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

• Published date: 24 September 2020
• Citation: 85 FR 60096
• Record Number: 2020-21152
• Section: Proposed rules
• Court: Consumer Financial Protection Bureau

60096

Federal Register / Vol. 85, No. 186 / Thursday, September 24, 2020 / Proposed Rules

this supplemental proposed interpretive

rule.

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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

AGENCY

: Bureau of Consumer Financial

Protection.

ACTION

: Notice of proposed rulemaking;

extension of comment period.

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60097

Federal Register / Vol. 85, No. 186 / Thursday, September 24, 2020 / Proposed Rules

1

85 FR 53568 (Aug. 28, 2020).

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

http://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 http://

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 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

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

AGENCY

: Federal Aviation

Administration (FAA), DOT.

ACTION

: Notice of proposed rulemaking

(NPRM).

SUMMARY

: The FAA proposes to adopt a

new airworthiness directive (AD) for all

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