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Tuesday, January 14, 2014

ABA Statement for the Record Regarding QM Rule

ABA has submitted a statement regarding “How Prospective and Current Homeowners may be Harmed by the CFPB’s Qualified Mortgage Rule” to the Subcommittee on Financial Institutions and Consumer Credit of the Committee on Financial Services of the U.S. House of Representatives. Some concerns expressed by ABA include:

  • The need to extend implementation dates;
  • The significant penalties carried by the rule; and
  • The frequent revisions implemented by the CFPB.

The CFPB QM rule went into effect Friday, January 10, 2014.

Read the testimony.

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