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-21: NCUA - Capitalization of Interest in Connection with Loan Workouts and Modifications

On June 30, 2021, the National Credit Union Administration (NCUA) Board published a final rule amending Appendix B to Part 741 (Appendix B) of its regulations to remove the prohibition against the capitalization of interest in connection with loan workouts and modifications.

21-EF-22: CFPB - Protections for Borrowers Affected by COVID-19 Under RESPA

On June 30, 2021, the Bureau of Consumer Financial Protection (Bureau or CFPB) published a final rule amending the Real Estate Settlement Procedures Act (RESPA), or Regulation X, to protect borrowers during the COVID-19 emergency.

21-EF-20: NCUA - Transition to CECL

On June 24, 2021, the National Credit Union Administration Board (the Board) issued a final rule establishing a three-year phase-in of the day-one adverse impacts of the Current Expected Credit Loss (CECL) accounting standard on a federally-insured credit union’s (FICU) net worth ratio.

21-EF-19: CFPB - Examinations for Risks to Active-Duty Servicemembers and Their Covered Dependents

On June 23, 2021, the Consumer Financial Protection Bureau (the Bureau) published an interpretive rule (IR) explaining the Bureau’s authority to conduct examinations related to the Military Lending Act (MLA) at its supervised institutions.

21-EF-18: NCUA - Derivatives

On May 26, 2021, the National Credit Union Administration (NCUA) published a final rule modernizing Part 703, Subpart B of the NCUA’s derivatives regulations.

21-EF-17: NCUA - Temporary Regulatory Relief in Response to COVID-19 – Prompt Corrective Action

On April 19, 2021, the National Credit Union Administration (NCUA) published an interim final rule (IFR) reviving recently expired amendments to the Federal Credit Union Act’s (FCU Act) prompt corrective action (PCA) regulations. The IFR helps ensure federally-insured credit unions (FICUs) will remain operational and liquid during the COVID-19 pandemic.

21-EF-16: CFBP - Equal Credit Opportunity; Discrimination on the Bases of Sexual Orientation and Gender Identity

On March 9, 2021, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an interpretive rule clarifying that the prohibition against sex discrimination under the Equal Credit Opportunity Act (ECOA) and Regulation B includes sexual orientation discrimination and gender identity discrimination.

21-EF-15: NCUA - Large Credit Union Asset Thresholds

On March 23, 2021, the National Credit Union Administration (NCUA) published an interim final rule (IFR) with request for comment to permit federally insured credit unions (FICUs) to use asset data as of March 31, 2020 to determine the applicability of certain asset thresholds during calendar years 2021 and 2022.

21-EF-14: NCUA - Central Liquidity Facility

On March 18, 2021, the National Credit Union Administration (NCUA) Board approved an interim final rule to update NCUA’s regulations regarding the Central Liquidity Facility (the Facility or CLF). The updates were made necessary because of the Consolidated Appropriations Act, 2021 (CAA). The CAA extended several enhancements to how the CLF operates—enhancements arising out of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

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).