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-20: NCUA - Transition to CECL

On June 24, 2021, the National Credit Union Administration Board (the Board) issued a final rule establishing a three-year phase-in of the day-one adverse impacts of the Current Expected Credit Loss (CECL) accounting standard on a federally-insured credit union’s (FICU) net worth ratio.

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.

21-EF-22: CFPB - Protections for Borrowers Affected by COVID-19 Under RESPA

On June 30, 2021, the Bureau of Consumer Financial Protection (Bureau or CFPB) published a final rule amending the Real Estate Settlement Procedures Act (RESPA), or Regulation X, to protect borrowers during the COVID-19 emergency.

21-EF-19: CFPB - Examinations for Risks to Active-Duty Servicemembers and Their Covered Dependents

On June 23, 2021, the Consumer Financial Protection Bureau (the Bureau) published an interpretive rule (IR) explaining the Bureau’s authority to conduct examinations related to the Military Lending Act (MLA) at its supervised institutions.

21-EF-18: NCUA - Derivatives

On May 26, 2021, the National Credit Union Administration (NCUA) published a final rule modernizing Part 703, Subpart B of the NCUA’s derivatives regulations.

21-EF-17: NCUA - Temporary Regulatory Relief in Response to COVID-19 – Prompt Corrective Action

On April 19, 2021, the National Credit Union Administration (NCUA) published an interim final rule (IFR) reviving recently expired amendments to the Federal Credit Union Act’s (FCU Act) prompt corrective action (PCA) regulations. The IFR helps ensure federally-insured credit unions (FICUs) will remain operational and liquid during the COVID-19 pandemic.

21-EF-16: CFBP - Equal Credit Opportunity; Discrimination on the Bases of Sexual Orientation and Gender Identity

On March 9, 2021, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an interpretive rule clarifying that the prohibition against sex discrimination under the Equal Credit Opportunity Act (ECOA) and Regulation B includes sexual orientation discrimination and gender identity discrimination.

21-EF-15: NCUA - Large Credit Union Asset Thresholds

On March 23, 2021, the National Credit Union Administration (NCUA) published an interim final rule (IFR) with request for comment to permit federally insured credit unions (FICUs) to use asset data as of March 31, 2020 to determine the applicability of certain asset thresholds during calendar years 2021 and 2022.

21-EF-14: NCUA - Central Liquidity Facility

On March 18, 2021, the National Credit Union Administration (NCUA) Board approved an interim final rule to update NCUA’s regulations regarding the Central Liquidity Facility (the Facility or CLF). The updates were made necessary because of the Consolidated Appropriations Act, 2021 (CAA). The CAA extended several enhancements to how the CLF operates—enhancements arising out of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

21-EF-13: NCUA - Joint Ownership Share Accounts

On February 24, 2021, the National Credit Union Administration (NCUA) published a final rule amending Part 745 of the agency’s regulations regarding the requirements for jointly owned share accounts for share insurance purposes.