On Wednesday, March 10, Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger appeared before the Senate Committee on Banking, Housing and Urban Development to deliver the CFPB’s Semi-Annual Report to Congress. Although much of the hearing was dedicated to the Bureau’s response to the coronavirus pandemic, Republican Senators Mike Rounds (R-SD) and Thom Tillis (R-NC) inquired about upcoming reforms to the Qualified Mortgage (QM) rule and QM patch. Director Kraninger reiterated she expects to complete the full rulemaking with anticipated adjustments to the thresholds used in underwriting and a shift away from the current Debt-To-Income ratio by May, and that the QM patch will not be updated and end as expected.

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