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-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.