I’m trying to find an answer to this question and not finding any concrete answer in Reg Z. I know that HELOCs are not subject to the new “ability to repay” rules. However, are there any regulatory specifications elsewhere in Reg Z for ability to repay HELOCs? I’m not finding it, if there is. Thought I recalled something relative to the credit card act but couldn’t find it.
Jack’s Compliance Resource offers many products including policy and procedure updates, Director/Senior Manager Updates, Training Manuals, Flowcharts, Checklists and more. To see our Reg Z products click here: Reg Z Marketplace