In the June 1, 2017 issue of the Federal Register (82 FR 25246, click here) the CFPB published the above referenced Notice of Assessment (the Notice) of the ATR/QM Rule (§1026.43 of Regulation Z), and is requesting public comment on its plans for assessing this Rule as well as certain recommendations and information that may be useful in conducting the planned assessment. Comments must be received by the CFPB on or before: July 31, 2017. You may submit comments, identified by Docket No. CFPB-2017-0014, by any of the following methods: • Electronic: Follow the instructions for submitting comments. • Email: Include Docket No. CFPB-2017-0014 in the subject line of the email. • Mail: Monica Jackson, Office of the Executive Secretary, Consumer Financial Protection Bureau, 1700 G Street NW., Washington, DC 20552. • Hand Delivery/Courier: Monica Jackson, Office of the Executive Secretary, Consumer Financial Protection Bureau, 1275 First Street NE., Washington, DC 20002. (Note: All submissions should include the document title and docket number.) The following edited excerpts from the Notice provide an explanation for and a brief summary of the Notice: Section 1022(d) of the Dodd-Frank Act (12 U.S.C. 5512(d)) requires: (1) the CFPB to conduct an assessment of each significant rule or order adopted by the CFPB under Federal consumer financial law (the CFPB has determined that the ATR/QM Rule is a significant rule); (2) the CFPB must publish a report of the assessment not later than five years after the effective date of such rule or order (the ATR/QM Rule’s effective date was January 10, 2014); and (3) before publishing a report of its assessment, the CFPB must invite public comment on recommendations for modifying, expanding, or eliminating the significant rule or order. The CFPB plans to issue an assessment report on the ATR/QM Rule not later than January 10, 2019.

Complete Memorandum