Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Bloomberg Customers

Cordray Doesn’t Expect Wave of Litigation Over CFPB’s QM Rule

U.S. Consumer Financial Protection Bureau Director Richard Cordray said he doesn’t anticipate an outburst of litigation after his agency’s qualified mortgage rule takes effect next year.

Regulators understand that banks will need time for implementation of the rule, which will require that lenders take certain steps to confirm a borrower’s ability to repay, Cordray said in a speech today at an American Bankers Association conference in New Orleans.

“Let me also assure you that our oversight of the new mortgage rules in the early months will be sensitive to the progress made by institutions that have been squarely focused on making good-faith efforts to come into substantial compliance on time –- a point that we have also been discussing with our fellow regulators,” he said.

The consumer bureau will have no data initially and will need to wait a few months after the rule takes effect in January to judge its impact, Cordray said.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.