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-10: NCUA - Chartering and Field of Membership

On June 28, 2018, the NCUA published a final rule in the Federal Register which gives community charter applicants the option of submitting narrative documentation to establish common interests or interaction among residents to demonstrate that a proposed area qualifies as a well-defined local community (WDLC). In addition, the final rule provides that the NCUA will hold a public hearing for narrative applications where the proposed community exceeds a population of 2.5 million people.

18-EF-09: NCUA - Bylaws; Voluntary Mergers of Federally Insured Credit Unions

On June 28, 2018, the National Credit Union Administration (NCUA) published a final rule amending Parts 701, 708a, and 708b of its regulations governing voluntary mergers to provide greater transparency to credit union members and ease compliance for merging credit unions. The final rule is applicable to all federally-insured credit unions (FICUs) and: 1) increases the minimum required time for notice to members before a merger vote to 45 days; 2) requires the merging credit union to disclose merger-related financial arrangement increases above $10,000 or 15 percent of compensation, whichever is greater for covered persons; 3) clarifies the contents and format of the members' notice to increase transparency; and 4) establishes an online portal for members of the merging credit union to communicate with one another and to submit comments to the NCUA on its website.

18-EF-08: NCUA - Involuntary Liquidation and Claims Procedures

On May 30, 2018, the National Credit Union Administration (NCUA) published a final rule to amend part 709 of its regulations governing claims administration for federally insured credit unions that enter involuntary liquidation. The final rule clarifies application of the NCUA's golden parachute rule to severance payouts for employees of liquidated credit unions, and amends the current rule's payout priority provision by specifying when severance pay may be allowed as a provable claim in liquidation.

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: NCUA - 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.