CFPB Locks In Compliance Delay For Qualified Mortgage Rule

Law360 (April 27, 2021, 10:56 PM EDT) -- The Consumer Financial Protection Bureau on Tuesday formally pushed back to next fall the deadline for lenders to comply with its general qualified mortgage regulations overhauled last year under the agency's former Trump-appointed director, citing concerns about continued economic stress from the COVID-19 crisis.

In a final rulemaking notice, the CFPB said it is adopting the compliance date delay proposed last month for the revised general QM rule completed in December by former Director Kathleen Kraninger, who stepped down the following month and has been succeeded on an interim basis by acting Director Dave Uejio, a Biden pick.

The rule, which...

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