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State banking associations urge CFPB to delay QM rules

Fifty state bankers associations across the country, including the Oklahoma Bankers Association, recently signed on to a letter to Richard Cordray, director of the Consumer Financial Protection Bureau, urging him to grant a delay on the impending Ability to Repay/Qualified Mortgage Rules.

The rules are scheduled to take effect in January 2014. The state bankers association, however, are urging a delay in the rules – not a change – so banks can comply without disrupting lending to their customers.

You can read the complete letter to Cordray by clicking here.

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