CFPB Finalizes Amendments to the Ability-to-Repay Rule

Author(s): Federal Reserve Bank of San Francisco

June 6, 2013

On May 29, 2013, the Consumer Financial Protection Bureau (CFPB) issued a final rule to create specific exemptions and make modifications to its Ability-to-Repay rule for small creditors, community development lenders, and housing stabilization programs. The amendments also revise the rules on how to calculate loan origination compensation and circumstances under which they would be excluded from the points and fees limits applicable to qualified mortgages.

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