The CFPB is reopening the comment period for the proposed ability-to-repay rule which was issued by the Federal Reserve Board (FRB) on May 11, 2011. The proposed rule addressed new ability-to-repay requirements which will apply to consumer credit transactions secured by a dwelling and the definition of a “qualified mortgage.” The CFPB is reopening the comment period until July 9, 2012 to seek comment on certain new data and information submitted during or obtained after the close of the original comment period, which closed on July 22, 2011.
Much of the new information that the CFPB is seeking is highly technical and may be very difficult and time consuming for credit unions to provide. Responses to questions regarding possible litigation would be speculative at best. CUNA has weighed in with the CFPB to let them know that providing responses to this request for comments will be extraordinarily burdensome. CUNA will be working with the Leagues, the CUNA Lending Council, CUNA Consumer Protection Subcommittee, and the CUNA Housing Finance Reform Task Force to try to put together our response, which we will share with leagues and others by COB July 5, 2012.