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-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.

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).