The NCUA on Thursday issued a regulatory alert to federally insured credit unions regarding the CFPB's qualified mortgage rule, which goes into effect in one week.

"If your credit union makes closed-end consumer loans secured by a dwelling, you must comply with CFPB's new Ability-to-Repay/Qualified Mortgage Rule for loan applications you receive on or after Jan. 10, 2014," said the alert issued by NCUA Chairman Debbie Matz. "The rule requires you to assess a member's ability to repay for virtually all closed-end residential mortgage loans secured by the member's dwelling and provides your credit union with certain protections from legal liability for compliance with the rule."

The rule requires federally insured credit unions to make a reasonable, good-faith determination that a member will be able to repay a covered mortgage loan before a transaction occurs. The ATR/QM rule "applies to loans made to members secured by residential structures that contain one to four units, including an individual condominium unit, cooperative unit, mobile home, and trailer if it is used as a residence," the NCUA said.