Rep. Shelley Moore Capito (R-WV) and a bipartisan group of 117 additional House Members wrote to the Consumer Financial Protection Bureau (CFPB) yesterday, urging the Bureau to delay the pending January 2014 implementation date of new mortgage rules, including the Ability-to-Repay/Qualified Mortgage (QM) rules.
“The mortgage rules released in January combined with the amendments released in May, July, and September present financial institutions with over 4,000 pages of new regulations that they must be in compliance by January 2014,” the letter explains. “We have heard concerns from many community financial institutions that they simply will not be able to meet the January 2014 deadline…
“If financial institutions are unable to comply with these rules by the January 2014 deadline there could be significant distortions in the mortgage market affecting the availability of credit for consumers. Therefore, we urge you to defer implementation of these rules until January 1, 2015, in order to ensure financial institutions are able to transition their systems to be in full compliance with rules.”
Sen. Roger Wicker (R-MS) is circulating a similar letter among his Senate colleagues that we expect to be sent in the coming days.
Read the House Letter to the CFPB.