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Interagency Statement Clarifying Approach QM Standards and CRA, Safety & Soundness – IBA Compliance Connection

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Interagency Statement Clarifying Approach QM Standards and CRA, Safety & Soundness

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The FRB, FDIC, NCUA, and OCC have released an interagency statement clarifying that financial institutions will not be criticized on safety and soundness or on Community Reinvestment Act compliance solely based on whether or not they offer Qualified Mortgages (QM) or non-QM loans.