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CBA Responds to Joint Regulator Statement Regarding QM Mortgages
Washington, D.C. (October 22, 2013) – Richard Hunt, president and CEO of the Consumer Bankers Association, issued the following response after the Federal Reserve, CFPB, FDIC, OCC, and NCUA issued an interagency statement on fair lending compliance with the Ability-to-Repay/Qualified Mortgage (QM) rule:
“Today’s joint statement is a welcome starting point from industry regulators. Consumers come from a variety of financial backgrounds. Further guidance may be needed to ensure the industry is able to meet the needs of those consumers. We look forward to continuing to work with industry regulators as this issue evolves.”
The Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking - banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding two-thirds of the industry's total assets. CBA’s mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer and small business.