Proposed Regulations

Recently, the National Credit Union Administration (NCUA) issued an interim final rule providing an exception to the 20-year maturity limit on second mortgages for federal credit unions that participate in the U.S. Department of Treasury's Making Home Affordable Program.

The NACHA Operating Rules (Rules) currently address “internet-initiated entries” (WEB) and require use of the WEB Standard Entry Class (SEC) code for those payments. The Rules do not address mobile ACH payments specifically.

The proposal clarifies, but does not substantively alter, certain changes to overdraft protection programs implemented in the Federal Reserve Board's (the Board) November 2009 rule (the November Rule) amending Regulation E.

On December 7, 2001, the Federal Reserve Board published proposed revisions to the official staff commentary that applies and interprets the requirements of Regulation Z. These changes seek to clarify how creditors that lace Truth in Lending Act disclosures on the same document with the credit contract may satisfy the requirement for providing the disclosures in a form the consumer may keep.

On April 19, 2001, the National Credit Union Administration (NCUA) approved aproposed rule that would revise NCUA's regulations on nondiscrimination in advertising.

On November 16, 2000, the NCUA Board of Directors unanimously approved a notice of proposed rulemaking that would substantially amend the existing group purchasing and insurance provisions of part 721 of NCUA's Rules and Regulations.

On Thursday, March 16, the NCUA Board unanimously agreed to approve an advance notice of proposed rulemaking (ANPR) on regulatory flexibility (Reg-Flex).

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

On July 15, 2002, Rules Work Group #34 of the National Automated Clearing House Association (NACHA) published a set of proposed amendments that would modify certain aspects of the rule compliance audit requirements to ensure that all key aspects of ACH processing are addressed.

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.

On April 19, 2001, the National Credit Union Administration (NCUA) approved a proposed rule that would revise NCUA’s regulations on nondiscrimination in advertising. The proposed rule is similar to the Federal Deposit Insurance Company’s rule and would give credit unions greater flexibility in giving notice of nondiscrimination.

The Federal Reserve Board has issued interim final rules establishing standards for the electronic delivery of disclosures under Regulations B (Equal Credit Opportunity), E (Electronic Fund Transfers), M (Consumer Leasing), Z (Truth in Lending), and DD (Truth in Savings). Under the rules, financial institutions, creditors, lessors, and others may deliver disclosures electronically if they obtain consumers' consent in accordance with the Electronic Signatures in Global and National Commerce Act (the "E-Sign Act").

On March 8, 2001, the National Credit Union Administration (NCUA) approved a proposed rule on regulatory flexibility (RegFlex). This rule would permit credit unions with advanced levels of net worth and consistently strong examination ratings to be exempt, in whole or in part, from certain NCUA regulations.

On February 15, 2001, the National Credit Union Administration (NCUA) approved a proposed rule to amend Part 749, NCUA’s rule on vital records preservation. The proposal converts the regulation into a question-and-answer format and clarifies that records may be preserved in electronic form.

On February 15, 2001, the National Credit Union Administration (NCUA) approved a proposed rule to amend Part 712, the credit union service organization (CUSO) regulation. The proposal clarifies that the list of activities currently in the rule is illustrative and adds a provision encouraging federal credit unions to seek an advisory opinion on whether a proposed activity is authorized.