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.

20-EF-23: Bureau of Consumer Financial Protection - Debt Collection

On October 30, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a final rule to amend Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA).

20-EF-24: Consumer Financial Protection Bureau - Amendments Relating to Disclosure of Records and Information

On October 29, 2020, the Consumer Financial Protection Bureau (Bureau or CFPB) issued a final rule regarding the standards and processes which relate to the confidential treatment of information obtained from financial institutions in connection with agency’s exercise of supervisory and enforcement authorities under federal consumer financial law.

20-EF-22: CFPB - Qualified Mortgage Definition – Extension of Sunset Date

On October 26, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) published a final rule and official interpretation regarding the sunset date of the Temporary Government-Sponsored Enterprise (GSE) Qualified Mortgage (QM) (Temporary GSE QM or “GSE Patch”) under the Truth in Lending Act (TILA).

20-EF-21: HUD - Disparate Impact Standard

On September 3, 2020, the Department of Housing and Urban Development (HUD) issued a final rule to amend its interpretation of the Fair Housing Act's disparate impact standard to better reflect the Supreme Court's 2015 ruling in Texas Department of Housing and Community Affairs v. Inclusive Communities Project, Inc. The new rule adopts more comprehensive pleading requirements.

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.