CFPB Proposed Clarifications on Qualified Mortgage Rules
On April 19, the CFPB released proposed rule amendments to the ability to repay/qualified mortgage (QM) rules. The proposals address: (i) clearer rules for determining DTI; (ii) confirmation regarding loans meeting eligibility requirements; (iii) that certain GSE or agency requirements do not impact the determination of QM status; (iv) that there is no field preemption under Regulation X; and (v) which mortgage loans to consider in determining whether a servicer qualifies as a 'small servicer.' Comments on the proposed amendments must be received within 30 days of publication in the Federal Register. CFPB Release. Proposed Rules.
SEC Credit Ratings Roundtable
On April 23, the SEC announced the agency for its Credit Ratings Roundtable which will be held on May 14. The roundtable will consist of three panels: (i) the potential creation of a credit rating assignment system for ABS; (ii) the effectiveness of the SEC's current system to encourage unsolicited ratings of ABS; and (iii) alternatives to the current issuer-pay business model in which the issuer selects and pays the rating agency. Comments may be submitted prior to the event through the SEC website. SEC Release.
FDIC Proposed Guidance on Deposit Advance Products
On April 25, the FDIC issued proposed guidance relating to deposit-advance products and consumer protection risks. Comments on the proposed guidance must be received within 30 days of publication in the Federal Register. FDIC Release. Proposed Guidance.