This story appeared in Bank Digest.
The Government Accountability Office has issued a report entitled "Mortgage Reforms: Actions Needed to Help Assess Effects of New Regulations." Mortgage reform provisions (QM and QRM) were included in the Dodd-Frank Act, and federal agencies have issued regulations relating to these provisions, some of which are yet to take effect. The GAO was asked to review possible effects of these regulations.
The report (GAO-15-185) discusses views on the expected effects of the QM and QRM regulations and examines the extent of agency planning for reviewing the regulations' effects, among its objectives. In the report, the GAO recommends that the Consumer Financial Protection Bureau, the Department of Housing and Urban Development, and the six agencies responsible for the QRM regulations should complete plans to review the QM and QRM regulations, including identifying specific metrics, baselines, and analytical methods.
The GAO said that the CFPB, HUD, and the Federal Deposit Insurance Corporation concurred or agreed with the recommendations.