I understand there is an exception for certain requirements under the QM rules. One of the requirements is the bank and “affiliates” originated 500 or fewer covered transactions. However, I am unable to find a definition in any of the new requirements of “affiliate” for the purposes of this exemption.
I don’t find a definition or reference to an another Regulation’s definition of affiliate for this section. The CFPB’s Regulation P and X, as well as the FRB’s Regulation W have definitions of affiliate that are very similar and, IMO, commonly accepted to define affiliate.