NCUA issues regulatory alert on QM rule delay

by CUNA News

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.

 

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