The Consumer Financial Protection Bureau has worked to balance access to credit with consumer protection in writing its qualified-mortgage and ability-to-repay rules, says Kelly Cochran, assistant director for regulations. "Balancing all of these considerations was particularly challenging because there were so many pieces of the Dodd-Frank Act that were on the table at one time," she said. With final rules expected soon, the CFPB will focus on implementation of the new rules and will continue work on additional mortgage-disclosure rules as required under Dodd-Frank.

Related Summaries