Category small creditor exemption for QM

CFPB Expands QM Relief to Small Lenders and for Rural Loans

In a final rule issued this week, the Consumer Financial Protection Bureau (“CFPB”) expanded the exemptions for smaller financial institutions contained in Regulation Z, which implements the Truth-in-Lending Act (“TILA”). This will positively impact community banks and credit unions. The most important change increased the small creditor exemption within the qualified mortgage (“QM”) rules from 500 […]