CBA Statement Regarding CFPB Final Amendments to “Ability to Pay Rule”

May 30, 2013

Washington, D.C. (May 30, 2013) – CBA appreciates the CFPB’s work with the industry on these issues to ensure that consumers have access to credit.  We believe the rule changes, particularly regarding mortgage loan originator (MLO) compensation in the points and fees test, are a step in the right direction.  Our major concern remains the impact of the overall rule on consumers and the amount of time the industry has to implement it.  The emergence of the final amendments almost half way through the implementation year coupled with eleventh hour changes, and the promise of still more clarification of QM, are evidence of the need for the CFPB to provide a more reasonable amount of time for the industry to comply with the rule.  

CBA will continue to work with the CFPB on these issues of concern to our member banks and the customers they serve.

About CBA
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.

For more information, please contact Jeannie Bunton,, 202.552.6370, or visit