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Home » Store » Inside Mortgage Finance » Lender Groups Want Small Business Review of CFPB Ability-to-Repay Rule; Deadline May Get in the Way

Lender Groups Want Small Business Review of CFPB Ability-to-Repay Rule; Deadline May Get in the Way

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Inside Mortgage Finance

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A number of mortgage lending and small business interest groups want the Consumer Financial Protection Bureau to use the extra time provided by re-opening the public comment process on the controversial ability-to-repay rulemaking to conduct a Small Business Advocacy Review panel and publish its recommendations when the agency issues the final rule. “We recognize that the CFPB was not legally required to conduct an SBAR panel since the rulemaking was transferred to the CFPB after the proposed rule stage,” the groups said in a letter to the bureau last week. However, given the potentially significant...
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