Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z): General QM Loan Definition; Delay of Mandatory Compliance Date

July 13, 2020 CFPB, COVID-19 actions, Regulation lookup 0

Title:	Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z): General QM Loan Definition; Delay of Mandatory Compliance Date
Subject:	Qualified mortgage
Agency:	CFPB
Status:	Final rule
Summary:	The Bureau of Consumer Financial Protection (Bureau) is issuing this final rule to delay until October 1, 2022 the mandatory compliance date for the final rule titled Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z): General QM Loan Definition (General QM Final Rule). The Bureau is taking this action to help ensure access to responsible, affordable mortgage credit and to preserve flexibility for consumers affected by the COVID-19 pandemic and its economic effects.
FR Doc:	2021-09028
Date proposed:	March 3, 2021
Comments due date:	April 5, 2021
Final rule effective date:	June 30, 2021; mandatory compliance deadline delayed to Oct. 1, 2022
Rule compliance date:
Agency release:	Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z): General QM Loan Definition; Delay of Mandatory Compliance Date CFPB Proposes Delay of Mandatory Compliance Date for General Qualified Mortgage Final Rule (March 3, 2021) Consumer Financial Protection Bureau Takes Steps to Address GSE Patch
Related Reg Report item(s):	Bureau moves QM final rule compliance date to Oct. 1, 2022; cites ‘more time’ to offer loans based on DTI Compliance date for new QM rule would be delayed 15 months to October 2022 under proposal (March 3, 2021) Bureau proposes ‘price-based approach’ to replace GSE patch before it expires (with an extension offered just in case)

Three of nation’s largest banks sued for allowing ‘fraud to fester’ on Zelle payment network

December 20, 2024 0

Claiming three of the largest banks in the country allowed “fraud to fester” on an online payment provider, resulting in more than $870 million lost by customers over seven years, the federal consumer financial protection agency Friday filed suit against [...]
WARM holiday greetings: Agency issues quarterly update to tool for calculating CECL

December 20, 2024 0

The latest life-of-loan – or Weighted Average Remaining Maturity (WARM) – factors are included in the updated simplified tool for credit unions released Friday to measure credit losses, their federal regulator said. The National Credit Union Administration (NCUA) said for [...]
FinCEN provides financial institutions ‘red flags’ of potential frauds using FinCEN’s name

December 20, 2024 0

An alert about fraud schemes abusing the name, insignia, and authorities of Treasury’s financial crimes enforcement unit for financial gain was issued this week to warn corporations, money services businesses and financial institutions and urge that suspected incidents be reported. [...]
OCC annual report notes sound banking system, but urges banks to guard against complacency

December 20, 2024 0

The federal banking system is sound, but banks were urged to guard against complacency and remain vigilant according to the national bank regulator’s 2024 annual report, issued Friday. The Office of the Comptroller of the Currency (OCC) said the report [...]

Related