On Wednesday May 29, 2013, the Consumer Financial Protection Bureau (CFPB) finalized rules to facilitate access to credit by creating specific exemptions and modifications to the CFPB's Ability - to - Repay rule for small creditors, community development lenders, and housing stabilization programs. (nar.realtor)
The Bureau is proposing certain amendments to the final rule implementing these requirements, including exemptions for certain nonprofit creditors and certain homeownership stabilization programs and an additional definition of a qualified mortgage for certain loans made and held in portfolio by small creditors. (consumerfinance.gov)
The agency would also establish compliance grace periods for institutions that suddenly exceed the thresholds for qualifying for the relief, and prolong small creditors» exemption from curbs on balloon - payment loans by about three months to April 2016, among other changes. (americanbanker.com)