CFPB proposes delay of QM amendment compliance date

March 3, 2021

The Consumer Financial Protection Bureau (CFPB) Wednesday proposed a rule that would delay the mandatory compliance date for the recently finalized amendments to the General QM definition.

The proposal would, in effect, extend the temporary GSE patch which is slated to expire upon the general QM definition’s mandatory compliance date.

The mandatory compliance date would change from July 1, 2021 to Oct. 1, 2022 but would not change the rule’s implementation date of March 1, 2021.

CUNA supported the amendments to the General QM, believing it is an important step in turning the General QM into a viable option for credit union originations.