Proposed Regulations

Recently, the National Credit Union Administration (NCUA) published a request for comments and suggestions on ways it can identify and reduce regulatory burdens with respect to lending-related consumer protection rules that may be outdated, unnecessary, or unduly burdensome.

The National Credit Union Administration (NCUA) has proposed a change to its rule regarding financial and statistical reports filed by all federally insured credit unions. The proposal would eliminate the requirement that federally insured credit unions with assets of less than ten million dollars file alternate Form NCUA 5300SF, and instead require all federally insured credit unions, regardless of size, to file revised Form NCUA 5300 every quarter.

The National Credit Union Administration (NCUA) has published for comment proposed amendments to the Federal Credit Union (FCU) Bylaws. Among other things, the proposed changes include revisions to: annual meeting requirements, requirements for calling special meetings, the required posting of monthly financial statements, and election requirements and procedures.

Recently, the National Credit Union Administration (NCUA) issued a request for comment on proposed amendments to 12 C.F.R. part 712. The proposed rulemaking provides that a wholly-owned credit union service organization (CUSO) need not obtain its own annual financial statement audit from a certified public accountant if it is included in the financial statement audit of the parent federal credit union (FCU).

The rule implements: (1) the statutory increase in the general lending maturity limit; and (2) the statutory expansion of the services federal credit unions are permitted to provide to nonmembers.

On June 29, 2006, the National Credit Union Administration (NCUA) issued a proposed rule and request for comment regarding revisions to the official sign indicating insured status. The proposal modifies the official sign to conform to statutorily-mandated changes that include adding a statement that NCUA-insured share accounts are “backed by the full faith and credit of the United States Government,” and the words “at least” to qualify the amount insured, which, as written, is $100,000, but may be as much as $250,000 in some cases because of recent statutory changes.

National Credit Union Administration (NCUA) published a request for comments and suggestions on ways it can identify and reduce regulatory burden with respect to agency programs, capital, and corporate credit union regulations that may be outdated, unnecessary, or unduly burdensome. This notice is a part of the regulatory review required by section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA).

Recently, the National Credit Union Administration (NCUA), along with the other Federal Financial Institutions Examination Council (FFIEC) regulators (the Agencies), issued Proposed Illustrations of Consumer Information for Subprime Mortgage Lending.

On June 5, 2007, the National Credit Union Administration (NCUA) published in the Federal Register a proposed rule to reincorporate the Federal Credit Union (FCU) Bylaws into NCUA regulations.

The proposed rule would (1) require Originating Depository Financial Institutions (ODFIs) that are suspected of creating the greatest risk to comply with new reporting requirements, and tie those requirements to the National System of Fines; (2) permit NACHA's Rules Enforcement Panel to suspend the privileges of originating ACH payments for Originators or Third Party Senders; and (3) increase fine levels in the National System of Fines.

Recently, the Department of Defense (DoD or the Department) issued a request for public comment regarding its forthcoming report to Congress. An Item of Special Interest in the Senate Report 110-077 accompanying the National Defense Authorization Act for Fiscal Year 2008 requires DoD to submit a report to the Armed Services Committees of the House and Senate regarding the implementation of its anti-predatory lending rule, which became effective in October 2007. The rule regulates the terms of certain credit extensions to active duty service members and their dependents and currently only covers certain types of refund anticipation loans, vehicle title loans, and payday loans. DoD must provide its report to Congress by April 1, 2008.

Revising the “low-income” definition to use Median Family Income (MFI) in lieu of Median Household Income (MHI) should better address metropolitan areas with higher costs of living.

In order to ensure that existing regulations continue to meet those standards, NCUA periodically updates, clarifies, and simplifies existing provisions.

Public input is solicited on what key issues Treasury should address in establishing the guarantee program for troubled assets required under the Emergency Economic Stabilization Act of 2008 (EESA).

The proposal would amend current rules regarding electronic disclosures. Additionally, the rule would also require new disclosures regarding overdraft protection fees.

The proposed rule would clarify the scope of FinCEN's regulations pertaining to confidentiality of SARs or information revealing the existence of SARs.

The NCUA proposed rule would address how credit unions that enter or depart the NCUSIF system in a given calendar year are affected by any NCUSIF premium, deposit replenishment assessments or distribution in that same year.

This interim final rule implements part of the Helping Families Save their Homes Act (the Act), which was passed in to law on May 20, 2009. Most importantly, the proposal establishes a new requirement for notifying consumers of the sale or transfer of their mortgage loans.

On July 26, 2001, the National Credit Union Association (NCUA) approved a proposed rule to revise NCUA regulations regarding the limitation on compensation of Federal Credit Union (FCU) officials. This amendment will permit credit unions to adopt policies providing for reimbursement of travel expenses for a guest accompanying FCU officials on business.

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 Federal Reserve Board has issued a proposed rule amending Regulation E, which implements the Electronic Fund Transfer Act (EFTA).