Final Regulation Summaries

The National Credit Union Administration (NCUA) recently amended its Rules and Regulations to ensure the proper disposal of consumer information derived from consumer reports in compliance with the Fair and Accurate Credit Transactions Act of 2003 (FACT Act).

On February 18, the National Credit Union Administration (NCUA), along with the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (Agencies) issued final joint guidance to assist insured depository institutions in the disclosure and administration of overdraft protection programs (Guidance).

The revisions to the regulation address electronic check conversion services, in particular, consumer authorization requirements.

On July 10, 2006, the Department of Defense (DoD or Department) published a final rule in the Federal Register amending Department regulations relating to policy and procedures regarding personal commercial solicitations on DoD installations.

Recently, the Financial Accounting Standards Board (FASB) issued a Statement revising Statement of Financial Accounting Standards (FAS 141(R)). The stated purpose of FAS 141(R) is to improve, simplify, and converge internationally the accounting for business combinations.

Today, the Department of Defense (DoD) published in the Federal Register a final rule to implement the consumer protections included in Section 670 of the John Warner National Defense Authorization Act for Fiscal Year 2007 (Defense Act), Public Law 109-364; 10 U.S.C. § 987. The final rule regulates the terms of consumer credit extended by creditors to active duty service members and their dependents.

Recently, the National Credit Union Administration issued a final rule increasing the general lending maturity limit and permitting federal credit unions (FCU) to provide certain financial services to nonmembers.

Recently, the Board of Governors of the Federal Reserve System (Board) published in the Federal Register final amendments to Regulation C of the Home Mortgage Disclosure Act. Under the final rule, Regulation C's definition of “higher priced” loans now conforms to the new definition under Regulation Z. See NAFCU's Final Regulation 08-EF-03. The new metho for calculating higher priced loans will be more likely to capture subprime and Alt-A loans.

Recently, the Department of Housing and Urban Development (HUD) issued a final rule to amend its regulations on the Real Estate Settlement Procedures Act (RESPA). The amendments are the most significant changes made to RESPA regulations since 1978. Most notably, the final rule, for the first time, requires mortgage lenders and brokers to provide a good faith estimate (GFE) of settlement costs using a standard form that has been developed by HUD.

The rule will alter the formula used by the NCUA to calculate the credit union operating fee which funds the NCUA.

This final includes a summary of significant changes to Regulation Z, a summary of major changes between the proposed rule and the final rule, and a section-by-section analysis of the rule.