Qualified Mortgage Definition Under the Truth in Lending Act (Regulation Z): Seasoned QM Loan Definition; Extension of Comment Period, 60096-60097 [2020-21152]

Download as PDF 60096 Federal Register / Vol. 85, No. 186 / Thursday, September 24, 2020 / Proposed Rules this supplemental proposed interpretive rule. Submitting comments via https:// www.regulations.gov. The https:// www.regulations.gov web page will require you to provide your name and contact information prior to submitting comments. Your contact information will be viewable to DOE Building Technologies staff only. Your contact information will not be publicly viewable except for your first and last names, organization name (if any), and submitter representative name (if any). If your comment is not processed properly because of technical difficulties, DOE will use this information to contact you. If DOE cannot read your comment due to technical difficulties and cannot contact you for clarification, DOE may not be able to consider your comment. However, your contact information will be publicly viewable if you include it in the comment or in any documents attached to your comment. 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DOE considers public participation to be a very important part of its process for considering regulatory actions. DOE actively encourages the participation PO 00000 Frm 00007 Fmt 4702 Sfmt 4702 and interaction of the public during the comment period. Interactions with and between members of the public provide a balanced discussion of the issues and assist DOE in determining how to proceed with a regulatory action. Anyone who wishes to be added to DOE mailing list to receive future notices and information about this matter should contact Appliance and Equipment Standards Program staff at (202) 287– 1445 or via email at ApplianceStandardsQuestions@ ee.doe.gov. V. Approval of the Office of the Secretary The Secretary of Energy has approved publication of this supplemental notice of proposed interpretive rule. Signing Authority This document of the Department of Energy was signed on September 16, 2020, by Daniel R Simmons, Assistant Secretary for Energy Efficiency and Renewable Energy, pursuant to delegated authority from the Secretary of Energy. That document with the original signature and date is maintained by DOE. For administrative purposes only, and in compliance with requirements of the Office of the Federal Register, the undersigned DOE Federal Register Liaison Officer has been authorized to sign and submit the document in electronic format for publication, as an official document of the Department of Energy. This administrative process in no way alters the legal effect of this document upon publication in the Federal Register. Signed in Washington, DC, on September 16, 2020. Treena V. Garrett, Federal Register Liaison Officer, U.S. Department of Energy. [FR Doc. 2020–20773 Filed 9–23–20; 8:45 am] BILLING CODE 6450–01–P BUREAU OF CONSUMER FINANCIAL PROTECTION 12 CFR Part 1026 [Docket No. CFPB–2020–0028] RIN 3170–AA98 Qualified Mortgage Definition Under the Truth in Lending Act (Regulation Z): Seasoned QM Loan Definition; Extension of Comment Period Bureau of Consumer Financial Protection. ACTION: Notice of proposed rulemaking; extension of comment period. AGENCY: E:\FR\FM\24SEP1.SGM 24SEP1 Federal Register / Vol. 85, No. 186 / Thursday, September 24, 2020 / Proposed Rules On August 28, 2020, the Bureau of Consumer Financial Protection (Bureau) published in the Federal Register a Notice of Proposed Rulemaking (Seasoned QM Proposal) proposing to create a new category of qualified mortgages in Regulation Z for first-lien, fixed-rate covered transactions that have met certain performance requirements over a 36-month seasoning period, are held in portfolio until the end of the seasoning period, comply with general restrictions on product features and points and fees, and meet certain underwriting requirements. The 30-day comment period for the Seasoned QM Proposal is counted from the date of publication, which was August 28. Thus, the 30-day comment period was set to close on September 28, 2020, which this year is the date on which the Jewish holiday Yom Kippur falls. In response to a request that we change the due date in light of the holiday, the Bureau is extending the comment period for the Seasoned QM Proposal until October 1, 2020. DATES: The comment period for the Seasoned QM Proposal published August 28, 2020, at 85 FR 53568, is extended. Responses to the Seasoned QM Proposal must now be received on or before October 1, 2020. ADDRESSES: You may submit responsive information and other comments, identified by Docket No. CFPB–2020– 0028, by any of the following methods: • Federal eRulemaking Portal: Go to https://www.regulations.gov. Follow the instructions for submitting comments. • Email: 2020-NPRM-SeasonedQM@ cfpb.gov. Include Docket No. CFPB– 2020–0028 in the subject line of the message. • Mail/Hand Delivery/Courier: Comment Intake, Bureau of Consumer Financial Protection, 1700 G Street NW, Washington, DC 20552. Please note that due to circumstances associated with the COVID–19 pandemic, the Bureau discourages the submission of comments by mail, hand delivery, or courier. • Instructions: The Bureau encourages the early submission of comments. All submissions must include the document title and docket number. Because paper mail in the Washington, DC area and at the Bureau is subject to delay, and in light of difficulties associated with mail and hand deliveries during the COVID–19 pandemic, commenters are encouraged to submit comments electronically. In general, all comments received will be posted without change to https:// www.regulations.gov. In addition, once the Bureau’s headquarters reopens, SUMMARY: VerDate Sep<11>2014 16:41 Sep 23, 2020 Jkt 250001 comments will be available for public inspection and copying at 1700 G Street NW, Washington, DC 20552, on official business days between the hours of 10 a.m. and 5 p.m. Eastern Time. At that time, you can make an appointment to inspect the documents by telephoning 202–435–9169. All submissions in response to the Seasoned QM Proposal, including attachments and other supporting materials, will become part of the public record and subject to public disclosure. Please do not include sensitive personal information in your submissions, such as account numbers or Social Security numbers, or names of other individuals, or other information that you would not ordinarily make public, such as trade secrets or confidential commercial information. Submissions will not be edited to remove any identifying or contact information, or other information that you would not ordinarily make public. If you wish to submit trade secret or confidential commercial information, please contact the individuals listed in the FOR FURTHER INFORMATION CONTACT section below. Information submitted to the Bureau will be treated in accordance with the Bureau’s Rule on the Disclosure of Records and Information, 12 CFR part 1070 et seq. FOR FURTHER INFORMATION CONTACT: For general inquiries and submission process questions, please call Ruth Van Veldhuizen, Counsel, or Joan Kayagil or Amanda Quester, Senior Counsels, Office of Regulations at 202–435–7700. If you require this document in an alternative electronic format, please contact CFPB_Accessibility@cfpb.gov. SUPPLEMENTARY INFORMATION: With certain exceptions, Regulation Z requires creditors to make a reasonable, good faith determination of a consumer’s ability to repay any residential mortgage loan, and loans that meet Regulation Z’s requirements for QMs obtain certain protections from liability. Regulation Z contains several categories of QMs, including the General QM category and a temporary category (Temporary GSE QM loans) of loans that are eligible for purchase or guarantee by government-sponsored enterprises (GSEs) while they are operating under the conservatorship or receivership of the Federal Housing Finance Agency (FHFA). On August 18, 2020, the Bureau issued the Seasoned QM Proposal to create a new category of QMs (Seasoned QMs) for first-lien, fixed-rate covered transactions that have met certain performance requirements over a 36-month seasoning period, are held in portfolio until the end of the PO 00000 Frm 00008 Fmt 4702 Sfmt 4702 60097 seasoning period, comply with general restrictions on product features and points and fees, and meet certain underwriting requirements. The Bureau’s primary objective with the Seasoned QM Proposal is to ensure access to responsible, affordable mortgage credit by adding a Seasoned QM definition to the existing QM definitions. The Seasoned QM Proposal was published in the Federal Register on August 28, 2020.1 The Bureau provided for a 30-day comment period for the Seasoned QM Proposal. The 30-day comment period is counted from the date of publication, which was August 28. Thus, the 30-day public comment period was set to close on September 28, 2020. Subsequent to the issuance of the Seasoned QM Proposal, representatives from a consumer group asked the Bureau to extend the deadline for submission of comments because the originally established deadline of September 28, 2020 is the date this year of the Jewish holiday Yom Kippur. In response to this request, the Bureau is extending the comment period for the Seasoned QM Proposal to October 1, 2020. Signing Authority The Director of the Bureau, having reviewed and approved this document, is delegating the authority to electronically sign this document to Laura Galban, a Bureau Federal Register Liaison, for purposes of publication in the Federal Register. Dated: September 21, 2020. Laura Galban, Federal Register Liaison, Bureau of Consumer Financial Protection. [FR Doc. 2020–21152 Filed 9–23–20; 8:45 am] BILLING CODE 4810–AM–P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration 14 CFR Part 39 [Docket No. FAA–2020–0849; Project Identifier MCAI–2020–01036–A] RIN 2120–AA64 Airworthiness Directives; Pilatus Aircraft Ltd. Airplanes Federal Aviation Administration (FAA), DOT. ACTION: Notice of proposed rulemaking (NPRM). AGENCY: The FAA proposes to adopt a new airworthiness directive (AD) for all SUMMARY: 1 85 E:\FR\FM\24SEP1.SGM FR 53568 (Aug. 28, 2020). 24SEP1

Agencies

[Federal Register Volume 85, Number 186 (Thursday, September 24, 2020)]
[Proposed Rules]
[Pages 60096-60097]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-21152]


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BUREAU OF CONSUMER FINANCIAL PROTECTION

12 CFR Part 1026

[Docket No. CFPB-2020-0028]
RIN 3170-AA98


Qualified Mortgage Definition Under the Truth in Lending Act 
(Regulation Z): Seasoned QM Loan Definition; Extension of Comment 
Period

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice of proposed rulemaking; extension of comment period.

-----------------------------------------------------------------------

[[Page 60097]]

SUMMARY: On August 28, 2020, the Bureau of Consumer Financial 
Protection (Bureau) published in the Federal Register a Notice of 
Proposed Rulemaking (Seasoned QM Proposal) proposing to create a new 
category of qualified mortgages in Regulation Z for first-lien, fixed-
rate covered transactions that have met certain performance 
requirements over a 36-month seasoning period, are held in portfolio 
until the end of the seasoning period, comply with general restrictions 
on product features and points and fees, and meet certain underwriting 
requirements. The 30-day comment period for the Seasoned QM Proposal is 
counted from the date of publication, which was August 28. Thus, the 
30-day comment period was set to close on September 28, 2020, which 
this year is the date on which the Jewish holiday Yom Kippur falls. In 
response to a request that we change the due date in light of the 
holiday, the Bureau is extending the comment period for the Seasoned QM 
Proposal until October 1, 2020.

DATES: The comment period for the Seasoned QM Proposal published August 
28, 2020, at 85 FR 53568, is extended. Responses to the Seasoned QM 
Proposal must now be received on or before October 1, 2020.

ADDRESSES: You may submit responsive information and other comments, 
identified by Docket No. CFPB-2020-0028, by any of the following 
methods:
     Federal eRulemaking Portal: Go to https://www.regulations.gov. Follow the instructions for submitting comments.
     Email: [email protected]. Include Docket No. 
CFPB-2020-0028 in the subject line of the message.
     Mail/Hand Delivery/Courier: Comment Intake, Bureau of 
Consumer Financial Protection, 1700 G Street NW, Washington, DC 20552. 
Please note that due to circumstances associated with the COVID-19 
pandemic, the Bureau discourages the submission of comments by mail, 
hand delivery, or courier.
     Instructions: The Bureau encourages the early submission 
of comments. All submissions must include the document title and docket 
number. Because paper mail in the Washington, DC area and at the Bureau 
is subject to delay, and in light of difficulties associated with mail 
and hand deliveries during the COVID-19 pandemic, commenters are 
encouraged to submit comments electronically. In general, all comments 
received will be posted without change to https://www.regulations.gov. 
In addition, once the Bureau's headquarters reopens, comments will be 
available for public inspection and copying at 1700 G Street NW, 
Washington, DC 20552, on official business days between the hours of 10 
a.m. and 5 p.m. Eastern Time. At that time, you can make an appointment 
to inspect the documents by telephoning 202-435-9169.
    All submissions in response to the Seasoned QM Proposal, including 
attachments and other supporting materials, will become part of the 
public record and subject to public disclosure. Please do not include 
sensitive personal information in your submissions, such as account 
numbers or Social Security numbers, or names of other individuals, or 
other information that you would not ordinarily make public, such as 
trade secrets or confidential commercial information. Submissions will 
not be edited to remove any identifying or contact information, or 
other information that you would not ordinarily make public. If you 
wish to submit trade secret or confidential commercial information, 
please contact the individuals listed in the FOR FURTHER INFORMATION 
CONTACT section below. Information submitted to the Bureau will be 
treated in accordance with the Bureau's Rule on the Disclosure of 
Records and Information, 12 CFR part 1070 et seq.

FOR FURTHER INFORMATION CONTACT: For general inquiries and submission 
process questions, please call Ruth Van Veldhuizen, Counsel, or Joan 
Kayagil or Amanda Quester, Senior Counsels, Office of Regulations at 
202-435-7700. If you require this document in an alternative electronic 
format, please contact [email protected].

SUPPLEMENTARY INFORMATION: With certain exceptions, Regulation Z 
requires creditors to make a reasonable, good faith determination of a 
consumer's ability to repay any residential mortgage loan, and loans 
that meet Regulation Z's requirements for QMs obtain certain 
protections from liability. Regulation Z contains several categories of 
QMs, including the General QM category and a temporary category 
(Temporary GSE QM loans) of loans that are eligible for purchase or 
guarantee by government-sponsored enterprises (GSEs) while they are 
operating under the conservatorship or receivership of the Federal 
Housing Finance Agency (FHFA). On August 18, 2020, the Bureau issued 
the Seasoned QM Proposal to create a new category of QMs (Seasoned QMs) 
for first-lien, fixed-rate covered transactions that have met certain 
performance requirements over a 36-month seasoning period, are held in 
portfolio until the end of the seasoning period, comply with general 
restrictions on product features and points and fees, and meet certain 
underwriting requirements. The Bureau's primary objective with the 
Seasoned QM Proposal is to ensure access to responsible, affordable 
mortgage credit by adding a Seasoned QM definition to the existing QM 
definitions. The Seasoned QM Proposal was published in the Federal 
Register on August 28, 2020.\1\
---------------------------------------------------------------------------

    \1\ 85 FR 53568 (Aug. 28, 2020).
---------------------------------------------------------------------------

    The Bureau provided for a 30-day comment period for the Seasoned QM 
Proposal. The 30-day comment period is counted from the date of 
publication, which was August 28. Thus, the 30-day public comment 
period was set to close on September 28, 2020. Subsequent to the 
issuance of the Seasoned QM Proposal, representatives from a consumer 
group asked the Bureau to extend the deadline for submission of 
comments because the originally established deadline of September 28, 
2020 is the date this year of the Jewish holiday Yom Kippur. In 
response to this request, the Bureau is extending the comment period 
for the Seasoned QM Proposal to October 1, 2020.

Signing Authority

    The Director of the Bureau, having reviewed and approved this 
document, is delegating the authority to electronically sign this 
document to Laura Galban, a Bureau Federal Register Liaison, for 
purposes of publication in the Federal Register.

    Dated: September 21, 2020.
Laura Galban,
Federal Register Liaison, Bureau of Consumer Financial Protection.
[FR Doc. 2020-21152 Filed 9-23-20; 8:45 am]
BILLING CODE 4810-AM-P
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