CFPB Updates ATR and QM Small Entity Guide 

Because of amendments made to Regulation Z on May 29 and July 10, the CFPB has updated its Small Entity Compliance Guide for the Ability-to-Repay and Qualified Mortgage rule. This will be helpful for credit unions to get a summary of the rule and relevant revisions.  The guides are in a frequently asked question format, which makes the content easier to interpret. A Small Entity Compliance Guide is available for each of the new mortgage rules and can be found on the CFPB’s Mortgage Rule Implementation Page on its website.
 


Submissions to Monitor may be emailed. Bryan Laviolette is the editor of Monitor. Contact him by email or call (800) 262-6285, ext. 233. The newsletter of the Michigan Credit Union League is published Monday mornings or Tuesday mornings when Monday is a holiday. There is no Monitor the week after Christmas and the week after the Annual Convention and Exposition. The MCUL reserves the right to edit submissions for clarity and space.
Subscribe to the Michigan Monitor today!
Subscribe to the Michigan Monitor at www.MCUL.org/MonitorSubscription