This release applies to all credit unions, both state and federal. It describes a Truth in Lending regulation that requires lenders to consider a borrower’s ability to repay when originating closed-end consumer credit transactions secured by a dwelling. It also describes certain presumptions of compliance for loans that are considered “qualified mortgages.” This release is based on the Consumer Financial Protection Bureau’s (the CFPB’s) “Ability-to-Repay and Qualified Mortgage Rules Small Entity Compliance Guide,” but it also addresses Wisconsin law and cross-references other League resources.
B074 Reg. Z: Ability-to-Repay / Qualified Mortgage Rule
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