The Dodd-Frank Act (DFA) requires the CFPB to review certain rules within five years after they take effect. The required reviews are called assessments. The CFPB is conducting an assessment of the ATR/QM rule, and will issue a report of the assessment by January 2019. As required by law, the assessment will address the rule’s effectiveness in meeting the purposes and objectives of Title X of the Dodd-Frank Act and the specific goals of the ATR/QM rule, using available evidence and data.
The DFA required the CFPB to develop the ATR/QM standards. The rules are contained in §1026.43 of Regulation Z (Truth in Lending Act).
On May 25, 2017 the CFPB invited consumers, consumer advocates, mortgage loan creditors, industry representatives, and other interested parties to comment on the assessment plan, suggest sources of data, offer other recommendations, and generally provide information that would help with the assessment.
The assessment does not necessarily result in revisions of the existing requirements. An abundance of comments suggesting certain changes could result in improvements.