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Federal Register / Vol. 86, No. 42 / Friday, March 5, 2021 / Proposed Rules
orders, and guidelines. 55 Title X of the Dodd-Frank Act including section 1061, along with TILA and certain subtitles and provisions of title XIV of the Dodd-Frank Act, are Federal consumer financial laws.56
A. TILA
TILA section 105a. Section 105a of TILA directs the Bureau to prescribe regulations to carry out the purposes of TILA and states that such regulations may contain such additional requirements, classifications, differentiations, or other provisions and may further provide for such adjustments and exceptions for all or any class of transactions that the Bureau judges are necessary or proper to effectuate the purposes of TILA, to prevent circumvention or evasion thereof, or to facilitate compliance therewith.57 A purpose of TILA is to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit. 58
Additionally, a purpose of TILA
sections 129B and 129C is to assure that consumers are offered and receive residential mortgage loans on terms that reasonably reflect their ability to repay the loans and that are understandable and not unfair, deceptive, or abusive.59
The Bureau is proposing to issue this proposed rule pursuant to its rulemaking, adjustment, and exception authority under TILA section 105a.
TILA section 129Cb2A. TILA
section 129Cb2Avi provides the Bureau with authority to establish guidelines or regulations relating to ratios of total monthly debt to monthly income or alternative measures of ability to pay regular expenses after payment of total monthly debt, taking into account the income levels of the borrower and such other factors as the Bureau may determine relevant and consistent with the purposes described in TILA section 129Cb3Bi.60 The Bureau is proposing to issue this proposed rule pursuant to its authority under TILA section 129Cb2Avi.
TILA section 129Cb3A, Bi.
TILA section 129Cb3Bi authorizes the Bureau to prescribe regulations that 55 12

U.S.C. 5581a1A.
Act section 100214, 12 U.S.C.
548114 defining Federal consumer financial law to include the enumerated consumer laws and the provisions of title X of the Dodd-Frank Act, Dodd-Frank Act section 100212O, 12 U.S.C.
548112O defining enumerated consumer laws to include TILA.
57 15 U.S.C. 1604a.
58 15 U.S.C. 1601a.
59 15 U.S.C. 1639ba2.
60 15 U.S.C. 1639cb2A.

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revise, add to, or subtract from the criteria that define a QM upon a finding that such regulations are necessary or proper to ensure that responsible, affordable mortgage credit remains available to consumers in a manner consistent with the purposes of TILA
section 129C; or are necessary and appropriate to effectuate the purposes of TILA sections 129B and 129C, to prevent circumvention or evasion thereof, or to facilitate compliance with such sections.61 In addition, TILA
section 129Cb3A directs the Bureau to prescribe regulations to carry out the purposes of section 129C.62 The Bureau is proposing to issue this proposed rule pursuant to its authority under TILA
section 129Cb3Bi.
B. Dodd-Frank Act Dodd-Frank Act section 1022b.
Section 1022b1 of the Dodd-Frank Act authorizes the Bureau to prescribe rules to enable the Bureau to administer and carry out the purposes and objectives of the Federal consumer financial laws, and to prevent evasions thereof.63 TILA and title X of the DoddFrank Act are Federal consumer financial laws. Accordingly, the Bureau is proposing to exercise its authority under Dodd-Frank Act section 1022b to prescribe rules that carry out the purposes and objectives of TILA and title X and prevent evasion of those laws.
IV. Section-by-Section Analysis 1026.43 Minimum Standards for Transactions Secured by a Dwelling The General QM Final Rule established a March 1, 2021 effective date and a July 1, 2021 mandatory compliance date. Comment 432
explains that, for transactions for which a creditor received the consumers application on or after March 1, 2021, and prior to July 1, 2021, creditors seeking to originate General QMs have the option of complying with either the revised General QM loan definition or the version of the General QM loan definition that was in effect prior to March 1, 2021. This comment also explains that, for transactions for which a creditor received the consumers application on or after July 1, 2021, creditors seeking to originate General QMs must use the revised General QM
loan definition.
Additionally, under the Patch Extension Final Rule, the Temporary GSE QM loan definition expires on the mandatory compliance date of the 61 15

U.S.C. 1639cb3Bi.
U.S.C. 1639cb3A.
63 12 U.S.C. 5512b1.
62 15

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General QM Final Rule or the date the applicable GSE ceases to operate under conservatorship, whichever comes first.
Therefore, creditors seeking to originate QMs have the additional option of complying with the Temporary GSE QM
loan definition, if the application for the covered transaction was received before either July 1, 2021 or the date the applicable GSE ceases to operate under conservatorship, whichever comes first.
The Bureau is proposing to delay the mandatory compliance date of the General QM Final Rule until October 1, 2022. Specifically, the proposal would amend comment 432 to extend the mandatory compliance date of the General QM Final Rule by changing July 1, 2021, where it appears in that comment, to October 1, 2022. As discussed below in the section-bysection analysis of 1026.43e2, the Bureau is also proposing to add comment 43e2-1 to clarify that both the General QM loan definition that was in effect prior to the effective date of the General QM Final Rule and the General QM loan definition as amended by the General QM Final Rule are available to creditors for transactions for which a creditor received an application on or after March 1, 2021 but prior to October 1, 2022. Finally, as discussed below in the section-by-section analysis of 1026.43e4, the Bureau is proposing to change July 1, 2021, where it appears in the commentary to 1026.43e4, to October 1, 2022.
This proposal would extend by 15
monthsfrom July 1, 2021 to October 1, 2022the period during which the revised General QM loan definition, the General QM loan definition that was in effect prior to March 1, 2021, and the Temporary GSE QM loan definition all would be available to creditors.
Specifically, for transactions for which a creditor received the consumers application on or after March 1, 2021
and prior to October 1, 2022, creditors seeking to originate General QMs would have the option of complying with either the revised General QM loan definition or the version of the General QM loan definition that was in effect prior to March 1, 2021. For transactions for which a creditor received the consumers application on or after October 1, 2022, creditors seeking to originate General QMs would have to use the revised General QM loan definition. Additionallybecause the Temporary GSE QM loan definition expires on the mandatory compliance date of the General QM Final Rule or the date the applicable GSE ceases to operate under conservatorship creditors seeking to originate QMs would have the additional option of
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