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CFPB’s Cordray Letter to Credit Unions on Mortgage Deadline

A letter from Consumer Financial Protection Bureau (CFPB) Director Richard Cordray, dated January 3, 2014, reminds credit unions that new Ability-to-Repay/Qualified Mortgage (ATR/QM) rules are set to take effect on Friday, January 10.  He also thanked credit unions for “all of your hard work in preparing to implement these rules.”

In the letter, Director Cordray outlined how the rules would impact small issuers and offered a number of compliance resources, available on the CFPB website.

A complete copy of the letter can be viewed by clicking on this link.