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Thursday, April 11, 2013

CFPB Releases Small Entity Compliance Guide

The CFPB has published a Small Entity Compliance Guide for the Ability-to-Repay and Qualified Mortgage Rule.

The guide is meant to provide a comprehensive rule summary in a plain language and FAQ format, which makes the content more accessible and consumable for a broad array of industry constituents, especially smaller businesses with limited legal and compliance staff.

Over the next several weeks, the CFPB announced it will publish guides for each of the new mortgage rules noting that although each guide summarizes a rule, it is not a substitute for the underlying rule.

Read the Small Entity Compliance Guide.

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