View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

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
EspaƱol
Website Policies | Privacy
Program
Accessibility

BOARD OF GOVERNORS of the FEDERAL RESERVE SYSTEM
20th Street and Constitution Avenue N.W., Washington, DC 20551