On June 11, the regulators released their Spring 2021 Rulemaking Agendas, which helps inform what the agencies are planning to review and finalize in 2021. The Consumer Finance Protection Bureau (CFPB) also released a blog, providing more detail on what regulations were included and excluded from the Bureau’s rulemaking agenda. The blog explains that the spring agenda pursues updates to the regulations decided upon by the interim leadership, and the Fall 2021 Agenda will reflect items determined by the new permanent director. This blog will provide a summary of the CFPB’s Spring 2021 Agenda and provide resources regarding these rules.
Qualified Mortgages (QM)
In December, the CFPB finalized two final qualified mortgage (QM) rules, as discussed in our blogs: CFPB Amends Qualified Mortgage Rule, Part I: Shift from the Debt-to-Income Ratio and CFPB Amends Qualified Mortgage Rule, Part II: Tis the Season for Seasoned QM! However, in March the agency released a proposed rule, which was finalized in April, to extend the mandatory compliance date to October 1, 2022, as explained in our blog, Delay of Price-Based General QM Mandatory Compliance Date. The CFPB explains the extension will “allow creditors a wider range of options in making mortgage loans that are QMs and thereby obtain certain protections from both creditor and assignee liability.”
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