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.

22-EF-02: NCUA - Asset Threshold for Determining Appropriate Supervisory Office

At its July 21, 2022, meeting, the National Credit Union Administration (NCUA) Board unanimously approved a final rule that raises the asset threshold for assigning a consumer federally-insured credit union (FICU) to supervision by the NCUA’s Office of National Examinations and Supervision (ONES) from $10 billion to $15 billion.

22-EF-01: NCUA - Temporary Regulatory Relief in Response to COVID-19 – Prompt Corrective Action - Extended

On February 17, 2022, the National Credit Union Administration (NCUA) Board unanimously approved an interim final rule (IFR) extending temporary regulatory relief from the NCUA’s prompt corrective action (PCA) regulations granted under an April 2021 IFR. The temporary regulatory relief, now set to expire on March 31, 2023, helps ensure federally-insured credit unions (FICUs) will remain operational and liquid as the COVID-19 pandemic continues to impact FICUs’ balance sheets.

21-EF-29: NCUA - Complex Credit Union Leverage Ratio; Risk-Based Capital

On December 23, 2021, the National Credit Union Administration (NCUA) published a final rule to allow qualifying complex credit unions to adopt an alternative measure of risk based capital adequacy called the complex credit union leverage ratio (CCULR).

21-EF-28: NCUA - Subordinated Debt

On December 16, 2021, the National Credit Union Administration (NCUA) published a final rule to amend the definition of "Grandfathered Secondary Capital" to include secondary capital issued to the U.S. Government or one of its subdivisions under an application approved before January 1, 2022.

21-EF-27: NCUA - Mortgage Servicing Assets

On December 16, 2021, the National Credit Union Administration (NCUA) Board issued a final rule that amends part 703 and 721 of its regulations regarding mortgage servicing assets (MSAs).

21-EF-26: NCUA - Chartering and Field of Membership - Shared Facility Requirements

On November 24, 2021, the National Credit Union Administration (NCUA) published a final rule to modernize the definition of “service facility” in the Chartering and Field of Membership manual (Manual) for multiple common bond (MCB) federal credit unions (FCUs) for the purpose of adding groups and underserved areas.

21-EF-25: CFPB - LIBOR

On December 7, 2021, the Consumer Financial Protection Bureau (the Bureau) published a final rule facilitating the transition away from the London Inter-Bank Offered Rate (LIBOR) interest rate index for consumer financial products.

21-EF-24: NCUA - CAMELS Rating System

On October 27, 2021, the National Credit Union Administration Board (the Board) published a final rule that adds an “S” component, which rates a credit union’s sensitivity to market risk, to the CAMEL rating system, and redefines the “L” or liquidity risk component.

21-EF-23: NCUA - Credit Union Service Organizations

On October 27, 2021, the National Credit Union Administration (NCUA) issued a final rule that amends the credit union service organization (CUSO) regulation.

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.