CFPB “Ability-to-Repay” standard

January 2013

An analysis of the Consumer Financial Protection Bureau’s Ability-to-Repay and “Qualified Mortgage” rule

On January 10, 2013, the Consumer Finance Protection Bureau (CFPB) issued its much anticipated final “Ability-to-Repay” rule. Lenders have 12 months to implement the new requirements, which become effective January 10, 2014.

To provide some insights as to the Ability-to-Repay rule, we summarize the key provisions of the rule, identify some possible impacts of those provisions; and describe some specific steps lenders can take to successfully adapt to the new rule.

Contact us

Dan Ryan
US Banking and Capital Markets Leader
Tel: +1 (646) 471 8488

Jonathan Odom
Partner, Consumer Finance Group
Tel: +1 (917) 208 9418

Alison Gilmore
US Asset and Wealth Management Marketing Leader
Tel: +1 (646) 471 0588