Lenders Must Determine If Consumers Have the Ability to Repay Loans That Require All or Most of the Debt to be Paid Back at Once
Thank you for joining us. After a long process of research, outreach, and review of over one million public comments, the Consumer Bureau today has issued a rule aimed at stopping debt traps on payday and auto title loans. The rule is guided by the basic principle of requiring lenders to determine upfront whether people can afford to repay their loans.
CFPB Issues Interim Final Rule To Help Mortgage Servicers Communicate With Certain Borrowers At Risk Of Foreclosure
Bureau Also Seeks Comment on Separate Proposed Rule Modifying Timing Requirements for Bankruptcy Periodic Statements
CFPB Amends Rules to Provide Flexibility and Clarity to Certain Mortgage Lenders in Collecting Information
Bureau Also Seeks Public Comment on Proposal for Disclosure of Mortgage Data
In observance of six years serving consumers, here are six ways the CFPB has made consumers count.
The semiannual update of our rulemaking agenda.
Good afternoon and thank you. And let me thank all the groups represented here at the conference. You raise awareness about the need for fairness, honesty, and justice in business, housing, civic life, and economic development.
The CFPB will assess the Ability-to-Repay/Qualified Mortgage (ATR/QM) rule. We are seeking comments on our plan for the assessment.
Your feedback and comments will help up improve our assessment.
We’ve finalized a rule to delay the general effective date of the prepaid accounts rule by six months, to April 1, 2018.