Final Regulation Summaries

On March 5, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a final rule amending Regulation Z and its accompanying commentary to address late fees charged by card issuers that, together with their affiliates, have one million or more open credit card accounts (referred to as “Larger Card Issuers”). This final rule adopts a late fee safe harbor threshold of $8.00 for those issuers and provides that the annual adjustments to reflect changes in the Consumer Price Index (CPI) do not apply to this $8.00 amount.

On November 16, 2023, the National Credit Union Administration (NCUA) approved a final rule on charitable donation accounts (CDAs) to amend its definition of “qualified charity” to include any veterans’ organization that meets the requirements of section 501(c)(19) of the Internal Revenue Code.

On September 21, 2023, the National Credit Union Administration (NCUA) approved a final rule to amend NCUA regulations related to indirect lending, the purchase of loan participations, and the purchase, sale, and pledge of eligible obligations, as well as notes of liquidating credit unions.

On July 26, 2023, the National Credit Union Administration (NCUA) issued a final rule to amend the standard federal credit union bylaws (FCU Bylaws) to adopt a policy by which an FCU member may be expelled for cause by a two-thirds vote of a quorum of the FCU's board of directors.

On April 12, 2023, the Small Business Administration (SBA) issued a final rule amending its business loan program regulations to lift the moratorium on licensing new Small Business Lending Companies (SBLCs) and add a new type of lending entity called a Community Advantage SBLC. SBA is also removing the requirement for a Loan Authorization in the 7(a) and 504 Loan Programs.

On April 10, 2023, the Small Business Administration (SBA) issued a final rule amending various regulations governing SBA's 7(a) and 504 Loan Programs, including regulations on use of proceeds for partial changes of ownership, lending criteria, loan conditions, reconsiderations, and affiliation standards, to expand access to capital to small businesses and drive economic recovery. The amendments to affiliation standards will also apply to the Microloan Program, Intermediary Lending Pilot Program, Surety Bond Guarantee Program, and the Disaster Loan programs (except for the COVID Economic Injury Disaster Loan (EIDL) Disaster Loan Program).

On March 30, 2023, the Consumer Financial Protection Bureau (Bureau) issued a final rule that amends the Bureau’s Regulation B to implement changes made to the Equal Credit Opportunity Act (ECOA) by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).

On March 31, 2023, the Department of Housing and Urban Development (HUD) approved a final rule recodifying its prior “Implementation of the Fair Housing Act's Discriminatory Effects Standard” (the 2013 Rule), which established a burden-shifting test for determining whether a given practice has an unjustified discriminatory effect.

On March 16, 2023, the National Credit Union Administration (NCUA) approved a final rule to amend its rules governing subordinated debt and grandfathered secondary capital (GSC) to accommodate a longer maximum maturity.

On March 8, 2023, the Department of Housing and Urban Development (HUD) issued a final rule that will allow mortgagees to modify a Federal Housing Administration (FHA) insured mortgage by recasting the total unpaid loan for a new term limit of 480 months to cure a borrower’s default.