Final Regulation Summaries

NAFCU Final Regulation Summaries are member-only resources that include full text and summaries for final rulemakings that affect credit unions. 

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18-EF-07: CFPB - TILA-RESPA Integrated Disclosures (TRID) Rule

The Bureau has finalized amendments to the provisions of the TILA-RESPA Integrated Disclosures (TRID) Rule to eliminate the four-business day limit for resetting tolerances with a Closing Disclosure (including any corrected Closing Disclosures provided pursuant to Section 1026.19(f)(2)(i) or (ii) of Regulation Z). The final rule retains the current requirement for resetting tolerances with a Closing Disclosure, so a creditor is still required to provide the Closing Disclosure to the consumer within three business days of receiving information sufficient to establish a reason for revision.

18-EF-06: NCUA - Accuracy of Advertising and Notice of Insured Status

On April 25, 2018, the National Credit Union Administration (NCUA) published a final rule amending its requirements governing use of the official advertising statement. The final rule provides a new version of the official statement regarding notice of insured status: "Insured by NCUA."

18-EF-05: NCUA - Capital Planning and Supervisory Stress Testing

On April 25, 2018, the NCUA published its final capital planning and stress testing rule for credit unions. In general, the proposed rule affords certain covered credit unions additional flexibility when conducting capital planning and stress testing.

18-EF-04: CFPB - Mortgage Servicing Rules Under the Truth in Lending Act (Regulation Z)

The CFPB published a final rule revising § 1026.41(e)(5)(iv)(B) and (C) and related commentary in the 2016 Mortgage Servicing Final Rule to replace the single-billing-cycle exemption with a single-statement exemption.

18-EF-03: NCUA SIF Equity Distributions

The NCUA Board approved a final rule that governs the distribution of funds that are in excess of the NCUSIF's normal operating level (NOL). The final rule is bifurcated, laying out the methodology for special distributions related to the closure of the Corporate System Resolution Program (CSRP), and routine distributions, not related to the CSRP.

18-EF-02: CFPB - Prepaid Accounts

The Consumer Financial Protection Bureau (CFPB) is proposing new federal consumer protections for the prepaid market under Regulations E and Z. Final amendments and additions to Regulation E would mandate: New disclosures; Error resolution procedures; Consumer liability limits for unauthorized transactions; Fee limits; and additional requirements for accounts with overdraft or credit features.

18-EF-01: National Credit Union Administration: Emergency Mergers

The National Credit Union Administration (NCUA) has issued its final rule, as proposed, to amend its Chartering and Field of Membership Manual to redefine "in danger of insolvency" for emergency merger purposes. The new definition lengthens by six months the forecast horizons for two of the three net worth categories that a credit union is required to fall into over a period of time to be considered "in danger of insolvency."

17-EF-15: National Credit Union Administration: Corporate Credit Unions

The National Credit Union Administration (NCUA) has issued its final rule, as proposed, with respect to regulations governing corporate credit unions (corporates) and the scope of their activities.

17-EF-14: NCUA - Overhead Transfer Rate Methodology

NCUA finalized changes to the Overhead Transfer Rate (OTR) methodology, which is used to calculate how much of the agency's operating budget is funded by the Share Insurance Fund.

17-EF-13: CFPB - Regulation B

The Consumer Financial Protection Bureau (CFPB) has issued its final rule amending the Equal Credit Opportunity Act (Regulation B) to facilitate compliance with the Home Mortgage Disclosure Act (Regulation C) 2015 final rule and transition to the redesigned Uniform Residential Loan Application (URLA).

17-EF-12: NCUA - Appeals Procedures

The National Credit Union Administration (NCUA) Board has approved a final rule regarding the appeals process. The NCUA Board seeks to promote efficiency, consistency, and transparency in the appeals process to the Board by developing a uniform set of procedures to govern all rules in which an appeal to the Board is permitted.

17-EF-11: NCUA - Supervisory Review Committee Appeals

The National Credit Union Administration (NCUA) Board has approved a final rule regarding the appeals process of material supervisory decisions (MSD) to the Supervisory Review Committee (SRC).

17-EF-10: CFPB -Payday, Vehicle Title, and Certain High-Cost Installment Loans

Final regulation summary of the CFPB's Payday, Vehicle Title, and Certain High-Cost Installment Loans rule.

17-EF-09: Treasury - Federal Government Participation in the Automated Clearing House

On September 11, 2017, the Department of the Treasury, Bureau of the Fiscal Service (Fiscal Service) issued a final rule to address changes that NACHA – The Electronic Payments Association (NACHA) made to its operating rules since the publication of the 2013 NACHA Operating Rules & Guidelines book.

17-EF-08: CFPB - Amendments to 2015 HMDA Final Rule

The Consumer Financial Protection Bureau (CFPB) is amending its 2015 Home Mortgage Disclosure (Regulation C) rule. The final rule incorporates changes introduced in the April 2017 HMDA proposal (technical clarifications) and the July 2017 HMDA proposal (transactional thresholds for reporting open-end lines of credit).

17-EF-07: CFPB - TRID "Fix"

Final regulation summary for the CFPB's TRID "fix" final rule.

17-EF-06: CFPB - Arbitration Agreements

The Consumer Financial Protection Bureau (CFPB) has issued its final rule with respect to arbitration agreements in contracts for consumer financial products and services.

17-EF-05: NCUA - Safe Harbor

The National Credit Union Administration (NCUA) has issued its final rule with respect to the NCUA Board's treatment of financial assets transferred by a credit union in connection with a securitization or participation.

17-EF-04: Federal Reserve System - Availability of Funds and Collection of Checks

The Board of Governors of the Federal Reserve (the Board) issued a final rule that amends subparts A, C, and D of Regulation CC, Availability of Funds and Collection of Checks, which implements the Expedited Funds Availability Act of 1987 (EFA Act), the Check Clearing for the 21st Century Act of 2003 (Check 21 Act), and the official staff commentary to the regulation.

17-EF-03: FFIEC - Consumer Compliance Rating System Final

The Federal Financial Institutions Examination Council (FFIEC) has finalized an update to the Consumer Compliance Rating System (CC Rating System) for the first time since 1980.

17-EF-02: FHFA - Enterprise Duty to Serve Underserved Markets

The Federal Housing Finance Agency (FHFA) has issued a final rule requiring Fannie Mae and Freddie Mac (the Enterprises) to adopt plans to serve three specified underserved markets – manufactured housing, affordable housing preservation, and rural markets.