CFPB Compliance Deadline: Qualified Mortgage Definition – Extension of Sunset Date

Compliance Deadlines Add to Calendar 2020-12-28 12:00:00 2020-12-28 12:00:00 CFPB Compliance Deadline: Qualified Mortgage Definition – Extension of Sunset Date On October 26, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) published a final rule and official interpretation regarding the sunset date of the Temporary Government-Sponsored Enterprise (GSE) Qualified Mortgage (QM) (Temporary GSE QM or “GSE Patch”) under the Truth in Lending Act (TILA). Currently, the GSE Patch expires on January 10, 2021, or upon the GSEs exiting conservatorship, whichever occurs first. The Bureau previously published a proposed rulemaking regarding the General QM loan definition. The Bureau has not yet finalized the General QM loan definition. This final rule replaces the GSE Patch expiration date with the mandatory compliance date of the final General QM loan definition, or upon the GSEs exiting conservatorship, whichever occurs first. Final Regulation – 20-EF-22 Compliance Blog – 10/20/20 Download the latest full Compliance Calendar, including proposed regulations, past deadlines and more. Location NAFCU digital@nafcu.org America/New_York public

On October 26, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) published a final rule and official interpretation regarding the sunset date of the Temporary Government-Sponsored Enterprise (GSE) Qualified Mortgage (QM) (Temporary GSE QM or “GSE Patch”) under the Truth in Lending Act (TILA). Currently, the GSE Patch expires on January 10, 2021, or upon the GSEs exiting conservatorship, whichever occurs first. The Bureau previously published a proposed rulemaking regarding the General QM loan definition. The Bureau has not yet finalized the General QM loan definition. This final rule replaces the GSE Patch expiration date with the mandatory compliance date of the final General QM loan definition, or upon the GSEs exiting conservatorship, whichever occurs first.

Final Regulation – 20-EF-22

Compliance Blog – 10/20/20

Download the latest full Compliance Calendar, including proposed regulations, past deadlines and more.