Community bankers must adjust to new mortgage rules the Consumer Financial Protection Bureau issued on Thursday.
The CFPB, created under the Dodd-Frank Act, updated examination procedures for mortgages, including regulations that govern ability-to-repay standards and qualified mortgages.
According to Rod Alba, vice president of mortgage finance and senior regulatory counsel at the American Bankers Association, the CFPB's rules are complicated and will likely require small banks to make major changes.
Big mortgages lenders who are already coping with rising interest rates and a noticeable decline in refinance activity also feel the pressure from the regulatory update.
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