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B-333219 May 13, 2021 1 (2021-05-13)

handle is hein.gao/gaoltq0001 and id is 1 raw text is: D1O o U.S. GOVERNMENT ACCOUNTABILITY OFFICE A Century of Non-Partisan Fact-Based Work 441 G St. N.W. Washington, DC 20548 B-333219 May 13, 2021 The Honorable Sherrod Brown Chairman The Honorable Patrick J. Toomey Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Maxine Waters Chairwoman The Honorable Patrick McHenry Ranking Member Committee on Financial Services House of Representatives Subject: Bureau of Consumer Financial Protection: Qualified Mortgage Definition Under the Truth in Lending Act (Regulation Z): General QM Loan Definition; Delay of Mandatory Compliance Date Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Bureau of Consumer Financial Protection (Bureau) entitled Qualified Mortgage Definition Under the Truth in Lending Act (Regulation Z): General QM Loan Definition; Delay of Mandatory Compliance Date (RIN: 3170-AA98). We received the rule on April 30, 2021. It was published in the Federal Register as a final rule; official interpretation on April 30, 2021. 86 Fed. Reg. 22844. The effective date is June 30, 2021. According to the Bureau, it issued this final rule to delay, until October 1, 2022, the mandatory compliance date for the final rule titled, Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z): General QM Loan Definition (General QM Final Rule). See 85 Fed. Reg. 86308 (Dec. 29, 2020). The Bureau stated that it is taking this action to help ensure access to responsible, affordable mortgage credit and to preserve flexibility for consumers affected by the COVID-19 pandemic and its economic effects. Enclosed is our assessment of the Bureau's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the subject matter of the rule, please contact Shari Brewster, Assistant General Counsel, at (202) 512-6398. Shirley A. Jones Managing Associate General Counsel Enclosure cc: Edward J. Lovett Senior Congressional Liaison Bureau of Financial Consumer Protection

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