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ARTICLE · 28 JANUARY 2021

Will The CFPB Freeze The GSE QM Patch?

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Since the Inauguration on January 20th, the Biden Administration has busily issued orders to reverse certain policies of the prior administration.

United StatesFinance and Banking
Kristie D. Kully
Kristie D. Kully
Andrew Olmem
Andrew Olmem
Laurence E. Platt
Laurence E. Platt
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Since the Inauguration on January 20th, the Biden Administration has busily issued orders to reverse certain policies of the prior administration. In customary fashion upon a change in political parties in the White House, President Biden's Chief of Staff also sent a memorandum to executive departments and agencies to consider postponing pending rulemakings to allow review by the new slate of policymakers. Among those rules are two Qualified Mortgage ("QM") Rules of the Consumer Financial Protection Bureau ("CFPB").

New White House Chief of Staff Ronald Klain's memorandum specifies that for rules that have already been published or issued but have not yet taken effect, the agencies must consider postponing the rules' effective dates for 60 days from the date of the memorandum (i.e., until March 21, 2021). If the agency postpones the effective date, the agency must consider opening a 30-day period for interested parties to provide more comments. The memorandum then

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