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Advanced Search About the Fed News & Events Monetary Policy Supervision & Regulation Payment Systems Economic Research Data Consumers & Communities Board of Governors of the Federal Reserve System The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Home > Supervision & Regulation > Consumer Affairs Letters > 2013 Consumer Affairs Letters Share PDF RSS CA 13-15: Interagency Statement on Fair Lending Compliance and the Ability-to-Repay and Qualified Mortgage Standards Rule BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551 DIVISION OF CONSUMER AND COMMUNITY AFFAIRS CA 13-15 October 22, 2013 TO THE OFFICERS AND MANAGERS IN CHARGE OF CONSUMER AFFAIRS SECTIONS AND TO STATE MEMBER BANKS SUBJECT: Interagency Statement on Fair Lending Compliance and the Ability-to-Repay and Qualified Mortgage Standards Rule Applicability to Community Banking Organizations: This guidance applies to all state member banks, including those with $10 billion or less in consolidated assets. The Federal Reserve is issuing the attached Interagency Statement on Fair Lending Compliance and the Ability-toRepay and Qualified Mortgage Standards Rule to clarify supervisory expectations regarding fair lending compliance and the Ability-to-Repay and Qualified Mortgage Standards Rule (Ability-to-Repay Rule), which implements provisions of the Truth in Lending Act. The statement sets forth the issuing agencies'1 view that the requirements of the Ability-to-Repay Rule, the Equal Credit Opportunity Act (and its implementing regulation, Regulation B, 12 C.F.R. Part 1002), and the Fair Housing Act (and its implementing regulation, 24 C.F.R. Part 100) are compatible, and includes general principles intended to guide supervisory activities as the Ability-to-Repay Rule takes effect in January 2014. This statement does not impose additional compliance or supervisory requirements on financial institutions or examiners, respectively. Federal Reserve Banks are asked to distribute this letter and the accompanying statement to state member banks, as well as to supervisory and examination staff. Questions on the attached guidance should be directed to Carol Evans, Assistant Director, at (202) 452-2051, or Amal Patel, Senior Supervisory Consumer Financial Services Analyst, at (202) 912-7879. In addition, questions may be sent via the Board's public website.2 signed by Sandra F. Braunstein Director Division of Consumer and Community Affairs Attachments: Interagency Statement on Fair Lending Compliance and the Ability-to-Repay and Qualified Mortgage Standards Rule (PDF) Notes: 1. The issuing agencies are the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Federal Reserve, the National Credit Union Administration, and the Office of the Comptroller of the Currency. Return to text 2. See http://www.federalreserve.gov/apps/contactus/feedback.aspx. Return to text Last Update: April 20, 2017 BOARD OF GOVERNORS of the FEDERAL RESERVE SYSTEM About the Fed News & Events Monetary Policy Supervision & Regulation Payment Systems Economic Research Data Consumers & Communities Financial Stability TOOLS AND INFORMATION STAY CONNECTED Contact Publications Freedom of Information (FOIA) Office of Inspector General Budget & Performance | Audit No FEAR Act Español Website Policies | Privacy Program Accessibility BOARD OF GOVERNORS of the FEDERAL RESERVE SYSTEM 20th Street and Constitution Avenue N.W., Washington, DC 20551