On October 22, 2013, the CFPB, FDIC, FRB, NCUA, and OCC (“Agencies”) issued a statement (“Interagency Statement”) to address questions from residential mortgage lenders about disparate impact doctrine risks associated with offering only Qualified Mortgages under the new Ability-to-Repay and Qualified Mortgage Rule issued by the CFPB (“Ability-to-Repay Rule”). The following is our summary of the Interagency Statement: • Endnote 2 to the Interagency Statement cites prior guidance issued by the Agencies regarding fair lending (including the disparate impact doctrine) that remain in effect. Download complete memorandum below
