CFPB Director Richard Cordray assures bankers that it will be sensitive about Ability-to-Repay/Qualified Mortgage Rule compliance during its first few months of implementation

In prepared remarks delivered during the American Bankers Association Annual Convention in New Orleans today, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray discussed the January 2014 implementation date for the Ability-to-Repay/Qualified Morgage Rule. Cordray outlined the several ways in which the CFPB is working with all major market players to help ensure a smooth transition to compliance. He also assured the audience that the bureau and fellow regulators' 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." For more, read the full remarks.