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.

19-EF-11: FHFA - Validation and Approval of Credit Score Models

The Federal Housing Finance Agency (FHFA) published a final rulemaking to implement changes made by Section 310 of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 (EGRRCPA).

19-EF-10: NCUA - Fidelity Bonds

On July 24, 2019, the National Credit Union Administration (NCUA) published a final rulemaking to amend its regulations under Parts 704 and 713 regarding fidelity bonds.

19-EF-09: NCUA - Real Estate Appraisals

On July 24, 2019, the NCUA published a final rule that amends the agency’s regulation requiring real estate appraisals for certain transactions. The rule increases the threshold at which appraisals are required for nonresidential real estate transactions to $1 million from the current threshold of $250,000.

19-EF-08: CFPB and Federal Reserve - Availability of Funds and Collection of Checks (Regulation CC)

On July 3, 2019, the Bureau of Consumer Financial Protection (Bureau) and the Board of Governors of the Federal Reserve System (Board)—collectively, “the Agencies”—jointly published a final rule to amend Regulation CC. The rule implements a statutory requirement to adjust the dollar amounts in the Expedited Funds Availability Act (EFA Act) every five years by the aggregate annual percentage increase in the Consumer Price Index for Wage Earners and Clerical Workers (CPI-W) rounded to the nearest multiple of $25.

19-EF-07: CFPB - Delay of Payday Rule Compliance Date

The Bureau of Consumer Financial Protection (Bureau or CFPB) published a final rule delaying the compliance date for the mandatory underwriting provisions of the 2017 final rule governing Payday, Vehicle Title, and Certain High-Cost Installment Loans (Payday Rule).

19-EF-06: NCUA - Loans to Members and Lines of Credit to Members

On March 25, 2019, the National Credit Union Administration (NCUA) published a final rule amending its regulations regarding loans to members and lines of credit to members. The amendments make three principal changes.

19-EF-05: FHFA - Uniform Mortgage-Backed Security

The Federal Housing Finance Agency (FHFA) published a final rule to improve the liquidity of the Fannie Mae and Freddie Mac, collectively the government-sponsored enterprises (GSEs), To-Be-Announced (TBA) eligible mortgage-backed securities (MBS). The final rule requires the GSEs to maintain policies that promote aligned investor cash flows for both the current TBA-eligible MBS and the Uniform Mortgage-Backed Security (UMBS), once implemented.

19-EF-04: NCUA - Loans in Areas Having Special Flood Hazards

On February 20, 2019, the National Credit Union Administration (NCUA), and other federal banking regulators, issued a final rule amending flood insurance requirements. The final rule implements the flood insurance provisions of the Bigger-Waters Flood Insurance Reform Act of 2012 by requiring credit unions to accept policies that meet the statutory definition of “private flood insurance.”

19-EF-03: Treasury and IRS - Interim Guidance Under Section 4960

On December 31, 2018, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued Notice 2019-09 to provide interim guidance about compliance with the requirements in section 4960 of the Internal Revenue Code (Code) added by the Tax Cuts and Jobs Act (TCJA). Under section 4960, organizations are required to pay excise taxes on excess remuneration and excess parachute payments made to covered employees.

19-EF-02: VA - Loan Guaranty: Revisions to VA-Guaranteed or Insured Cash-Out Home Refinance Loans

On December 17, 2018, the Department of Veterans Affairs (VA) published an interim final rule amending its regulations regarding VA-guaranteed or insured cash-out refinance loans as required by § 309 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155).