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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21-EF-13: NCUA - Joint Ownership Share Accounts

On February 24, 2021, the National Credit Union Administration (NCUA) published a final rule amending Part 745 of the agency’s regulations regarding the requirements for jointly owned share accounts for share insurance purposes.

21-EF-12: Internal Revenue Service; Tax on Excess Tax-Exempt Organization Executive Compensation

On January 19, 2021, the Internal Revenue Service published a final rule regarding section 4960 of the Internal Revenue Code (IRC) on executive compensation and parachute payments.

21-EF-11: CFPB - Higher-Priced Mortgage Loan Escrow Exemption

On January 19, 2021, the Bureau of Consumer Financial Protection (Bureau or CFPB) issued a final rule amending part 1026 of Regulation Z, which implements the Truth in Lending Act (TILA) as mandated by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).

21-EF-10: NCUA - Role of Supervisory Guidance

On January 19, 2021, the National Credit Union Administration (NCUA) issued a joint agency final rule, codifying the 2018 Interagency Statement Clarifying the Role of Supervisory Guidance (2018 Statement) into part 791 of the NCUA’s regulations. The final rule was adopted as proposed with no substantive edits. This final regulation summary reviews the NCUA’s version of the final rule as it addressed specific comments posed to the agency. The final rule issued by the Bureau of Consumer Financial Protection can be found here.

21-EF-09: CFPB - Debt Collection

On January 19, 2021, the Consumer Financial Protection Bureau (CFPB or Bureau) published a final rule to amend Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA).

21-EF-08: NCUA - Corporate Credit Unions – Subordinated Debt

On January 14, 2021, the National Credit Union Administration (NCUA) issued a final rule to update the definitions in Part 704 of its regulations to clarify that corporate credit unions are authorized to purchase subordinated debt issued by natural person credit unions (natural person subordinated debt).

21-EF-07: SBA - Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act

On January 14, 2020, the Small Business Administration (SBA) published an interim final rule (IFR) to make temporary changes to its business loan programs to implement section 311 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), which extends the Paycheck Protection Program (PPP) loan program with some revisions. The SBA issued a separate IFR implementing the new Second Draw PPP loans.

21-EF-06: SBA - Business Loan Program Temporary Changes; Paycheck Protection Program Second Draw Loans

On January 14, 2020, the Small Business Administration (SBA) published an interim final rule to make temporary changes to its business loan programs to implement section 311 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), which creates the temporary “Second Draw” Paycheck Protection Program (PPP) loan.

21-EF-05: NCUA - Subordinated Debt

On December 17, 2020, the National Credit Union Administration (NCUA) published a final rule granting complex, newly formed, and low-income designated credit unions the authority to issue subordinated debt.

21-EF-04: NCUA - Fees Paid by Credit Unions

On December 31, 2020, the National Credit Union Administration (NCUA) published a final rule, amending section 701.6(a) of the NCUA’s regulations governing the assessment of annual operating fees.

21-EF-03: NCUA - Overhead Transfer Rate Methodology and Operating Fee Schedule Methodology

On December 28, 2020, the National Credit Union Administration (NCUA) issued a final rule adopting minor changes to how operating fees are charged to federal credit unions (FCUs). The current principles-based Overhead Transfer Rate (OTR) methodology remains unchanged.

21-EF-02: CFPB - Seasoned Qualified Mortgage

On December 29, 2020, the Bureau of Consumer Financial Protection (Bureau or CFPB) published a final rule creating the definition of a seasoned qualified mortgage (QM) under the Truth in Lending Act (TILA).

21-EF-01: CFPB - General Qualified Mortgage

On December 29, 2020, the Bureau of Consumer Financial Protection (Bureau or CFPB) published a final rule amending the definition of a general qualified mortgage (QM) under the Truth in Lending Act (TILA).

20-EF-25: NCUA - Temporary Regulatory Relief in Response to COVID-19

On December 22, 2020, the National Credit Union Administration (NCUA) published an extension of a temporary final rule modifying certain regulatory requirements to help ensure that federally insured credit unions (FICUs) remain operational and liquid during the pandemic. The temporary final rule now expires on December 31, 2021.

20-EF-24: CFPB - Amendments Relating to Disclosure of Records and Information

On October 29, 2020, the Consumer Financial Protection Bureau (Bureau or CFPB) issued a final rule regarding the standards and processes which relate to the confidential treatment of information obtained from financial institutions in connection with agency’s exercise of supervisory and enforcement authorities under federal consumer financial law.

20-EF-23: CFPB - Debt Collection

On October 30, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a final rule to amend Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA).

20-EF-22: CFPB - Qualified Mortgage Definition – Extension of Sunset Date

On October 26, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) published a final rule and official interpretation regarding the sunset date of the Temporary Government-Sponsored Enterprise (GSE) Qualified Mortgage (QM) (Temporary GSE QM or “GSE Patch”) under the Truth in Lending Act (TILA).

20-EF-21: HUD - Disparate Impact Standard

On September 3, 2020, the Department of Housing and Urban Development (HUD) issued a final rule to amend its interpretation of the Fair Housing Act's disparate impact standard to better reflect the Supreme Court's 2015 ruling in Texas Department of Housing and Community Affairs v. Inclusive Communities Project, Inc. The new rule adopts more comprehensive pleading requirements.

20-EF-20: NCUA - Chartering and Field of Membership

On July 30, 2020, the National Credit Union Administration (NCUA) approved a final rule amending the Chartering and Field of Membership (FOM) rules found in Appendix B to Part 701.

20-EF-19: CFPB - Payday, Vehicle Title, and Certain High-Cost Installment Loans

On July 22, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) published a final rulemaking amending its regulations governing Payday, Vehicle Title, and Certain High-Cost Installment Loans (Payday Rule).

20-EF-18: CFPB - Determining “Underserved” Areas Using HMDA Data

On June 26, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) published an interpretive rule clarifying what Home Mortgage Disclosure Act (HMDA) data will be used in determining that an area is “underserved” for purposes of applying certain provisions described in Regulation Z, such as the exemption from the requirement to establish an escrow account for a higher-priced mortgage loan and the ability to originate balloon-payment qualified mortgages and balloon-payment high cost mortgages.