CFPB Compliance Guide on ATR Rule Leaves Large Lenders Chomping at the Bit for Guidance
April 18, 2013
The Consumer Financial Protection Bureau last week issued a small-entity compliance guide on its groundbreaking ability-to-repay rule promulgated in January. Its a document that may help smaller firms but leaves big players wanting more. Our goal with this guide is to provide a comprehensive rule summary in a plain language and Frequently Asked Questions format, which makes the content more accessible and consumable for a broad array of industry constituents, especially smaller businesses with limited legal and compliance staff, the CFPB said. The bureau recommended...