QM tops list of bankers’ compliance concerns during U.S. House hearing

Democrats, Republicans and community bankers alike are expressing concern over the potential impact of the Consumer Financial Protection Bureau’s new ability-to-repay/qualified mortgage rule. Lawmakers on both sides of the aisle also acknowledged the importance of community banks and supported efforts to reduce the regulatory burdens such institutions face during a recent hearing before the U.S. House Financial Institutions and Consumer Credit Subcommittee. Read on to learn what some community bankers had to say about their plans to implement the ability-to-repay rule’s requirements.