Federal Register / Vol. 86, No. 37 / Friday, February 26, 2021 / Rules and Regulations 11623 

1 85 FR 86402 (Dec. 29, 2020); 85 FR 86308 (Dec. 

29, 2020). 

2Qualified Mortgage Definition Under the Truth 

in Lending Act (Regulation Z): Extension of Sunset 

Date, 85 FR 67938 (Oct. 26, 2020). 

delayed effective date provisions of the 

Administrative Procedure Act do not 

apply to the amended rule. See 5 U.S.C. 

553(b) and (d). Because public notice 

and comment is not required, the 

Regulatory Flexibility Act, 5 U.S.C. 601 

et seq., also does not apply to the 

amended rule. 

Authority and Issuance 

For the reasons set forth in the 

SUPPLEMENTARY INFORMATION, the 

Federal Open Market Committee 

amends 12 CFR part 272 to read as 

follows: 

PART 272—RULES OF PROCEDURE 

■ 1. The authority citation for part 272 

continues to read as follows: 

Authority: 5 U.S.C. 552. 

PART 272—[AMENDED] 

■ 2. In part 272, revise all references to 

‘‘Chairman’’ and ‘‘Vice Chairman’’ to 

read ‘‘Chair’’ and ‘‘Vice Chair’’, 

respectively. 

By order of the Federal Open Market 

Committee. 

Matthew M. Luecke, 

Deputy Secretary, Federal Open Market 

Committee. 

[FR Doc. 2021–04039 Filed 2–25–21; 8:45 am] 

BILLING CODE 6210–01–P 

BUREAU OF CONSUMER FINANCIAL 

PROTECTION 

12 CFR Part 1026 

Public Statement on General QM and 

Seasoned QM Final Rules 

AGENCY: Bureau of Consumer Financial 

Protection. 

ACTION: Public statement; status of 

published final rules. 

SUMMARY: The Bureau of Consumer 

Financial Protection (Bureau) has 

released a public statement regarding 

the mandatory compliance date of the 

Bureau’s General QM Final Rule and 

possible reconsideration of the General 

QM Final Rule and the Seasoned QM 

Final Rule. 

DATES: The public statement was 

released on the Bureau’s website on 

February 23, 2021. 

FOR FURTHER INFORMATION CONTACT: Ben 

Cady, Mark Morelli, Amanda Quester, 

or Jane Raso, 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: On 

December 10, 2020, the Bureau issued 

two final rules relating to the qualified 

mortgage (QM) definition under the 

Truth in Lending Act: A final rule 

entitled ‘‘Qualified Mortgage Definition 

under the Truth in Lending Act 

(Regulation Z): General QM Loan 

Definition’’ (General QM Final Rule) 

and a final rule entitled ‘‘Qualified 

Mortgage Definition under the Truth in 

Lending Act (Regulation Z): Seasoned 

QM Loan Definition’’ (Seasoned QM 

Final Rule).1 March 1, 2021, is the 

effective date of both the General QM 

Final Rule and the Seasoned QM Final 

Rule. The Bureau also established a 

mandatory compliance date for the 

General QM Final Rule of July 1, 2021. 

Another category of QMs currently 

available under Regulation Z consists of 

loans that are eligible for purchase or 

guarantee by either the Federal National 

Mortgage Association or the Federal 

Home Loan Mortgage Corporation 

(collectively, the GSEs), while operating 

under the conservatorship or 

receivership of the Federal Housing 

Finance Agency (FHFA) (Temporary 

GSE QM loan definition). Pursuant to a 

final rule issued on October 20, 2020, 

the Temporary GSE QM loan definition 

is scheduled to expire on (1) the 

mandatory compliance date of the 

General QM Final Rule or (2) with 

respect to each GSE when that GSE 

ceases to operate under the 

conservatorship of FHFA, whichever 

happens earlier.2

The Bureau is considering whether to 

initiate a rulemaking to revisit the 

Seasoned QM Final Rule. If the Bureau 

decides to do so, it expects that it will 

consider in that rulemaking whether 

any potential final rule revoking or 

amending the Seasoned QM Final Rule 

should affect covered transactions for 

which an application was received 

during the period from March 1, 2021, 

until the effective date of such a final 

rule. 

The Bureau also expects to issue 

shortly a proposed rule that would 

delay the July 1, 2021 mandatory 

compliance date of the General QM 

Final Rule. If such a proposed rule were 

finalized, creditors would be able to use 

either the current General QM loan 

definition or the revised General QM 

loan definition for applications received 

during the period from March 1, 2021, 

until the delayed mandatory compliance 

date. Furthermore, the Bureau 

anticipates that the Temporary GSE QM 

loan definition will remain in effect 

until the new mandatory compliance 

date, in accordance with the October 20, 

2020 final rule described above, except 

that the Temporary GSE QM loan 

definition would expire with respect to 

a GSE if that GSE ceases to operate 

under conservatorship prior to the new 

mandatory compliance date. 

The Bureau will consider at a later 

date whether to initiate another 

rulemaking to reconsider other aspects 

of the General QM Final Rule. 

Dated: February 22, 2021. 

David Uejio, 

Acting Director, Bureau of Consumer 

Financial Protection. 

[FR Doc. 2021–03987 Filed 2–23–21; 4:15 pm] 

BILLING CODE 4810–AM–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Parts 11, 21, 43, and 107 

[Docket No. FAA–2018–1087] 

RIN 2120–AK85 

Operation of Small Unmanned Aircraft 

Systems Over People; Delay of 

Effective Date; Correction 

AGENCY: Federal Aviation 

Administration (FAA). 

ACTION: Final rule; delay of effective; 

correction. 

SUMMARY: In accordance with the 

memorandum of January 20, 2021, from 

the Assistant to the President and Chief 

of Staff, titled ‘‘Regulatory Freeze 

Pending Review,’’ the Agency delays the 

March 1, 2021 effective date of the final 

rule, Operation of Small Unmanned 

Aircraft Systems Over People, until 

March 16, 2021. 

DATES: As of February 26, 2021, the 

March 1, 2021 effective date of the final 

rule published on January 15, 2021, at 

86 FR 4314, is delayed to March 16, 

2021. The corrections are effective 

March 16, 2021. 

FOR FURTHER INFORMATION CONTACT: 

Michael Machnik, General Aviation and 

Commercial Division, Flight Standards 

Service, Federal Aviation 

Administration, 55 M Street SE, 8th 

Floor, Washington, DC 20003; telephone 

1–844–FLY–MYUAS; email: UASHelp@

faa.gov. 

SUPPLEMENTARY INFORMATION: 

Electronic Access and Filing 

A copy of the notice of proposed 

rulemaking (NPRM) (84 FR 3856, Feb. 


khammond on DSKJM1Z7X2PROD with RULES