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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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.

20-EF-17: CFPB - Treatment of Certain COVID-19 Related Loss Mitigation Options Under RESPA (Regulation X)

On April 30, 2020, the Bureau of Consumer Financial Protection (CFPB) published an interim final rule (IFR) amending its Regulation X, implementing the Real Estate Settlement Procedures Act (RESPA) to temporarily permit mortgage servicers to offer certain loss mitigation options without a complete loss mitigation application.

20-EF-16: National Credit Union Administration - Temporary Regulatory Relief in Response to COVID-19 – Prompt Corrective Action

On May 28, 2020, the National Credit Union Administration (NCUA) published an interim final rule amending its prompt corrective action (PCA) rules to provide additional regulatory flexibility as credit unions respond to and recover from the COVID-19 pandemic. In general, the amendments grant federally insured credit unions (FICUs) greater operational flexibility and relief should net worth levels decline.

20-EF-15: SBA - Business Loan Program Temporary Changes; Paycheck Protection Program; Loan Forgiveness, SBA Loan Review Procedures, and Related Borrower and Lender Responsibilities

On May 22, 2020, the Small Business Administration (SBA) published an interim final rule regarding Paycheck Protection Program (PPP) loan forgiveness requirements, implementing section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). In addition, the SBA published a second interim final rule providing the procedures for an SBA loan review as well as related borrower and lender responsibilities in terms of forgiveness and loan reviews. This final regulatory alert combines both interim final rules.

20-EF-14: CFPB - Remittance Transfers

On May 11, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) published a final rule amending its Remittance Transfer Rule (Remittance Rule). The amendments are intended to mitigate the July 2020 sunset of a temporary exception that permits estimates of fee and exchange rate information that must otherwise be disclosed in exact amounts.

20-EF-13: CFPB - Home Mortgage Disclosure (Regulation C) Threshold Adjustments

On April 16, 2020, the Bureau of Consumer Financial Protection (CFPB) published a final rule amending its Regulation C, implementing the Home Mortgage Disclosure Act (HMDA) to adjust the thresholds for reporting on both closed-end mortgage loans and open-end lines of credit.

20-EF-11: Federal Reserve - Regulation D

On April 24, 2020, the Board of Governors of the Federal Reserve System (Board) published an interim final rule to eliminate the transfer limit applicable to accounts that meet the definition of a “savings deposit.”

20-EF-12: NCUA - Paycheck Protection Program Lending Facility and Paycheck Protection Program Loans

On April 27, 2020, the National Credit Union Administration (NCUA) published an interim final rule to make conforming amendments to capital adequacy rules in Part 702, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Paycheck Protection Program (PPP) loans will receive a zero percent risk weighting under the NCUA's risk-based net worth requirement.

20-EF-10: NCUA - Temporary Regulatory Relief in Response to COVID-19

On April 21, 2020, the National Credit Union Administration (NCUA) published a temporary final rule modifying certain regulatory requirements to help ensure that federally insured credit unions (FICUs) remains operational and liquid during the pandemic. To learn more, please read NAFCU's Final Regulation.

20-EF-09 - NCUA - Real Estate Appraisals - Threshold Increase

On April 16, 2020, the National Credit Union Administration (NCUA) Board approved the issuance of a final rule amending Part 722 of the NCUA’s regulations regarding certain residential real estate appraisals.

20-EF-08 - NCUA - Real Estate Appraisal Relief

On April 21, 2020, the National Credit Union Administration (NCUA) published an interim final rule to defer the requirement to obtain an appraisal or written estimate of market value for up to 120 days following the closing of a transaction for certain residential and commercial real estate transactions.

20-EF-07 - SBA - Paycheck Protection Program (Updated)

On April 15, 2020, the Small Business Administration (SBA) published an interim final rule to make temporary changes to its business loan programs to implement sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). A supplemental interim final rule was published on April 20, 2020, addressing self-employed individuals and clarifying eligibility criteria.

20-EF-06 - NCUA - Central Liquidity Facility

On April 13, 2020, the National Credit Union Administration (NCUA) issued an interim final rule to facilitate access to the Central Liquidity Facility (CLF or Facility) in response to the COVID-19 pandemic and to implement provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

20-EF-05 - CFPB - Treatment of Pandemic Relief Payments Under Regulation E and Application of the Compulsory Use Prohibition

On April 13, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an interpretive rule to clarify that, for the purposes of the Electronic Fund Transfer Act (EFTA) and Regulation E, government benefits do not include COVID-19 related assistance or economic impact payments, such as those established under the Coronavirus Aid, Relief and Economic Security Act (CARES Act).

20-EF-04 - SBA - Paycheck Protection Program

On April 3, 2020, the Small Business Administration (SBA) published an interim final rule to make temporary changes to its business loan programs to implement sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

20-EF-03 - Federal Reserve - Regulation D - Reserve Requirements of Depository Institutions

On March 24, 2020, the Board of Governors of the Federal Reserve System (Board) published an interim final rule to lower reserve ratios on transaction accounts maintained at depository institutions to zero percent.

20-EF-02: DOD - Military Lending Act Limitations on Terms of Consumer Credit Extended to Servicemembers and Dependents

On February 28, 2020, the Department of Defense (DoD) published an interpretative rule to amend the previous interpretation of the Military Lending Act (MLA). The new interpretation makes two primary changes. First, it rescinds Question and Answer #2 (Q&A #2) as it appears in the DoD’s previous interpretive rule, issued on December 14, 2017 (December 2017 Interpretive Rule), and reverts to a prior interpretation. Second, it adds new Q&A #21 in response to inquiries regarding the use of an Individual Taxpayer Identification Number (ITIN) for determining covered borrower status.

20-EF-01: SBA - Express Loan Programs; Affiliation Standards

On February 10, 2020, the Small Business Administration (SBA) published an interim final rule to amend various regulations governing its business loan programs including 7(a) and Development Company (504) loan programs.

19-EF-20: NCUA - Delay of Effective Date of the Risk-Based Capital Rules

On December 17, 2019, the National Credit Union Administration (NCUA) published a final rule in the Federal Register to delay the effective date by two years to January 1, 2022 for its October 2015 risk-based capital (RBC) final rule (2015 Final Rule), and November 2018 supplemental risk-based capital final rule (2018 Supplemental Rule) (collectively, the RBC Rules).