NATNews Blog > May 2017 > CFPB seeks feedback on ATR/QM Rule

    CFPB seeks feedback on ATR/QM Rule

    5/26/2017 11:09:05 AM
    The Consumer Financial Protection Bureau (CFPB) is conducting an assessment of the Ability to Repay/Qualified Mortgage (ATR/QM) Rule under the Truth in Lending Act (Regulation Z), in accordance with section 1022(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. 
    The bureau is requesting public comment on its plans for assessing this rule as well as certain recommendations and information that may be useful in conducting the planned assessment.


    Notice of assessment of Ability-to-Repay/Qualified Mortgage rule and request for public comment
    In a May 25 blog post on, authors Sergei Kulaev and Paul Rothstein noted that the Dodd-Frank Act requires the CFPB to review some rules within five years after they take effect.
    “We are conducting an assessment of our ATR/QM rule, and we will issue a report of the assessment by January 2019,” Kulaev and Rothstein wrote. “As required by law, the assessment will address the rule’s effectiveness in meeting the purposes and objectives of Title X of the Dodd-Frank Act and the specific goals of the ATR/QM rule, using available evidence and data.  We are asking the public to comment on our plan, to suggest sources of data, and generally to provide information that would help with the assessment.
    “We see conducting the assessment as an opportunity. Conducting the assessment will advance our knowledge of the benefits and costs of the key requirements of the ATR/QM rule. The assessment will also provide the public with information on the mortgage lending market, and help us to fulfill our commitment to be an evidence-based and effective agency.
    “We are committed to well-tailored and effective regulations and have sought to carefully calibrate our efforts to ensure consistency with respect to consumer financial protections across the financial services marketplace,” they concluded.
    Comments on the plan will be due 60 days after it is published in the Federal Register.
    Click here to read the full blog, including background on the rule: We are seeking comment on our plan for assessing the ATR/QM rule