Chris D’Angelo, associate director of the Division of Supervision, Enforcement and Fair Lending at the Consumer Financial Protection Bureau (CFPB), stated that the bureau was planning to start its review of significant mortgage regulations, including the ability-to-repay (ATR)/qualified mortgage (QM) rule.
D’Angelo made the announcement while appearing at the American Bankers Association (ABA) Government Relations Summit.
The Dodd-Frank Act requires the CFPB to review its rules five years after they have gone into effect. The purpose of such reviews is to assess whether the rules are meeting the Dodd-Frank Act’s purposes and objectives.
January 2019 will mark five years since the ATR/QM rule was finalized, as well as other key mortgage regulations, in January 2014.
D’Angelo said that the CFPB is “embarking upon now the beginning of an assessment process for our major mortgage rules,” adding that the CFPB would assess these rules’ “real-world effects” on the market, as well as “whether it had the effect which was intended, what the costs were, whether there’s some tailoring that would make that more effective.”
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