Removing Barriers Blog

CUNA Asks Treasury to Resolve Conflict Between GSE Policies and CFPB Proposal
Posted April 22, 2021 by CUNA Advocacy

CUNA sent a letter to Treasury Secretary Janet Yellen detailing a conflict between the CFPB’s recent proposed delay of the mandatory compliance date for the General QM Final Rule until October 1, 2022 and with policy changes issued by Fannie Mae and Freddie Mac this month which would require implementation of the final rule by July 1, 2021. 

The Fannie Mae and Freddie Mac policy changes were prompted by a Preferred Stock Purchase Agreement (PSPA) issued by Treasury in January, long before the Bureau proposed the delay. In the letter, CUNA asked Treasury to amend the PSPA so that the required implementation date aligns with the Bureau’s mandatory compliance date, whenever that should be.