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Supervisory Guidance on Qualified and Non-Qualified Mortgages; Supervisory Focus for 2014 Focus of Two NCUA Letters
Wednesday, January 15, 2014 6:45 AM

The National Credit Union Administration has issued two letters in January. Letter 14-CU-01 focuses on supervisory guidance on qualified and non-qualified mortgages, while Letter 14-CU-02 addresses its supervisory focus for 2014.

The Consumer Financial Protection Bureau (CFPB)’s recently finalized rule on Ability-to-Repay (ATR) and Qualified Mortgages (QMs) became effective Jan. 10, and applies to all federally insured credit unions.

As with any new requirement in its early stages after becoming effective, NCUA field staff will take into account a credit union’s good-faith efforts to comply with the new rule. Letter 14-CU-01 describes specific examination procedures and expectations for credit union mortgage lenders. Click here to access that letter.

In Letter 14-CU-02, NCUA Chair Debbie Matz explains that the agency will be working to ensure that credit unions identify and mitigate forward-looking risks before they threaten the viability of credit unions and the stability of the Share Insurance Fund. Ability-to-Repay, Qualified Mortgage Standards, Credit Union Service Organizations (CUSO) Rule and Reallocating Resources are all addressed in this letter. The letter also addresses the agency’s revised exam scope and small credit union exams. Click here to access letter 14-CU-02.