Rep. Shelley Moore Capito (R-WV) and a bipartisan group of 117 additional House Members wrote to the CFPB urging the Bureau to delay the pending January 2014 implementation date of new mortgage rules, including the Ability-to-Repay/Qualified Mortgage (QM) rules.
“The mortgage rules released in January combined with the amendments released in May, July, and September present financial institutions with over 4,000 pages of new regulations that they must be in compliance by January 2014,” the letter explains. “We have heard concerns from many community financial institutions that they simply will not be able to meet the January 2014 deadline…
“[W]e urge you to defer implementation of these rules until January 1, 2015, in order to ensure financial institutions are able to transition their systems to be in full compliance with rules.”
ABA worked closely with Rep. Capito and her office in raising this issue with the CFPB.
Read the letter.