Amendments to Ability-to-Repay rule finalized

The Consumer Financial Protection Bureau (CFPB) finalized rules to facilitate access to credit by creating specific exemptions and modifications to the CFPB’s Ability-to-Repay rule for small creditors, community development lenders and housing stabilization programs. The amendments also revised rules on how to calculate loan origination compensation for certain purposes. The final rule amends the CFPB’s Ability-to-Repay rule, which was finalized in January of this year. Read on for more details.