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OCC BULLETIN 2013-38
Subject: Statements on Qualified Mortgage Loans
Date: December 13, 2013
To: Chief Executive Officers of All National Banks and Federal Savings Associations, Department and Division Heads, All Examining Personnel, and Other Interested Parties
Description: Interagency Statements on Supervisory Principles for Qualified and Non-Qualified Mortgage Loans
This bulletin provides guidance to clarify supervisory expectations contained in two recent interagency statements on qualified mortgages that the Office of the Comptroller of the Currency (OCC) has issued for national banks and federal savings associations (collectively, banks).
The first statement, released today, is the “Interagency Statement on the Supervisory Approach for Qualified and Non-Qualified Mortgage Loans.” This statement clarifies our expectations, both for safety-and-soundness and the Community Reinvestment Act (CRA), for regulated institutions engaged in residential mortgage lending relative to the Ability-to-Repay and Qualified Mortgage Standards Rule (Ability-to-Repay Rule), under the Truth in Lending Act and its implementing provisions. The Ability-to-Repay Rule takes effect January 10, 2014.
The second statement is the “Interagency Statement on Fair Lending Compliance and the Ability-to-Repay and Qualified Mortgage Standards Rule.” This statement clarifies fair lending risk and particularly the relationship between the Ability-to-Repay Rule and the disparate impact doctrine of the Equal Credit Opportunity Act, 15 USC 1691, and its implementing regulation, Regulation B, 12 CFR 1002. This statement was released October 22, 2013.
The “Interagency Statement on the Supervisory Approach for Qualified and Non-Qualified Mortgage Loans” states
The “Interagency Statement on Fair Lending Compliance and the Ability-to-Repay and Qualified Mortgage Standards Rule” states
Please direct questions to any of the following OCC officials: Kimberly Hebb, Director for Compliance Policy, (202) 649-5470; Chrisanthy Loizos, Compliance Policy Specialist, (202) 649-5470; or Robert Piepergerdes, Director for Retail Credit Risk, (202) 649-6433.
Grovetta N. Gardineer