The House Financial Institutions and Consumer Credit Subcommittee held a hearing on the CFPB today, with Raj Date, Special Advisor to the Treasury Secretary on the CFPB, outlining the agency’s pending work in hopes of allaying ongoing GOP criticism. While much of Mr. Date’s comments focused on general initiatives to enhance disclosure and reduce burden, he indicated that the “qualified mortgage” (QM) final rule will be issued by early next year (see Client Reports in the MORTGAGE series). However, the “qualified residential mortgage” (QRM) rule may be delayed pending final action on what he called the “foundational” QM standard. This report analyzes today’s session.
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