The Bureau of Consumer Financial Protection (Bureau) is proposing to amend Regulation Z, which implements the Truth in Lending Act (TILA). This proposal is related to a final rule published elsewhere in today’s Federal Register. That final rule implements sections 1411, 1412, and 1414 of the Dodd-Frank Wall Street
Reform and Consumer Protection Act (Dodd-Frank Act), which creates new TILA section 129C. Among other things, the Dodd-Frank Act requires creditors to
make a reasonable, good faith determination of a consumer’s ability to repay any consumer credit transaction secured by a dwelling (excluding an
open-end credit plan, timeshare plan, reverse mortgage, or temporary loan) and establishes certain protections from liability under this requirement for
‘‘qualified mortgages.’’ The Bureau is proposing certain amendments to the final rule implementing these requirements, including exemptions for
certain nonprofit creditors and certain homeownership stabilization programs and an additional definition of a
qualified mortgage for certain loans made and held in portfolio by small creditors. The Bureau is also seeking
feedback on whether additional clarification is needed regarding the inclusion of loan originator compensation in the points and fees calculation.
Document Subtype:
Notice of Proposed Rulemaking (NPRM)
Received Date:
January 30 2013, at 12:00 AM Eastern Standard Time
Start-End Page:
6621 - 6672
Comment Start Date:
January 30 2013, at 12:00 AM Eastern Standard Time
Comment Due Date:
February 25 2013, at 11:59 PM Eastern Standard Time
Ability to Repay Standards under Truth in Lending Act (Regulation Z)
Details Information
Comments
View AllSubmitter: NAEGELIN, ERIKA Posted: 02/25/2013 ID: CFPB-2013-0002-0266
Feb 25,2013 11:59 PM ET
Submitter: Neville, John Posted: 02/25/2013 ID: CFPB-2013-0002-0154
Feb 25,2013 11:59 PM ET
Submitter: Bradley, Shirley Posted: 02/25/2013 ID: CFPB-2013-0002-0202
Feb 25,2013 11:59 PM ET
Submitter: Kaempfer, Jon Posted: 02/25/2013 ID: CFPB-2013-0002-0368
Feb 25,2013 11:59 PM ET
Submitter: Jones, Gary Posted: 02/25/2013 ID: CFPB-2013-0002-0265
Feb 25,2013 11:59 PM ET
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