Proposed Regulations

This Credit Card Accountability, Responsibility and Disclosure Act (CARD Act), which was signed in to law on May 22, 2009 placed restrictions on fees associated with gift cards and imposed new disclosure requirements for such fees. This proposed rule implements those provisions of the act. The provisions related to gift cards go in to effect on August 22, 2010.

On December 13, 2001, the NCUA Board of Directors unanimously approved proposed amendments to NCUA's federal credit union employee benefits rule. The Board also requested comments on the proposed amendments. These changes seek to clarify the scope of the rule and to incorporate interpretations in a number of Legal Opinion Letters

The NCUA Board recently approved an interim final rule amending its regulation that implements the Truth in Savings Act (TISA). This interim final rule establishes uniform standards for the electronic delivery of disclosures required by TISA and is substantially similar to the Federal Reserve Board's recent interim final rule amending Regulation DD.

The Federal Reserve Board is requesting comments on Regulation C, which implements the Home Mortgage Disclosure Act (HMDA).

Based on the report by NCUA's Field of Membership Task Force on revisions to the chartering and field of membership manual (IRPS 99-1), NCUA has issued a proposed rule amending the manual.

The NCUA Board has published a proposed regulation regarding the development of an abbreviated net worth restoration plan for qualifying “undercapitalized” credit unions. Specifically, the regulation would apply to credit unions whose net worth ratios marginally fall below six percent because growth in assets exceeds growth in net worth.

On July 29, 2002, the Department of Housing and Urban Development (HUD) issued proposed rules on the Real Estate Settlement Procedures Act (RESPA). This was in response to a lengthy study from within the agency.

The Office of Management and Budget published a draft report to Congress on the Costs and Benefits of Federal Regulations. This report takes a broad look at the role federal regulations play in governing.

On September 24, 2003, NCUA issued a proposed rule regarding the power of federal credit unions to act as a surety or guarantor on behalf of its members and the maximum borrowing authority of federally insured, state-chartered credit unions.

On March 3, 2003, the Federal Reserve Board published proposed revisions to the Official Staff Commentary to Regulation C, which implements the Home Mortgage Disclosure Act. The Board requests public comment on proposed transition rules for applications received before January 1, 2004, on which final action is taken on or after January 1, 2004.

“Regulation E”, which implements the Electronic Fund Transfer Act (EFTA). The proposed revisions to the regulation address the coverage of electronic check conversion services and service providers.

NCUA proposes to revise the collateral and security requirements of its member business loans (MBL) rule to enable credit unions subject to the rule to participate more fully in Small Business Administration (SBA) guaranteed loan programs.

Recently, NACHA-The Electronics Payments Association (NACHA) issued a proposed rule to expand the current return entry monitoring requirements related to unauthorized Telephone-Initiated (TEL) Entries to include unauthorized entries for all Standard Entry Class (SEC) Codes.

The Financial Accounting Standards Board (FASB) has issued an exposure draft revising Statement 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities. For credit unions, this revision will affect the treatment of loan participations, among other things.

Recently, the National Credit Union Administration (NCUA) issued a proposed Interpretive Ruling and Policy Statement (IRPS) to provide requirements and guidance for federally insured credit unions offering members nondeposit investments through third party brokerage accounts.

The Federal Trade Commission (FTC) has issued a notice and request for comment regarding proposed disclosure requirements for depository institutions that do not have federal deposit insurance. The Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) added section 43 (12 U.S.C. 1831t) to the Federal Deposit Insurance Act (FDIA) and imposed several disclosure requirements on nonfederally insured depository institutions.

The amendments clarify that the requirement to obtain a consumer's authorization to collect a fee for insufficient or uncollected funds (NSF fees) through electronic debit applies to any person that intends to collect the fee electronically. The interim final rule also clarifies the notice requirements for electronic check conversion (ECK) transactions and for collecting NSF fees electronically.

Recently, the National Credit Union Administration (NCUA), along with the Federal Trade Commission, Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Office of Thrift Supervision (the Agencies), issued an interagency advance notice of proposed rulemaking requesting comments regarding procedures to enhance the accuracy and integrity of information furnished to consumer reporting agencies under section 312 of the Fair and Accurate Credit Transactions Act (FACT Act).