Regulatory AlertsInteragency Statement on Fair Lending Compliance and the Ability-to-Repay and Qualified Mortgage Standards Rule
The Federal Reserve, along with four other federal banking agencies, issued this statement to clarify supervisory expectations regarding fair lending compliance and the Ability-to-Repay Rule for state member banks. The agencies assert that the requirements of the Ability-to-Repay Rule, the Equal Credit Opportunity Act, and the Fair Housing Act are compatible and provide guiding principles for the rule's January 2014 implementation. This guidance does not impose additional compliance or supervisory requirements on financial institutions or examiners.
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