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