NCUA this week issued a Regulatory Alert (21-RA-06) to federally insured credit unions addressing the Consumer Financial Protection Bureau (CFPB) finalizing the delay of its Qualified Mortgage (QM) rule. The mandatory compliance date is now Oct. 1, 2022.

NCUA calls on credit unions to read the provisions of the final rule, and notes the CFPB has provided a compliance guide and other resources.

This final rule affects two categories of QMs:

• General QMs: Extends the mandatory compliance date of General QM loans from July 1, 2021, to October 1, 2022, to preserve flexibility for consumers, particularly those affected by the COVID-19 pandemic. The final rule does not make other changes to the General QM loan definition.
• Temporary GSE QMs: Extends the termination date of new GSE QMs to October 1, 2022, or when the applicable GSE exits federal conservatorship, if that happens earlier. The provision that created this loan category is commonly known as the GSE Patch.

NCUA issued a Regulatory Alert (21-RA-01) in January covering changes the CFPB made to the QM rule in December 2020.