The CFPB qualified mortgage rule is based on rigorous analysis, and delaying its mandatory compliance date from July 1, 2021 to October 2022 is unnecessary, BPI and several other trades wrote in a letter to the CFPB’s Acting Director this week. The updated framework – with amended definitions of “qualified mortgage” and safe harbor — expands fair and equal access to credit, particularly for borrowers of color, maintains existing safe product features and provides an effective replacement for the GSE Patch, a measure that treats certain mortgages eligible for purchase or guarantee by Fannie Mae or Freddie Mac as qualified mortgages, the letter says. The qualified mortgage rule requires lenders to evaluate whether a borrower can repay their mortgage loan. Those mortgages have protection from liability under a safe harbor provision. The CFPB finalized changes to the qualified mortgage rule late last year.
Bank Activities and Structure
BPI Statement Before the U.S. House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology and Inclusion
BPI Statement Before the U.S. House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology and Inclusion
Consumer Affairs
Limiting Medical Payment Options Won’t Deter Costs but Will Reduce Access to Services
Limiting Medical Payment Options Won’t Deter Costs but Will Reduce Access to Services
Bank Capital and Stress Testing
BPI and ABA to Regulators: Capital Increases, Court Uncertainty Could Complicate Banks’ CRA Programs
BPI and ABA to Regulators: Capital Increases, Court Uncertainty Could Complicate Banks’ CRA Programs
Bank Capital and Stress Testing
U.S. Bank Capital Levels: Aligning With or Exceeding Midpoint Estimates of Optimal
U.S. Bank Capital Levels: Aligning With or Exceeding Midpoint Estimates of Optimal
Central Bank Digital Currency
BPI’s Paige Pidano Paridon Testifies on CBDC Before House Subcommittee
BPI’s Paige Pidano Paridon Testifies on CBDC Before House Subcommittee
Bank Activities and Structure
BPI Statement Before the U.S. House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology and Inclusion
BPI Statement Before the U.S. House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology and Inclusion