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