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VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
On Feb. 23, 2021, the Consumer Financial Protection Bureau (CFPB) issued a Statement on Mandatory Compliance Date of General QM Final Rule and Possible Reconsideration of General QM Final Rule and Seasoned QM Final Rule addressing two final rules previously issued:
Both have an effective date of Mar. 1, 2021, with the General QM Final Rule having a mandatory compliance date of July 1, 2021.
The CFPB indicated it will be revisiting the Seasoned QM Final Rule and changes are possible. A proposed rule is expected to be released soon to delay the July 1, 2021 mandatory compliance date of the General QM Final Rule. The CFPB indicated it will consider at a later date whether to initiate rulemaking related to other aspects of the General QM Final Rule.
For more information on the rules, contact Doeren Mayhew’s regulatory compliance specialists.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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