CFPB Nominee Has ‘Open Mind’ About Potential QM Rule Changes

At his confirmation hearing to serve as the next director of the Consumer Financial Protection Bureau today, Rohit Chopra told lawmakers he has “a completely open mind” about changes to the Qualified Mortgage rules, adding that he will “look to what the statute says and what Congress’ goals are” as the bureau reviews the rules. Chopra’s comments came after the CFPB last month said it is considering whether to revisit recent final rules regarding the QM definition and the establishment of a “seasoned QM” category of loans.

“The CFPB is not here to dictate housing finance policy,” Chopra said. “When it comes to QM, it is important that we balance the consumer protections that Congress has put into place with access, including for rural and other areas.”

Chopra added that “ultimately, we are stronger as an economy, stronger as a country, if mortgage lending is safe, broadly accessible and a way that people can build wealth. I’m looking forward to getting input from everyone and determining how [the QM rule]needs to evolve over time.”