the Ability to Repay Standards under the Truth in Lending Act

On January 30, 2013, the Consumer Financial Protection Bureau (the Bureau) published a Final Rule implementing certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd Frank Act) intended to restore confidence in the mortgage market.  This regulation requires lenders to obtain and verify information to determine whether a consumer can afford to repay the proposed mortgage. It also sets forth the criteria for a Qualified Mortgage loan.  Lenders will be presumed to have complied with the rule if they issue Qualified Mortgages.  

Concurrent with the Final Rule, the Bureau is proposing amendments to exempt certain nonprofit creditors and certain homeownership stabilization programs from meeting the Qualified Mortgage requirements.  The Bureau also proposes an additional definition to consider certain loans made and held in portfolio by small creditors as Qualified Mortgages. 

HAC’s comments have been revised to remove a reference to the Qualified Residential Mortgage rule, which is a separate rule packageDownload a copy of the Housing Assistance Council’s (HAC’s) comments (PDF).  Please feel free to adopt or consider HAC’s letter (Word Doc) for your own comments.  HAC’s comments address certain provisions in the Final Rule and the Proposed Rule.  Please contact Michael Feinberg ( with any questions or comments. 

Comments are due to the Bureau by February 25, 2013.