Final Regulation Summaries

NAFCU Regulatory Alerts are member-only resources containing important highlights and summaries for proposed rulemakings that affect credit unions. Each alert PDF also provides a link to send NAFCU comments that we will include in our letter to the agency or agencies that issued the proposed rule.

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.