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The CFPB issued a set of proposed revisions to the final mortgage rule it issued Thursday on a consumer's ability to repay, including for mortgages issued and held in portfolio by small credit unions and banks loans extended by certified community development financial institutions.

Credit unions with NCUA's low-income designation qualify for CDFI certification. NAFCU will seek members' input on the proposed exemptions.

Additional exemptions in the proposed rule apply to:

• credit extended under a community-focused lending program administered by a housing finance agency;
• credit extended under a homeownership stabilization and foreclosure prevention program, federal agency refinancing program or government-sponsored enterprise refinancing program.

The proposed rule is out for comment until Feb. 25. If it is made final, it is expected to take effect next January, when the final rule takes effect.

• Proposed amendments to ability-to-repay final rule
  
• Ability to repay final rule
• Escrow requirements final rule; Consumer guide
• High-cost mortgage/HOEPA final rule; Consumer guide
  
• CFPB summary of final rule
• Fact sheet on the final rule
  
• "NAFCU directors, Cordray discuss policy," 12/5/12
• "Cordray reaches out to NAFCU," 9/10/12
• NAFCU comment letter to CFPB, 7/9/12